Head of Institutional Insurance Product & Actuarial

Head Of Institutional Insurance Product & Actuarial

Full-Time

Boston, MA or Springfield, MA

The Opportunity

MassMutual is seeking an accomplished Leader and Actuary to join the Institutional Product and Actuarial team. This role will lead pricing assumption development, model ownership, product development and in-force analytics for our Institutional Insurance business, including Bank, Corporate and Insurance Company Owned Life Insurance (BOLI, COLI, ICOLI). The role is within Institutional Solutions, a growing segment of MassMutual representing a key component of the company's overall strategy.

The Team

The role will manage a team of actuarial and/or quantitative consultant roles. The team works collaboratively with the Institutional Insurance market leader and team to achieve profitable growth and provide in-force and new business insights, while ensuring we adhere to all regulatory, compliance and corporate governance policies. Team strengths include collaboration, execution mindset, influence, business acumen, and technical skills.

The Impact

In this management role, you will utilize your leadership, business acumen, actuarial expertise, and relationship management skills to drive profitable growth while aligning to MassMutual's risk management framework, monitor and glean insights from existing business to monitor risk, refine assumptions, and manage the in-force Institutional Insurance business. Specific responsibilities include:

• Coach and develop a team of actuarial and/or quantitative consultant roles.
• Oversee custom pricing to support achievement of sales goals and profitability metrics, while continuously monitoring and improving key performance indicators
• Partner with the MassMutual Sales Team in pursuit of new business and with Operations for complex case onboarding or post issue service conversations.
• Oversee rate setting of certain products in accordance with our policy and MassMutual's Nonguaranteed Elements framework
• Ownership of pricing model development, maintenance, and pricing methodology for Institutional Insurance pricing.
• Socialize changes with and, where necessary, obtain approvals from key partners including product oversight, investment management, legal, reinsurance, accounting, and treasury.
• Ensure compliance with Model Governance and Product Pricing and Assumption Oversight processes.
• Ownership and, for select assumptions (e.g., lapses), shared ownership of Institutional Insurance assumption development, maintenance, and socialization of key business assumptions.
• Ensure compliance with Experience Studies and Assumptions Governance (ESAG).
• Solicit & analyze competitive data and industry assumptions.
• Develop and monitor in-force analytics, providing insights to market leader and for consideration in maintenance of key pricing assumptions.
• Partner with the Institutional Insurance market leader for new product development, including project ownership as well as product pricing and approvals.
• Influence and contribute to ongoing business strategy and growth.
• Develop and maintain strong relationships with key business partners, including product oversight, enterprise risk management, model governance, and assumption governance.
• Apply a continuous improvement mindset to existing processes, to progress decision making timelines, increase speed of quoting, automate manual processes and evolve our data analytics for the business.

The Minimum Qualifications

• An accomplished ASA or FSA with 10+ years of actuarial experience in pricing, experience studies, or product development.
• 3+ years of experience with life insurance products.

The Ideal Qualifications

• 3+ years' experience in an actuarial leadership role.
• Experience in pricing, design, and development of cash value life insurance products, ideally BOLI, COLI or ICOLI products.
• Demonstrated ability to lead in a fast-paced, evolving environment while managing multiple priorities with strong ownership and urgency.
• Proven track record of delivering results with high accountability and sound, outcome-focused decision-making.
• Demonstrates continuous improvement success through decision making timeline or efficiency improvements
• Commitment to fostering an inclusive, transparent, and collaborative work environment.
• Strong people leadership experience, with ability to develop, coach, and delegate to build team capability.
• Effective stakeholder management skills, with demonstrated ability to influence and partner to achieve shared goals.
• Ability to synthesize complex information and communicate insights clearly to non-technical audiences.
• Comfort operating in ambiguity and complexity, with experience evaluating trade-offs and driving solutions.
• Strong analytical, critical thinking, and problem-solving skills with high attention to detail and quality.
• Strong grasp of actuarial concepts, including the ability to quickly and independently evaluate and model new products.

What You Can Expect at MassMutual

• Clear areas of ownership and accountability, with work that connects directly to company and customer outcomes?
• A collaborative environment where perspectives are welcomed ?
• Access to learning, development, and internal networks that support continuous growth and skill-building over time?
• Employee-led communities and forums that foster connection, learning, and inclusion across the organization?
• A culture grounded in integrity, responsibility, and stewardshipsupported by a company with a strong legacy and a future-focused mindset

Salary Range:

$185,300-$243,100

At MassMutual, we focus on ensuring fair equitable pay, by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.

Why Join Us.

We've been around since 1851. During our history, we've learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.

We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It's more than our company structure it's our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.

MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.