Senior Associate, Visual Product Modeling System
- White Plains, NY, USA White Plains NY US
- Permanent, Full time
- New York Life Insurance Company
- 17 Mar 18 2018-03-17
Senior Associate, Visual Product Modeling System
New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
We currently have an opening for a VP/MS (Visual Product Modeling System) in our department. This position supports and participates in a broad range of VP/MS development and testing activities for all product lines, including Life, Annuities, Long Term Care and marketing tools utilizing business and actuarial specifications. This position is expected to be able to work independently with the Actuaries and the test tool developers and escalate issues appropriately.
Our ideal candidate is an individual that has worked in the life insurance or annuities world with a background in actuarial/mathematics/programming with strong exposure to building life insurance calculation tools, quality assurance and technology. The candidate will have strong understanding of illustrations or administrative systems, complex calculations typically used within insurance systems that includes Modified Endowment Contracts, Necessary Premium testing and have ability to apply that knowledge to effectively develop and support effective and efficient systems.
- Develop mathematical VP/MS models for Life/Annuities/Long Term Care to support various systems including illustration, admin, compensation systems.
- Implement dividend liability, marketing tools utilizing VP/MS models in Excel/C#/MS Access.
- Coordinate with pricing actuaries for validation of testing spreadsheets.
- Perform unit, system, and regression testing of VP/MS system values.
- Prepare sign-off documents.
- Participate on the Product Development team and communicate, coordinate, and develop responses to implementation questions related to product design issues, seeking input from Management as needed.
- Bachelor's degree with preferred majors in Actuarial Science, Mathematics, computer science.
- 10+ years of actuarial and exposure to IT Systems.
- Demonstrated product knowledge of life insurance and annuity products.
- Actuarial background/programming background with extensive calculation experience in Life/Annuities products.
- Excellent communication skills, both oral and written
- Analytically minded
- Must have the ability to multi task under tight deadlines
- Prior experience with Life/Annuity/LTC insurance illustrations/Admin systems is a plus
- Knowledge of modeling/pricing packages, programming languages, and spreadsheet/database software preferable
If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at: (212) 576-5811.
* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.