Product Development Actuary - Indexed Universal Life

TEEMA; Minneapolis (MN); On-site; USD 190,000 - 215,000; Full time

Benefits offered by this job

Relocation support

401k match up to 7.5%

Onsite health center

Fitness facility

Child development center

Job summary

TEEMA in Minneapolis partners with a well-established life insurance carrier to hire a Product Development Actuary who will design and price universal life portfolios, expanding protection-oriented designs with steady crediting.

The role focuses on modeling, pricing, and compliance with SNFL, 7702, and AG 49, while mentoring actuarial staff and collaborating with Investments, Underwriting, and reinsurers to drive profitable product design.

Qualifications

• 10+ years of actuarial experience in life product development.
• Bachelor's in actuarial science or related field.
• Hands-on experience designing universal life products and pricing.

Responsibilities

• Design and refine universal life products, including pricing assumptions.
• Build, validate pricing models and mortality/expense assumptions.
• Coordinate with Investments, Underwriting, and reinsurers on product feasibility.
• Lead scenario testing, profitability analyses, and sensitivity studies.
• Mentor junior actuarial staff and support product strategy.
• Track IUL market trends and support cross-functional teams.

Skills

Actuarial modeling

Pricing methods

Product development

Mentoring

Education

Actuarial science degree

Tools

Actuarial software

Job description

Location: Twin Cities, MN. Onsite, with roughly one day a week of flexibility.

Compensation: $190,000 to $215,000 base, plus a 20% target bonus. Relocation assistance provided.

About the role

A well-established life insurance and annuity carrier is adding a Product Development Actuary to lead the design and pricing of its universal life portfolio. This is a newly created seat, not a backfill.

The company's current IUL is an accumulation product. They want to expand the universal life line toward protection-oriented designs with steadier crediting and interest growth over time. They have been candid that they do not have deep universal life expertise on the actuarial side today, so the person in this seat will shape what that product line becomes. You would report to a credentialed senior leader on the Product Development team.

What you\'ll be doing

• Designing and refining universal life products, including index crediting strategies, cap and participation structures, multipliers, fixed account design, riders, and survivorship variations
• Building, enhancing, and validating pricing models
• Setting assumptions for mortality, persistency, expenses, funding patterns, rider use, and index crediting performance
• Applying SNFL, Section 7702, and AG 49 requirements within product design and pricing
• Running sensitivity testing, scenario modeling, and profitability analysis
• Working with Investments on option budget and hedging feasibility for index strategies
• Working with Underwriting and reinsurers on the mortality impact of underwriting programs
• Tracking IUL market trends and partnering with Product, Distribution, and Marketing on design
• Mentoring actuarial staff

What we\'re looking for

• FSA, or ASA actively pursuing the FSA
• Roughly 10+ years of actuarial experience with a background in life product development
• Hands-on experience designing a universal life product of some kind. IUL is ideal, but VUL, general UL, or permanent life design all work
• Comfort with actuarial modeling platforms and pricing methodology
• Experience applying SNFL, 7702, and AG 49 in product design and pricing
• Bachelor\'s in actuarial science, mathematics, physics, economics, engineering, or a related field
• Legal authorization to work in the US without sponsorship now or in the future

Also worth applying if

You have strong product development and pricing experience on the annuity side, particularly indexed products. The client is open to those backgrounds. And if you come in below the Director level, they have said they will re-level the role for the right person.

What\'s on offer

Strong relocation support, a 401k match up to 7.5%, and a well-regarded benefits package with onsite amenities including a health center, fitness facility, and child development center.