Head of Institutional Insurance Product & Actuarial

About the role

The Head of Institutional Insurance Product & Actuarial role is within Institutional Solutions, a growing segment of MassMutual. This role leads pricing assumption development, model ownership, product development, and in-force analytics for institutional insurance products, including Bank, Corporate, and Insurance Company Owned Life Insurance (BOLI, COLI, ICOLI).

Responsibilities

• Coach and develop a team of actuarial and/or quantitative consultant roles.
• Oversee custom pricing to support achievement of sales goals and profitability metrics, while continuously monitoring and improving key performance indicators.
• Partner with the MassMutual Sales Team in pursuit of new business and with Operations for complex case onboarding or post-issue service conversations.
• Oversee rate setting of certain products in accordance with our policy and MassMutual’s Nonguaranteed Elements framework.
• Own pricing model development, maintenance, and pricing methodology for Institutional Insurance pricing.
• Socialize changes with and, where necessary, obtain approvals from key partners including product oversight, investment management, legal, reinsurance, accounting, and treasury.
• Ensure compliance with Model Governance and Product Pricing and Assumption Oversight processes.
• Own and, for select assumptions (e.g., lapses), shared ownership of Institutional Insurance assumption development, maintenance, and socialization of key business assumptions.
• Ensure compliance with Experience Studies and Assumptions Governance (ESAG).
• Solicit & analyze competitive data and industry assumptions.
• Develop and monitor in-force analytics, providing insights to market leader and for consideration in maintenance of key pricing assumptions.
• Partner with the Institutional Insurance market leader for new product development, including project ownership as well as product pricing and approvals.
• Influence and contribute to ongoing business strategy and growth.
• Develop and maintain strong relationships with key business partners, including product oversight, enterprise risk management, model governance, and assumption governance.
• Apply a continuous improvement mindset to existing processes, to progress decision making timelines, increase speed of quoting, automate manual processes and evolve our data analytics for the business.

Requirements

• An accomplished ASA or FSA with 10+ years of actuarial experience in pricing, experience studies, or product development.
• 3+ years of experience with life insurance products.

Ideal Qualifications

• 3+ years’ experience in an actuarial leadership role.
• Experience in pricing, design, and development of cash value life insurance products, ideally BOLI, COLI or ICOLI products.
• Demonstrated ability to lead in a fast-paced, evolving environment while managing multiple priorities with strong ownership and urgency.
• Proven track record of delivering results with high accountability and sound, outcome-focused decision-making.
• Demonstrates continuous improvement success through decision making timeline or efficiency improvements.
• Commitment to fostering an inclusive, transparent, and collaborative work environment.
• Strong people leadership experience, with ability to develop, coach, and delegate to build team capability.
• Effective stakeholder management skills, with demonstrated ability to influence and partner to achieve shared goals.
• Ability to synthesize complex information and communicate insights clearly to non-technical audiences.
• Comfort operating in ambiguity and complexity, with experience evaluating trade-offs and driving solutions.
• Strong analytical, critical thinking, and problem-solving skills with high attention to detail and quality.
• Strong grasp of actuarial concepts, including the ability to quickly and independently evaluate and model new products.

Benefits

MassMutual offers a comprehensive benefits package that includes:

• Mutual Opportunities
• Flexible workplace approach combining in-person collaboration and remote work flexibility.
• Healthcare benefits including medical, dental, and vision coverage.
• 401(k) retirement plan with company matching.
• Generous vacation time.
• Volunteering benefits, including three paid days off for volunteering.
• A Well-Being Wallet of up to $1,250 annually.
• Caregiver leave.

Pay

$185,300 - $243,100

Schedule

Hybrid schedule with at least three days per week in the office and remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.