Transamerica VA Modeling Infrastructure Actuary in Cedar Rapids, Iowa
Job FamilyGeneral Actuarial
Job Description SummaryThe open position is located in Cedar Rapids, IA in the Annuity and Retirement Actuarial area of the Finance Department. The position will focus on the ALFA modeling of Variable Annuities for the purpose of valuation reporting and projections.We are seeking a talented and creative individual with strong analytical, organizational and leadership skills to join the Variable Annuity Valuation team. This is a multi-level posting with one position to be filled. Depending on the qualifications of the candidate, the positions will be filled between the levels of Associate Actuary (Level 3) and Senior Actuary (Level 1).The individual filling this position will gain considerable knowledge of variable annuity products with living and death benefit guarantees. Several bases of financial reporting will routinely be encountered including Statutory, Tax, IFRS and MVN. The nature of this role will provide opportunities to enhance one’s technical and leadership skills and individuals can expect to become well-versed in variable annuity products with guarantees, the ALFA modeling software, the change management process and the various bases of financial reporting that utilize the ALFA models for reporting and projections.Job Description
This is a multi-level posting - job responsibilities could vary based upon experience.
Represents the VDA ALL and TARE ALL models on project teams (and governance bodies) with regard to researching and solving modeling issues, implementing new products/product features or enhancements, reviewing/implementing proposed assumption and/or methodology through a thorough understanding of variable annuities and the code and architecture of the ALFA VA models and inforce files.
Manages the VDA ALL and TARE ALL model databases, including planning quarterly implementations, reviewing/updating estimated financial impacts (EFIs), researching model issues impacting all VA models, maintaining the database, ensuring completed items are closed and working with CMO/Group on audit of completed items.
Coordinate the quarterly updates to ALFA with model owners and developers and also complete any required papers for VDA ALL and TARE ALL items and coordinate model specific items with model owners.
Ensures economic and policyholder behavior assumptions and modeling methods are thoroughly defined for implementation into the variable annuity ALFA models representing the models and collaborating with other teams as needed (i.e. developers, model owners, inforce creation, experience studies, etc.).
Coordinates the updating and maintenance of the Assumption and Methodology Repository for variable annuity related items.
Ensures change management process followed by modelers providing guidance as needed and collaborates with CMO to shape change management process providing constructive and collaborative feedback.
Participates in discussions/analysis and provides guidance/advice regarding technical actuarial issues such as modeling methodology, reserving principles and changes to valuation standards, laws and regulations applicable to variable annuities.
Monitors and analyzes developments in actuarial techniques, laws and regulations applicable to variable annuities and recommends appropriate reaction to these developments.
Finds creative solutions to modeling issues as leader/participant on cross functional/cross product teams.
Lead or serve as a key resource for completion of one or more major projects during the course of the year.
May manage and motivate a small team of employees or project team.
May represent the company on industry and professional committees and/or with regulators.
Other duties as assigned based on department needs.
Conforms with and abides by all regulations, policies, work procedures, instruction, and all safety rules.
Exhibits regular, reliable, punctual and predictable attendance.
Education & Experience
Bachelor’s/Master’s degree in Math, Finance, Actuarial Science, Statistics or related field
FSA with 6+ years of actuarial experience or strong ASA with 10+ years of actuarial experience required
Experience with actuarial valuation or modeling software required
Knowledge of change management processes and variable annuities preferred
Skills & Abilities
Excellent computer skills
Working knowledge of IFRS, Statutory and Tax valuation principles
Working knowledge of the principles of modeling insurance product cash flows
Knowledge of variable annuity products and ALFA actuarial modeling software preferred
Knowledge/experience with valuation of derivatives or reinsurance is a plus
Effective oral and written communication skills, demonstrating the ability to convey complex mathematical and analytical concepts to various audiences
Demonstrates high quality leadership, judgment, organization and prioritization skills
Takes initiative and works independently
Works under pressure and within time constraints to effectively accomplish individual and team objectives
Effective management skills to motivate and develop staff or cross functional teams
Finds creative solutions to standardize and automate processes
Embraces change and quickly adapts to new methods and accountabilities
Normal office environment. Limited travel may be required.
Why Work for Us
Total Rewards at Transamerica: It’s more than a paycheck.
Our comprehensive Total Rewards package is designed to help support you in many ways — throughout all stages of your life and career. We provide a competitive, market-driven program that encompasses base compensation, bonus potential, retirement, health and wellness benefits, learning and development opportunities, plus great employee perks. All designed with you in mind… to help you live your best life, grow personally and professionally - and feel valued for the work you do.
Learn more about our Total Rewards Package.
Equal Opportunity Employer:
Transamerica Life Insurance Company is an Equal Employment Opportunity employer and does not discriminate against any applicant or employee because of age, religion, sex, gender identity, genetic information, race, color, national origin, pregnancy, sexual orientation, marital status, participation in the uniformed services (e.g. U.S. Armed Forces, National Guard), physical or mental disability, or any other status protected by federal, state, or local equal employment opportunities laws.
AEGON USA Realty Advisors, LLC, is an Equal Employment Opportunity/ Affirmative Action Employer and does not discriminate against any applicant or employee because of age, religion, sex, gender identity, genetic information, race, color, national origin, pregnancy, sexual orientation, marital status, participation in the uniformed services (e.g. U.S. Armed Forces, National Guard), physical or mental disability, or any other status protected by federal, state, or local equal employment opportunities laws.
Applicants with physical or mental disabilities may be entitled to a form of reasonable accommodation under the Americans with Disabilities Act and certain state and local laws. A reasonable accommodation is a change in the way things are normally done which will insure equal employment opportunity without imposing undue hardship on the Transamerica Companies. Please contact: firstname.lastname@example.org if you are a job seeker with a disability, or are assisting someone with a disability, and require assistance to apply for one of our jobs.
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At Transamerica, hard work, innovative thinking and personal accountability are qualities that we honor and reward. We understand the potential that is unleashed by leveraging the talents of a diverse workforce. We embrace an environment where employees enjoy a balance between their careers, families, communities and personal interests. Ultimately, we appreciate the uniqueness of a company where talented professionals work collaboratively in a positive environment focused on helping customers secure their long-term financial futures.
Transamerica is a part of AEGON, an international life insurance, pension, and asset management company. The AEGON companies employ approximately 28,000 people and have a strong presence in more than 20 countries across the globe. For more information, visit www.transamerica.com.