Associate Actuary

Company
AIG
Location
Houston TX
Salary
DOE
Posted
February 16 2019
Industry
Insurance, Securities
Position
Actuary
Functional Area:


AC - Actuarial

Estimated Travel Percentage (%): Up to 25%

Relocation Provided: No

American General Life Insurance Company

  • Associate Actuary

    Estimated Travel Percentage (%): Up to 10%


    Position can be based in Houston, Woodland Hills, CA, Berkeley Heights, NJ



    We are seeking an Associate Actuary, in ICALM Fixed Annuity and Asset Testing team responsible for validating actuarial projection models for AIG L&R's Fixed Annuity, Fixed Indexed Annuity, Payout Annuity and Pension business. The team belongs to AIG L&R's Insurance Company Capital and Asset Liability Management (ICALM), who is responsible for AIG L&R actuarial projection modeling processes including governance, model execution, research and development, and production outputs supporting cash flow testing, ALM, and other strategic analyses.



    This individual will have frequent and regular interaction with model owners across the Valuation and ICALM areas, Model Production team, the Business Unit (BU) Chief Finance Actuaries, and key partners in the Enterprise Risk Management and IT teams.


  • Role and Responsibilities
  • Validate AXIS models and certify the model delivery to production team according to the set priorities.
  • Development of test plans for validation of model functionality and assessing validity of approximations/proxy approaches, including identification of sample test policies which cover key product features and isolate areas of potential error, and selection of assumptions/scenarios to run against this set of testing policies for back testing, sensitivity testing and stress testing
  • Create test bed to improve testing efficiency
  • Creation/modification of benchmark testing tools, including developing spreadsheets and programs based on model specifications to replicate model functionality and assembling benchmark data from financial statements and production systems for back testing and comparison testing
  • Develop and maintain actuarial model validation documentation of testing plan, testing evidence, impact analysis, model limitation, etc
  • Work with stakeholder to conduct user acceptance testing to accept new AXIS models into production
  • Work with actuarial units, finance teams, and Business units across the organization to understand, review and sign off business requirement specification.
  • Implementation of industry best practices and development of coding and control standards for testing tools developed in Excel or programming platform
  • Work with model development team to follow model change development life cycle for new model development and ongoing BAU model changes.

Education



An undergraduate degree is required. ASA required.



Experience



  • 5+ years of progressively more responsible actuarial experience with Life & Retirement Insurance products.
  • A record of demonstrated success in developing actuarial models with appropriate controls
  • Experience with US Statutory and GAAP reserve and capital methodologies
  • Excellent written and oral communication skills, including proven ability to write clear concise memos, and clearly document system functionality is required.
  • Prior experience with actuarial modeling software is required (AXIS preferred).
  • Extensive experience with Microsoft Excel, including VBA, is required.
  • Experience with general account assets a plus.
  • Managing experience is plus.


Personal Characteristics



· Ability to work in a dynamic, rapidly changing environment, adapting to changing requirements and collaborating with a wide range of colleagues to quickly deliver solutions


· Strong working knowledge of US life insurance and annuity product features, regulatory environment and risks


· Detail-oriented


· Takes initiative on projects and assignments, seeks alternate solutions.


· Driven to work towards completion of projects and initiatives.


· Strong oral and written communication skills.


· Highly motivated and results-oriented.





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.




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