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Responsible for developing and executing strategy for pricing non-traditional, fee-based annuities.
Leads product development, co-designing and testing of new product ideas as well as re-pricing existing products to ensure competitiveness and meeting profit and risk standards.
Serves as a subject matter expert for product pricing. Provides direction to shape fee-based annuity strategy for Nationwide.
Leads team to partner with business development, marketing, sales, product risk committees, external consultants, regulators and others as required to bring new products or product changes to market. May price/develop other annuity products or act as a peer advisor to other pricing leaders as required.
Reports to: VP & CFO, IPS Annuities
Responsible for risk management strategy through product design and development of rigorous model risk and experience monitoring controls. Recommends products to stakeholders ensuring such product meet profitability and risk requirements in diverse economic environments. Presents business cases and analysis IPS Annuity CFO and NF Product Risk Committee for final approval.
Product Implementation and Regulatory: Responsible for signing Statements of Actuarial Opinion that require written authority from NF's Board of Directors (e.g.
NY Statements of Self Support). Executing such Statements involves review of pricing assumptions & methodologies. This requires expertise in all annuity product lines offered by Nationwide. Monitors regulatory efforts for annuity products to confirm compliance with new and existing regulations. Monitors changes to rules that impact annuity product design/pricing and shares responsibility for NF's regulatory response to adverse proposed rules.
Product Maintenance: Review existing products' competitiveness, financial return, and risk on an ongoing basis.
Follows key competitors' products to understand competitiveness, design approaches, and customer needs positioning. Shares responsibility for strategy to manage product competitiveness by recommending changes to achieve top and bottom line goals.
Actuarial Model Maintenance: Builds and maintains annuity pricing models that comply with Nationwide's Model Risk Management Standards. Develops and maintains model specs and/or documentation, where necessary, and provides user acceptance testing of models developed by the corporate modeling team.
Ad hoc Projects: As needed.
Talent Management: Manages junior and experienced actuaries directly or indirectly in the execution of product development requirements. Duties include but are not limited to training, work flow management, quality checking, coaching and feedback, etc.
Performs other duties as assigned.
Breadth Across Enterprise
Works closely with other AVP/VP executives in IPS Business Development, Nationwide Advisory Solutions, NF Sales, Marketing, IT, Compliance/OCLO, Investments, IPS Operations, and leaders in various NF Finance functions in the execution of product development, implementation, and management activities. Works with external regulators, industry committees, and external business partners as needed.
Financial Responsibility and Scope
Responsible for pricing fee-based annuity products for the IPS business segment in support of VP, Annuity Pricing leader.
Annual sales of fee-based annuities were over $1 billion in 2017 and are expected to grow to $5B-6B by 2026. This role is responsible for ensuring that all new products meet profitability targets and for regularly testing profitability of existing products based on changing economic and actuarial assumptions
Team manager of 3 or more internal actuaries, technicians, or contractors.
Typical Skills and Experiences
Education/Certification/Licenses: Bachelor's degree in Math, Statistics, Actuarial Science, Engineering, or other highly technical field.
Fellowship in the Society of Actuaries (FSA) and Member of the American Academy of Actuaries (MAAA) is required. Chartered Financial Analyst (CFA) designation is desirable but not required.
Prefer a minimum of 10 years of responsible actuarial experience in life insurance, annuities, or similar actuarial disciplines. Significant experience with annuity product pricing or risk management is preferred, as is experience with actuarial modeling software solutions, such as ALFA, AXIS, or other platforms.
A minimum of 5 years of people leadership is highly preferred. Ideal candidate possesses strong leadership competencies including verbal and written communication, team collaboration, influencing others, coaching and development, and building organizational talent.
Developing and executing pricing strategies. Critical thinking, results orientation, and advisory skills are also critical.
Candidates must have the ability to deal with complex financial issues quickly and effectively. The pricing leader often must solve complex business problems directly or provide technical advice to assist others who are responsible. He/she must be able to think on his/her feet, often providing guidance in the absence of complete information.
Experience with external relationships, such as industry or professional groups, regulators, auditors, consultants, or other third parties through which the company works is strongly preferred. The ideal candidate is someone whom is comfortable and capable representing the actuarial function equally with internal and external stakeholders.
Other criteria, including leadership skills, competencies and experiences may take precedence.
Staffing exceptions to the above must be approved by the hiring manager's leader and HR Business Partner.
Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.
Overtime Eligibility: Not Eligible (Exempt)
Working Conditions: Normal office environment. Some travel may be required.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Evaluation Activity: DRC 07/2018
Additional Job Description
Job ID: 52085