Actuarial Associate, Valuation Assumption Stewardship

Support the valuation assumption stewardship team in executing a proactive and flexible assumption strategy, including valuation assumption development, valuation assumption governance, and coordination of the annual model change/assumption change cycle.

Key Responsibilities:

Assumption Development:

• Perform analysis on experience study results to establish and set assumptions for Individual Life and Living Benefits products
• Support Biometric Research department with valuation perspectives in assumption/experience study working groups
• Implement changes in AXIS models and quantify, analyze and document impact of assumption changes under IFRS17, SII and US statutory bases
• Effectively communicate changes in assumptions and impacts of changes to Corporate Actuarial leadership, home office, and other stakeholders

Assumption Governance:

• Update and maintain central valuation assumption documentation and repositories
• Promote valuation assumption governance and best practices within Corporate Actuarial
• Support requests from other departments (e.g.. pricing, risk management), home office and external reviewers (e.g., auditors) in regards to valuation assumptions

Annual Model/Assumption Change Cycle Coordination:

• Support coordination of annual model change and assumption change (MCAC) cycle between various Corporate Actuarial teams and stakeholders (e.g. home office, pricing, risk management and auditors)
• Update and manage quantification and documentation templates to ensure consistent and accurate estimates of impacts and presentation of results to stakeholders
• Effectively summarize and communicate impacts across different reporting views

Requirements:

• Progress towards ASA required
• Minimum 2 years of experience in life insurance/reinsurance industry
• Bachelor's degree in mathematics, actuarial science, or related field
• Life insurance product knowledge including product design, features, and risks is preferred
• Moody’s GGY AXIS experience is preferred
• Assumption Development/Experience Studies, Valuation and Reporting, and SQL experience is a plus

Our Benefits

• Comprehensive Medical Plans
• PTO and Family Leave
• Retirement Savings Plans
• Dental and Vision Plans
• Life and Disability insurance
• Employee Assistance Program
• Adoption Assistance
• Wellness Programs - Calm, WW, SoFI, Virgin Pulse
• Commuter Benefits
• FSA and HSA Plans
• Hospital Indemnity, Critical Illness and Accident Plans

At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services. We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

About Munich Re

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance.  By turning uncertainty into manageable risk, we enable fundamental change.  We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.  We dare to think big and are continuously innovating on behalf of our clients.

For New York City based employees, the base salary range anticipated for this position is $109,000 to $146,000, plus an opportunity for an annual company bonus based upon a percentage of eligible pay.

The salary estimate displayed represents the typical salary range for candidates hired in this position. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role.

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.