Associate Actuary (Validation & Special Projects)

Transamerica; Baltimore (MD); Hybrid; USD 128,000 - 165,000; Full time

Benefits offered by this job

Pension Plan

401k Match

Employee Stock Purchase Plan

Tuition Reimbursement

Medical Insurance

Dental Insurance

Vision Insurance

Career Training & Development

Job summary

Transamerica is seeking an actuary to join the Model Development and First Line Validation team. The role focuses on AXIS model development across Life, Health and Annuity, producing reserves, IFRS 17 liabilities, US GAAP and capital-related insights.

You will collaborate with risk teams, implement US GAAP calculations, and lead initiatives including AI adoption to streamline workflows. The hybrid in-office schedule is three days per week in designated hub locations.

Qualifications

• Bachelor's degree in actuarial science, mathematics, statistics, economics or related field.
• FSA or ASA designation; or 8 years of relevant experience in lieu of designation.
• Strong leadership and communication skills.
• Ability to work under pressure and meet deadlines.
• Excellent computer skills.

Responsibilities

• Contributes to the development of modeling best practices, standards, and frameworks applicable to AXIS models.
• Supports the implementation of US GAAP calculations in the Life, Health and Annuity models.
• Supports baselining and control review of US GAAP implementation in AXIS models.
• Works with experience studies, business unit partners, and risk teams to develop testing plans.
• Serves as a key resource for replication spreadsheets, annual unlocking reviews, and on-top technical reviews.
• Leads several special project initiatives, including AI adoption, to improve existing workflows within the Model Development and First Line Validation team.

Skills

SQL Server

VBA

Alteryx

Python

R

Leadership

Communication

Education

Bachelor's degree in actuarial science, mathematics, statistics, economics or related field

FSA or ASA designation

Master's degree in listed discipline

Tools

Microsoft SQL Server

VBA

Alteryx

Python

R

Job description

About Us

At Transamerica, hard work, innovative thinking, and personal accountability are qualities we honor and reward. We understand the potential of leveraging the talents of a diverse workforce. We embrace an environment where employees enjoy a balance between their careers, families, communities, and personal interests.

Job Family

Actuarial

About Us

At Transamerica, hard work, innovative thinking, and personal accountability are qualities we honor and reward. We understand the potential of 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 — one focused on helping people look forward and plan for the best life possible while providing tools and solutions that make it easier to get there.

Who We Are

We believe everyone deserves to live their best life. More than a century ago, we were among the first financial services companies in America to serve everyday people from all walks of life.

Today, we’re part of an international holding company, with millions of customers and thousands of employees worldwide. Our insurance, retirement, and investment solutions help people make the most of what’s important to them.

We’re empowered by a vast agent network covering North America, with diversity to match. Together with our nonprofit research institute and foundation, we tune in, step up, and are a force for good — for our customers and the communities where we live, work, and play. United in our purpose, we help people create the financial freedom to live life on their terms.

What We Do

Transamerica is organized into three distinct businesses. These include 1) World Financial Group, including Transamerica Financial Advisors, 2) Protection Solutions and Savings & Investments, comprised of life insurance, annuities, employee benefits, retirement plans, and Transamerica Investment Solutions, and 3) Financial Assets, which includes legacy blocks of long term care, universal life, and variable and fixed annuities. These are supported by Transamerica Corporate, which includes Finance, People and Places, General Counsel, Risk, Internal Audit, Strategy and Development, and Corporate Affairs, which covers Communications, Brand, and Government and Policy Affairs.

Transamerica employs nearly 7,000 people. It’s part of Aegon, an integrated, diversified, international financial services group serving approximately 23.9 million customers worldwide.* For more information, visit transamerica.com.

Job Description Summary

This is a key position on the Transamerica actuarial Model Development and First Line Validation team. The team is responsible for the maintenance and development of actuarial models as well as first-line assurance activities. The actuary in this role will have an opportunity to work with AXIS models across the Life, Health and Annuity space. These models produce information relating to (e.g.) statutory reserves, IFRS 17 liabilities, US GAAP, tax reserves, market consistent liability valuations, economic capital, and asset adequacy testing.

