Job Description
POSITION SUMMARY
We are establishing the Modeling COE to centralize and standardize the development, validation, governance, and deployment of critical financial models. The Modeling COE is a new function that is being created to accelerate and enhance the significant modeling needs across Corporate Finance that can also be leveraged by Investment Management and Enterprise Risk Management. The Head of Modeling COE will report to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. The Head of Modeling COE will partner closely with Corporate Actuarial and CFO functional leaders (FP&A, Treasury, Controllers, Finance Transformation, etc.) and business and corporate stakeholders in creating a compelling vision and strategic plan to deliver new and enhanced modeling capabilities in support of multiple financial projection uses including the multi-year GAAP and Statutory Plan/Forecast, long-term capital planning, value of inforce analysis, and liquidity risk/stress testing. This leader will be responsible for the recruitment, development and effective management of a team of talented professionals in building out the Modeling COE function.
This role will require strong leadership skills combined with superior modeling and analytical skills to: (1) create an integrated modeling vision & strategy and implementation plan that connect complex actuarial, investment, risk, and financial concepts, (2) deliver on modeling capabilities and solutions in a timely manner and with high quality and well-controlled environment, and (3) present and communicate progress on results, issues, and solutions with clarity and credibility to various stakeholders and senior management. This leader will need to establish strong relationships and collaborate effectively across the CFO organization, as well as with Investment Management, ERM and business partners. In addition, this leader will be able to drive complex projects to completion and provide/implement industry thought leadership and best practices.
The Head of Modeling COE will need to demonstrate deep actuarial and financial knowledge across MassMutual’s portfolio of insurance products as well as an understanding of the drivers of earnings and connections to the balance sheet, and is an expert in the modeling of assets, liabilities and capital in an insurance company context. This leader will possess excellent technical skills and modeling expertise necessary to direct the development and governance of complex financial projection models and the associated data and infrastructure that span different product lines and accounting frameworks.
In addition to outstanding modeling and problem-solving skills, this leader will exhibit strong leadership, relationship management, and communication skills to be fully successful in this role. This leader is expected to:
- Communicate effectively with CFO leaders and business partners, including the translation of technical topics to different audiences and providing clarity of the business impact and insights to inform decisions
- Ability to innovate and implement practical solutions in the development of complex financial models across MassMutual’s broad range of insurance products, including data issues/limitations
- Collaborate across teams to ensure alignment of goals, effective execution of deliverables, and monitoring progress
- Navigate issues that arise and/or competing priorities; Effectively, negotiate the right solutions and positive outcomes across stakeholders
- Liaise with internal business departments and support a culture of service or proactive solutions and team support
- Establish strong credibility and executive presence with business partners and CFO leadership to effectively drive ideas forward, impact management decision-making, and influence strategies
- Contribute to Corporate Actuarial thought leadership and positive team culture
OVERALL RESPONSIBILITY
The Head of Modeling COE will accountability for these specific deliverables and responsibilities:
- Establish effective model governance and end-to-end model manufacturing process to successfully deliver high-quality financial projections in an integrated, consistent, and durable manner
- Execute on the development/delivery of integrated financial models used to project assets, liabilities, and capital in support of various uses, including:
Model Inputs: Partner across functions to ensure that all model inputs are incorporated appropriately (i.e., Investment Management for assets, Corporate Actuarial for inforce liabilities, Business/Product for new business, actuarial assumptions, capital market parameters, etc.)
Model Calculations: Develop, prepare and run actuarial modeling systems to generate assets, liabilities, and capital projections; Compile and review results
Model Outputs: Produce required model output/files to business partners; FP&A development of income statement and balance sheet for the multi-year Financial Plan (annual) and Forecast (quarterly); Treasury development of long-term statutory capital planning; Corporate Actuarial development of value of inforce analysis; ERM development of liquidity risk/stress testing
- Lead the build out of the new Modeling COE team; Attract, retain and develop team of talented professionals
- Develop compelling modeling vision & strategy and implementation plan to ensure successful execution of projects in close collaboration with stakeholders
- Establish effective operating model and clear roles, responsibilities, and expectations in partnership with functional leaders in Corporate Actuarial, CFO (Financial Planning & Analysis, Treasury, Controllers, Finance Transformation, etc.), Investment Management, Enterprise Risk Management, and Enterprise Technology
- Implement effective model governance, standards, testing procedures, and controls in the development, manufacturing, and delivery of models and projections
- Leverage expertise and industry insights in providing recommendations and driving decisions and actions to ensure delivery of leading-edge solutions
- Perform ongoing model management, ensuring end-to-end systems and infrastructure are working effectively; Lead the management of vendor relationships and negotiations
- Provide modeling support and enhancements to the Financial Plan/Forecast process
- Through innovation and creativity, formulate appropriate methodologies and develop effective models to evaluate financial impact to the business
CANDIDATE QUALIFICATIONS
- Bachelor's Degree or higher
- Fellow of the Society of Actuaries (FSA); CFA is a plus
- Minimum of 15 years of actuarial experience in financial modeling, pricing, valuation, financial planning, CFT/ALM, asset modeling, and/or in financial risk management
- Strong knowledge of US life insurance, annuity, and health products and the underlying economics and risk features
- Working knowledge and analysis of financial statements (Income Statements, Balance Sheet, Cash Flow Analysis) under different accounting frameworks
- Expertise in actuarial & financial modeling methodologies and techniques; Experience with actuarial projections software (Moody's AXIS, Prophet, etc.); Knowledge of planning systems (Anaplan) is a plus
- Strong communication skills, both written and verbal, with experience in presenting to senior management; Able to convey complex materials to senior executives
- Ability to build and maintain strong working relationships across cross-functional groups
- Demonstrable experience with creative problem-solving and thought leadership
- Ability to work well under pressure and manage multiple deliverables
- Must be authorized to work in the US without sponsorship now or in the future
Why Join Us.
We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.
We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.
About the company The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401 plan services, and annuities.
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