Product Development Actuary - Indexed Universal Life

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.

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.

• 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

• 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

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.

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.