Responsibilities

• Contributes to the development of modeling best practices, standards, and frameworks applicable to AXIS models.
• Supports the implementation of US GAAP calculations in the Life, Health and Annuity models.
• Supports baselining and control review of US GAAP implementation in AXIS models.
• Works with experience studies, business unit partners, and risk teams to develop testing plans that provide assurance around actuarial model changes.
• Serves as a key resource for completion of replicating spreadsheets, annual unlocking reviews, and on-top technical reviews throughout the course of the year.
• Leads several special project initiatives, including AI adoption, to improve existing workflows within the Model Development and First Line Validation team.

Qualifications

• Bachelor's degree in actuarial science, Mathematics, Statistics, Economics or related field and 5 years of relevant experience.
• FSA or equivalent professional designation. In lieu of FSA will accept ASA or equivalent professional designation and 8 years of relevant experience.
• In lieu of Bachelor's, will accept Master's in a listed discipline and 4 years of relevant experience.
• Demonstrates high-quality leadership, judgment, organization and prioritization skills.
• Effectively communicates, both verbally and in writing, advanced mathematical and analytical concepts to various audiences.
• Works well under pressure and within time constraints to effectively accomplish individual and team objectives.
• Excellent computer skills.

Preferred Qualifications

• Strong technical skills with experience in Microsoft SQL Server, VBA, Alteryx, Python or R

Working Conditions

• This is a hybrid position requiring three days (Tuesday-Thursday) in office per week in one of our hub locations (Cedar Rapids, Baltimore, Philadelphia, or Denver).
• Relocation assistance will not be provided for this position
• Occasional Travel
• Limited travel may be required

Compensation

The salary for this position generally ranges between $128,000 - $165,000 annually.

Additionally, this position is typically eligible for an Annual Bonus of 15% based on the Company Bonus Plan/Individual Performance and is at the Company’s discretion.

What We Offer

For eligible employees, we offer a comprehensive benefits package designed to support both the personal and financial well-being of our employees.

Compensation Benefits

• Competitive Pay
• Bonus for Eligible Employees

Benefits Package

• Pension Plan
• 401k Match
• Employee Stock Purchase Plan
• Tuition Reimbursement
• Disability Insurance
• Medical Insurance
• Dental Insurance
• Vision Insurance
• Employee Discounts
• Career Training & Development Opportunities

Health and Work/Life Balance Benefits

• Paid Time Off starting at 160 hours annually for employees in their first year of service.
• Ten (10) paid holidays per year (typically mirroring the New York Stock Exchange (NYSE) holidays).
• Be Well Company holistic wellness program, which includes Wellness Coaching and Reward Dollars
• Parental Leave – fifteen (15) days of paid parental leave per calendar year to eligible employees with at least one year of service at the time of birth, placement of an adopted child, or placement of a foster care child.
• Adoption Assistance
• Employee Assistance Program
• Back-Up Care Program
• PTO for Volunteer Hours
• Employee Matching Gifts Program
• Employee Resource Groups
• Inclusion and Diversity Programs
• Employee Recognition Program
• Referral Bonus Programs

Inclusion & Diversity

We believe our commitment to diversity and inclusion creates a work environment filled with exceptional individuals. We’re thrilled to have been recognized for our efforts through the Human Rights Campaign Corporate Equality Index, Dave Thomas Adoption Friendly Advocate, and several Seramount lists, including the Inclusion Index, 100 Best Companies for Working Parents, Best Companies for Dads, and Top 75 Companies for Executive Women.

To foster a culture of inclusivity throughout our workforce, workplace, and marketplace, Transamerica offers a wide range of diversity and inclusion programs. This includes our company-sponsored, employee-driven Employee Resource Groups (ERGs), which are formed around a shared interest or a common characteristic of diversity. ERGs are open to all employees. They provide a supportive environment to help us better appreciate our similarities and differences and understand how they benefit us all.

Giving Back

We believe our responsibilities extend beyond our corporate walls. That's why we created the Aegon Transamerica Foundation in 1994. Through a mix of financial grants and the volunteer efforts of our employees, the foundation supports nonprofit organizations focused on the things that matter most to our people in the communities where we live and work.

Transamerica’s Parent Company

Aegon acquired the Transamerica business in 1999. Since its start in 1844, Aegon has grown into an international company serving more than 23.9 million people across the globe.* It offers investment, protection, and retirement solutions, always with a clear purpose: Helping people live their best lives. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion and diversity.

• As of December 31, 2023