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Assistant Actuary

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The Union Labor Life Insurance Company is actively recruiting an Assistant Actuary for our Silver Spring, MD office. This position will support the Actuarial Modernization team with the optimization of actuarial-related processes, data systems and software upgrades, with an initial focus of assisting in the implementation of long duration targeted improvements (LDTI) in MG-Alfa Actuarial Modeling Software. Longer term the incumbent will perform many actuarial duties across multiple lines of business both life and health including, but not limited to: process management, product design, pricing, implementation and maintenance, risk management, valuation, financial reporting, long duration targeted improvements, Group Life and Disability pricing and underwriting, and Policy Administration migration and installation.

Job Duties/Responsibilities are as follows:

Build and implement key components of LDTI models.
Create documentation that supports any developed optimization processes.
Make recommendations for modernized uses of technology, with an emphasis on continuous improvement.
May perform valuation and financial reporting for a designated line or lines of business.
May perform modeling in support of cash flow testing and capital management.
Build and maintain MG-Alfa pricing, valuation, and projection models.
May perform product design and pricing for employee benefit coverages.
May perform required state filings for valuation and pricing.
May perform experience analysis such as mortality, morbidity, persistency, and expense studies.
May work on analysis of reinsurance treaties and retained risk and risk transfer.
Test and improve risk management controls.
Respond to internal and external auditor requests.
Perform other similar and related duties as required.

Minimum Qualifications:

The ideal candidate will have a bachelor’s degree and an ASA certification with 2-7 years of experience, demonstrating strong technical expertise in programming languages such as Python, SQL, or other coding skills. Experience with MG Alfa (or similar software modeling tools) is required, and LDTI modeling experience is a plus. The candidate must have proven experience in valuation and/or pricing and possess advanced proficiency in MS Office, particularly in Excel (including macros). Knowledge of Power BI and Word at an intermediate level is also necessary. The successful candidate must pass a company MS Office Excel test. Attention to detail, critical thinking, and the ability to recommend process improvements are essential. The candidate must be an effective collaborator who can document notes and maintain responsiveness in a fast-paced environment. The successful candidate will be a self-starter, a creative thinker who can think outside the box.

We offer a competitive starting salary and an outstanding benefits package including:

Health/Dental/Vision
Pension
401K
Health Savings Account
Life Insurance
Paid Time Off

$115,000 - $140,000 a year

Salary Range: $115,000 - $140,000 - Depending on relevant experience, skills, and credentials. This position is eligible to participate in Ullico Inc.’s (“Ullico”) annual incentive compensation program. An incentive award is contingent upon Ullico meeting financial goals set by the Ullico Board of Directors and your individual performance. The elements of the program, including eligibility, the range of potential incentive compensation, and the factors that determine the payment, will be shared with you after you become employed.

For over 95 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement. From insurance products for members, leaders and employers, to investments that have created thousands of union jobs, our customers continue to count on Ullico to protect them. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc.

Visit www.ullico.com.

Ullico is an Equal Opportunity Employer.

This organization participates in E-Verify.

The job posting will expire or renew after 30 days.

Average salary estimate

$127500 / YEARLY (est.)

min

max

$115000K

$140000K

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What You Should Know About Assistant Actuary, Ullico

The Union Labor Life Insurance Company is looking for an enthusiastic Assistant Actuary to join our dynamic team in Silver Spring, MD. In this role, you'll be making a meaningful impact by supporting our Actuarial Modernization team as we work on optimizing actuarial processes, data systems, and software upgrades. Initially, you’ll assist in the implementation of long duration targeted improvements (LDTI) utilizing the MG-Alfa Actuarial Modeling Software. Your expertise will be vital as you handle various actuarial duties across multiple lines of business, including both life and health. Expect an exciting mix of responsibilities such as product design, pricing, process management, risk management, and financial reporting. The role also involves building and maintaining MG-Alfa pricing models, performing experience analysis, and fine-tuning risk management controls. Your recommendations for technology enhancements will drive our continuous improvement efforts. Joining us means being part of a company with over 95 years of commitment to the labor movement, and with a competitive salary range of $115,000 - $140,000, plus comprehensive benefits. If you have a passion for innovation and a strong background in actuarial practices, we would love to hear from you!

Frequently Asked Questions (FAQs) for Assistant Actuary Role at Ullico

What are the key responsibilities of the Assistant Actuary at Union Labor Life Insurance Company?

As the Assistant Actuary at Union Labor Life Insurance Company in Silver Spring, MD, you'll have diverse responsibilities, including developing LDTI models, conducting valuations and financial reporting, and performing experience analysis. You'll also play a role in product design and pricing, alongside making recommendations for optimization in our actuarial processes.