Product Development Associate Actuary - IUL | Fully Onsite

Allianz; Minneapolis (MN); On-site; Confidential; Full time

Benefits offered by this job

Medical benefits (health, dental, and视

Tuition reimbursement

Student loan retirement program

Paid leave

401(k) company match

Life insurance

Onsite health center

Child development center

Fitness facility

Cafeterias

Job summary

Allianz Life seeks a senior actuary to lead IUL product development, pricing, and strategic direction. You will design IUL features, build and validate pricing models, set key assumptions, and align with regulatory and market needs. Collaboration with Investments, Underwriting, and Reinsurers is essential.

The role requires 8+ years in actuarial life product development, a four-year degree, and an SOA fellowship. U.S. work authorization is required. Domestic relocation assistance is available.

Qualifications

• Bachelor's degree required in Actuarial Science, Mathematics, Physics, Economics, Engineering, or related field.
• Fellowship in the Society of Actuaries (FSA) required.
• 8+ years actuarial experience with life product development, including IUL.
• Experience applying SNFL, 7702, and AG 49 in product design, modeling, pricing.

Responsibilities

• Lead development, pricing, and strategic direction of Indexed Universal Life (IUL) products.
• Design and refine IUL products including index crediting strategies and riders.
• Build, validate pricing models using advanced actuarial techniques.
• Set assumptions for mortality, persistency, expenses, and index performance.
• Develop pricing strategies balancing regulatory expectations and market needs.
• Collaborate with Investments, Underwriting, and Reinsurers on strategies and impacts.
• Monitor market trends to guide product mix and stay competitive.
• Mentor actuarial staff on modeling and pricing frameworks.

Skills

Actuarial pricing modeling

Pricing methodologies

IUL mechanics expertise

SNFL 7702 AG49 experience

Underwriting program analysis

Clear product strategy recommendations

SOA FSA fellowship

Independent and cross-functional work

Education

Bachelor's degree in Actuarial Science/Mathematics/related field

Tools

Actuarial modeling platforms

Job description

At Allianz Life, we are driven by our mission – we secure your future – and by our common goal of caring for tomorrow. We care for our employees by promoting an inclusive culture where everyone has the opportunity to grow and be rewarded for their success. We care for our customers by creating new products that help them protect their families and pursue their retirement goals. We care for our community by giving time, resources, and donations. And we care for the future by supporting sustainability, protecting the local environment, and promoting equality in our communities.

You will help lead the development, pricing, and strategic direction of Indexed Universal Life (IUL) products. Acts as one of our experts on IUL mechanics, index crediting structures, and actuarial modeling, ensuring products are competitive, sustainable, and aligned with business strategy. You will report to a credentialed senior leader on the Product Development team.

What you do:

• Design and refine IUL products, including index crediting strategies, cap/participation structures, multipliers, fixed account design, riders, and survivorship variations.
• Build, enhance, and validate pricing models using advanced actuarial techniques, ensuring accurate representation of product behavior.
• Set and maintain assumptions for mortality, persistency, expenses, funding patterns, rider use, and index crediting performance.
• You will develop pricing strategies that balance regulatory expectations, risk management considerations, and competitive market needs.
• Incorporate requirements related to Standard Nonforfeiture Law (SNFL), Sections 7702 and AG 49 into product and pricing models, ensuring compliant and sustainable design parameters.
• Conduct sensitivity testing, scenario modeling, and profitability analysis to evaluate product levers and support product positioning.
• Collaborate with Investments to assess the feasibility and sustainability of index strategies, including option‑budget and hedging considerations.
• Collaborate with Underwriting and Reinsurers to assess effectiveness and impacts of our underwriting practices
• Monitor IUL market trends to guide product mix strategy, identify innovation opportunities, and ensure products stay competitive.
• Partner with Product, Distribution, and Marketing to align product designs with customer needs and sales strategies.
• Mentor actuarial staff on modeling, pricing frameworks, and IUL concepts..
• Utilization of artificial intelligence tools and resources (e.g. generative AI)

What you bring:

• 8+ years actuarial experience with background in life product development, including IUL.
• Four-year degree required in Actuarial Science, Mathematics, Physics, Economics, Engineering, or related field
• Fellowship in the Society of Actuaries (FSA).
• Expertise with actuarial modeling platforms and pricing methodologies.
• Ability to translate technical modeling insights into clear product strategy recommendations.
• Experience applying SNFL, 7702, and AG 49 requirements within product design, modeling, and pricing frameworks.
• Experience with underwriting program analysis and assessing impacts to mortality trends
• Ability to work both independently and collaboratively, ensuring long‑term project success across cross‑functional teams.
• You must be legally authorized to work in the U.S. without requiring immigration sponsorship now or in the future. This includes holders of H-1B, H4, L-1, L-2, TN, OPT, CPT, and other nonimmigrant visas.

Job posting range: $100,000 - $200,000

Note the job posting range is exclusive of company benefits or other compensation. This role is also eligible for an annual incentive program. If you are hired, your final base salary will be determined based on factors such as geographic location, experience, skills, competencies, and/or education. In addition to those factors, we will also consider internal equity of our current employees. Please keep in mind that the range provided is the full base salary range for the role. Hiring at or near the maximum of the range would not be typical to allow for future and continued salary growth.

This position is eligible for domestic relocation assistance.

What we offer:

At Allianz Life, we're proud to provide a benefits package that supports the True Balance of our employees and their families. We offer: a choice of comprehensive medical, dental and vision plan options, flexible spending and health savings accounts, tuition reimbursement, student loan retirement program, generous annual paid leave, an outstanding 401(k) company match, and life insurance. Plus, our employees enjoy an award-winning campus with an array of discounted amenities, including an onsite health center, child development center, fitness facility, convenience store and two cafeterias. Our employees and leaders take an active role in shaping our culture through our Employee Resource Groups, whose activities and advocacy contribute to an environment that is fair, caring, and inclusive. Our generous benefits, campus amenities and inclusive, engaged culture are among the many reasons we're routinely recognized as a top workplace employer. For additional information regarding What It's Like To Work Here | Allianz Life.

Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us. At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating for equal opportunities for all. And the foundation for this is our inclusive workplace, where people and performance both matter, and nurtures a culture grounded in integrity, fairness, inclusion and trust. We therefore welcome applications regardless of race, ethnicity or cultural background, age, gender, nationality, religion, social class, disability or sexual orientation, or any other characteristics protected under applicable local laws and regulations.

Join us. Let’s care for tomorrow.