Life Actuary

Amica Insurance; Rhode Island; Hybrid; USD 80,000 - 100,000; Full time

Job summary

A mutual insurance company located in Lincoln, RI is seeking a Life Actuarial Officer responsible for modeling activities, including Cash Flow Testing and Asset Liability Management. The role involves mentoring junior actuaries and contributing to high-level decision-making. Candidates should have 7+ years of experience in life insurance or annuities. A hybrid work schedule is available after training.

Benefits

Medical, dental, vision coverage

Paid Vacation

Generous 401k with company match

Qualifications

• 7+ years of life insurance and/or annuity experience required.
• Familiarity with Statutory reporting and Reserve Adequacy testing.
• Self-motivated with ability to meet tight deadlines in a fast-paced environment.

Responsibilities

• Mentor a small actuarial team to ensure work quality.
• Build and refine models for testing and financial planning.
• Lead projects to ensure timely execution.

Skills

Advanced knowledge of Prophet

Proficient in life and annuity product modeling

Strong analytical, quantitative and problem-solving skills

Education

Bachelor’s degree

ASA strongly preferred; FSA preferred

Job description

Thank you for considering Amica as part of your career journey, where your future is our business.

At Amica, we strive to build a culture of belonging where employees are encouraged to share their unique experience to enrich our workplace, strengthen our company’s mission and broaden our vision of what’s possible. We’re focused on creating a workplace that works for all.

As a mutual company, our people are our priority. We seek differences of opinion, life experience and perspective to represent the diversity of our policyholders and achieve the best possible outcomes. Our office located in Lincoln, RI is seeking a Life Actuarial Officer to join the team!

Job Overview

As part of our team, you will be responsible for all modeling activities within the Amica Life Company, including Cash Flow Testing, C3-Phase 1 Testing, Asset Liability Management, Plan Forecasts, and setting monthly credit rates. Additionally, this role leads and supports various initiatives, such as ensuring compliance with new regulatory changes, driving process improvement and governance.

The Lead Life Actuary has the potential to grow within the organization and take on additional responsibilities, with opportunities to expand the leadership scope. The Lead Life Actuary will be expected to mentor junior actuaries, contribute to high-level decision-making, and play a key role in shaping the long-term direction of actuarial practices and strategies within the Life Company.

Responsibilities

• Mentor a small actuarial team, fostering a culture of continuous improvement and accountability for work quality and efficiency
• Build, maintain, and refine models for asset adequacy testing, C3-Phase 1 testing, financial plan, and assumption unlocking
• Implement new products, model refinements and other modeling needs, ensuring alignment with Amica’s model governance and controls framework
• Support the maintenance and refinement of the Life ALM reporting framework that meets all stakeholder needs
• Support the team by performing analysis such as valuation/reserving, model development, research support, and business planning
• Provide technical assistance and information to other departments as needed
• Lead and oversee projects to ensure timely and successful execution

The 37.5-hour work week is scheduled from Monday through Friday, between the core hours of 8:00 AM and 5:00 PM. A hybrid schedule will be available once trained to work independently, with three days reporting to our Lincoln, RI office and two days working from home.

This role does not currently offer employment visa sponsorship.

Total Rewards

• Medical, dental, vision coverage, short- and long-term disability, and life insurance
• Paid Vacation – you will receive at least 13 vacation days in the first 12 months, amounts could be greater depending on the role
• Holidays - 14 paid holidays observed
• Sick time - 6 days sick time at hire, 6 additional days sick time at 90 days of employment
• Generous 401k with company match and immediate vesting. Additionally, annual 3% non-elective employer contribution
• Annual Success Sharing Plan - Paid to eligible employees if company meets or exceeds combined ratio, growth and/or service goals
• Generous leave programs, including paid parental bonding leave
• Student Loan Repayment and Tuition Reimbursement programs
• Generous fitness and wellness reimbursement
• Employee community involvement
• Strong relationships, lifelong friendships
• Opportunities for advancement in a successful and growing company

Qualifications

• Bachelor’s degree
• ASA strongly preferred; FSA preferred; and/or extensive applicable experience
• 7+ years of life insurance and/or annuity experience
• Advanced knowledge of Prophet; ALS knowledge is a plus
• Proficient in life and annuity product modeling, particularly in term, whole life, and fixed annuity products
• Familiar with Statutory reporting, Reserve Adequacy testing, and ability to keep current with industry standards and best practices
• Knowledge of ALM principles and practices is a plus
• Self-motivated with the ability to meet tight deadlines in a dynamic, and fast paced environment
• Strong analytical, quantitative and problem-solving skills, with the ability to be an innovative thinker, understand the big picture, and pay close attention to details
• Ability to communicate clearly and concisely with both technical and non-technical team members

Amica conducts background checks which includes a review of criminal, educational, employment and social media histories, and if the role involves use of a company vehicle, a motor vehicle or driving history report.

Qualified applicants with arrest or conviction records will be considered for employment.