Corporate Vice President & Actuary
- New York, NY, USA
- Permanent, Full time
- New York Life Insurance Company
- 14 Dec 17 2017-12-14
Corporate Vice President & Actuary
New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
The PCOE is responsible for supporting the business areas enterprise wide with their Asset-Liability Modeling (ALM) and other forecasting modeling needs. PCOE develops and maintains models covering Cash Flow Testing, Embedded Value, Stress Testing, RBC, Duration analysis, Economic Capital, Stress Testing, and Investment Risk Budget. In addition to supporting the Prophet models, the team engages heavily in with the business units to understand prospective needs and advise on modeling approaches.
This role offers interested candidates the opportunity to learn products and methods across every business within New York Life. If you want to work on problems that dominate actuarial and risk management discussion today, and develop skills that will be invaluable tomorrow, this may be the role for you.
Responsibilities for this position place focus on the drive for continuous improvement from an operational perspective. A sample of the projects the role encompasses, but is not limited to, is as follows:
- Candidate will be a key member of a finance team responsible for modeling, tracking and reporting.
- Prophet model conversions and ALS model development based on centralized governance policy.
- Modeling advanced product features and reinvestment / hedging methods.
- Build business and corporate functionality into consolidated ALM models enabling enterprise wide risk assessment.
- Work with the business units to understand requested model changes, prioritization, execute test plans, and assist in model acceptance.
- Implementation of Prophet Enterprise modules to support governance and process automation.
- Implementation of the Single Platform functionality for valuation.
- Document all changes and testing to the models.
The PCOE wrestles with, tests and implements many leading edge techniques as a team. We are looking for people with the following skill-set:
- Knowledge of actuarial and financial modeling, particularly asset and liability projection modeling using the iWorks Prophet actuarial system.
- At least 5 years of Prophet ALS library development and implementation experience.
- Experience working within an actuarial enterprise technology environment a plus.
- Skilled in processing large data and development of efficient complex work process using advanced technology.
- Understanding of insurance products and the related risks.
- Excellent relationship building and collaboration skills.
- A self-starter with strong communication skills.
- Ability to convey technical concepts to non-technical audience.
- Ability to organize complex processes, handle multiple tasks, and deal with shifting priorities, all within demanding time schedules.
- Strong execution and time management skills - ability to move multiple projects along under tight deadlines.
- Ability to "think outside of the box" and work with leading edge non-traditional actuarial practices.
- An energetic team player.
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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.