FRL Experience Study Actuary
AC - Actuarial
Estimated Travel Percentage (%): No Travel
Relocation Provided: Yes
American General Life Insurance Company
Job ID: JR1814453 FRL Experience Study Actuary
Your Future Team
Fortitude Re: In 2016, AIG created a third reporting segment, Legacy, to manage non-core assets and liabilities, and businesses in run-off, with the objective of balancing the benefits of return of capital or capital redeployment, with potential near-term reductions in book value. The launch of the Fortitude Re entity in 2017 was an important early step in achieving that objective. AIG continued the Fortitude Re strategy by announcing a strategic partnership with The Carlyle Group to achieve the long-term vision for Fortitude Re. Fortitude Re currently reinsures $36 billion of AIG's Legacy Life and Annuity and General Insurance liabilities. Fortitude Re's diversified risk portfolio, strong claims operation, and efficient administration capabilities provide the foundation for a platform that can be scaled over time to offer unique solutions to external parties. AIG and Carlyle plan to build Fortitude Re into a standalone platform with financial strength that complements its strategically differentiated capabilities. For more information, please visit http://www.aig.com/investor-relations.
Travel: 0% to 15%
Experience: 20 years with 15+ years of post-FSA
Actuarial Credentials: Fellow, Society of Actuaries
Reporting Relationships and Organizational Scope
This role will report to the Chief Finance Actuary Legacy. The Chief Finance Actuary Legacy is responsible for sourcing and managing Legacy-specific resources to execute actuarial modeling, liability calculations and financial reporting under multiple regimes, experience studies and serve as the BMA Approved Actuary.
This role will be responsible overseeing the development of experience study systems for Fortitude Re and will work closely with the Fortitude Re predictive analytics team to achieve a successful implementation. The successful candidate will also exhibit industry knowledge related to assumption setting, experience studies, industry experience data and standard industry practice to support Fortitude Re on the evaluation of future acquisitions.
- Serve as the subject matter expert for Mortality, Persistency and Morbidity of insurance products assumed by Fortitude Re. This will include maintaining expertise on competitor company experience, monitoring emerging trends in experience and participating or monitoring the results in experience projects promulgated by the Society of Actuaries, Academy of Actuaries or similar organization
- Work with newly sourced staff and the Fortitude Predictive Analytics team to develop an experience study system from the ground up for Fortitude Re. The system must be scalable for future transactions, efficient to minimize operational costs, and connected to the Fortitude Re actuarial data warehouse for full transparency. This initiative will require selection of a third party experience study system or development of a ‘home-grown' experience study system and will require working closely with external consultants.
- Recruit, develop and manage a team of 10+ actuaries to develop, update, run, and report Experience Studies for Life, A&H and Payout Annuity policies assumed by Fortitude Re.
- Ensure experience studies are developed and reported in compliance with actuarial standards of practice.
- Provide direction and oversight to the review and development of actuarial assumptions used for valuation, internal capital, stress testing and pricing. Present recommendations to management for challenge and endorsement.
- Manage creation of reporting infrastructure with an emphasis on building repeatable processes with built in review capability
- Review, understand, and interpret experience study results. Explain variations results vs. current best estimate assumptions.
- Develop processes and tools to pull and summarize data from databases, accounting systems, administrative systems, ledger systems and other sources to support the experience study.
- Coordinate with Bermuda actuarial team to ensure experience study results will support needs associated with the BMA Technical provision calculation.
- Integrate future acquisitions into the Fortitude Re experience studies environment
What we are looking for
AIG is seeking a strong leader to develop, implement and run an experience study system for business assumed by Fortitude Re. This will be a high visibility role for the run-off reinsurer.
The ideal candidate will have significant experience and expert-level knowledge in experience studies and assumption-setting for US individual life, individual A&H and payout annuity businesses including structured settlements, SPIAs and TFAs. The candidate must have excellent communication skills and the ability to interact with business partners and business unit actuaries effectively. Exposure to financial reinsurance transactions and multiple accounting reporting regimes is required. The successful candidate must have a desire to improve process efficiency and appearance of final work product. A proven track record of building experience study systems is required.
An undergraduate degree is required. This individual will be a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA). Applicants with an advanced degree in statistics or mathematics are preferred.
- 15+ years of experience and expertise with Experience Study Systems and Assumption Setting
- Comfortable working on ad-hoc projects with ambiguous goals.
- Experience with Financial Reinsurance is required
- Demonstrated success working in cross-functional collaborative teams and in working with senior management.
- Mastery of statistical and programming languages including R, SAS, Python and SQL
- Exposure to setting assumptions using generalized linear models is a plus
- Ability to lead change, team members and projects
- Interest in or exposure to machine learning is desired
- Proficient with MS Word, Excel, programming languages and data base software
- Desire to work in a ‘start-up' environment
- Desire to deliver a complete work product
- Strong oral and written communication skills.
- Highly motivated and results-oriented.
- Strong analytical skills.
- Ability to work independently
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.