This new role will have primary responsibility for Variable Annuity model validation and transaction review projects, both offering opportunities to work across the Finance organization, Corporate Development function, and external Actuarial service providers. The role reports to the overall lead of the model validation projects, within the Capital Management and Modeling team in the Finance function. Involvement in transaction review projects primarily includes modeling due diligence.
Primary responsibilities will include:
Perform detailed review of the Variable Annuity actuarial models, including the reviewing modeling of product features, assumptions, and scenarios in partnership with external actuarial outsourcing services provider.
Validate annual assumption/model changes made to the model
Perform User Acceptance Testing (UAT) on key metrics as well as perform detailed Unit Testing on policy basis to validate changes are implemented as intended with explanation for the observed impacts.
Complete documentation of modeling changes and testing performed for audit trails and the approval process under the model risk framework.
Summarize and present findings digestible by senior audience.
Review work by other junior members on model validation projects. Manage day to day delegation and communication.
Identify and address potential modeling improvements including implementation of any best practices in the model set up.
Support the review of products / data, actuarial assumptions, and modeling methodologies for any future transaction and company initiatives with a particular emphasis on ensuring correct interpretation of product features and modeling. Work may include support transaction due diligence and involves interaction with Corporate Development and external parties.
Contribute to ad-hoc projects such as changes pertaining to statutory regulatory reserve and capital requirements, tax reforms, GAAP LDTI etc. and other overall Capital Management and Modeling team related initiatives, such as methodology changes model improvement.
Opportunities for further learning and use of programming languages and tools such as VBA, R, Python, Power BI, to effectively summarize data for technical analysis.
Key Required Qualifications:
Bachelor’s degree in Mathematics, Actuarial Science, Finance or related business discipline
ASA or newly credentialed FSA
5-6+ years financial, insurance industry, or actuarial experience
Prior experience with variable annuity products, modeling, hedging, and / or valuation preferred
Prior consulting and/or related M&A experience is strongly preferred
Strong analytical skills or advanced knowledge of actuarial concepts; ability to use this knowledge to lead/develop solutions to ad-hoc requests or issues
Solid understanding of insurance products, regulations, or insurance company structure from prior experience in roles such as pricing, modeling, valuation, risk management, inforce management, experience studies, hedging
Detail oriented and strong analytical problem-solving skills to make informed decisions
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Venerable Values:
Every position at Venerable has responsibility for living out the company's values as described here:
We are Courageous - We think critically, ask "why?" and seek out creative solutions.
We are Curious - We take calculated risks, learn from out failures, and challenge traditional ways of thinking.
We are Connected - We are connected to each other, our customers and our community.
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If Venerable, in its sole discretion, determines that AI is being used during an interview without prior approval, Venerable reserves the right to end the interview early and/or disqualify a candidate.
