AVP Actuary - Product R&D

Job Description:

Providing for loved ones, planning rewarding retirements, saving enough for whatever lies ahead – our policyholders count on us to be there when it matters most. It’s a big ask, but it’s one that we have the power to deliver when we work together. We collaborate and innovate – pushing one another to transform not just Pacific Life, but the entire industry for the better. Why? Because it’s the right thing to do. Pacific Life is more than a job, it’s a career with purpose. It’s a career where you have the support, balance, and resources to make a positive impact on the future – including your own.

We’re actively seeking a talented AVP Actuary to join our Product R&D team in Newport Beach, CA; Omaha, NE; or Charlotte, NC. This role follows a hybrid schedule of four days in the office (on-site). If you are not currently located near one of our offices, we offer comprehensive relocation assistance.
As an AVP Actuary you’ll move Pacific Life, and your career, forward by leading a team in the development of innovative, risk-efficient product solutions; owning the R&D strategy, feasibility work, risk analysis, and market research. You will fill an existing role with a team of six people in the Consumer Markets Division (CMD) that services retail life insurance and annuity clients. Your colleagues will include product development, finance and risk actuaries; as well as teams from distribution, customer experience, and strategy.

How you’ll help move us forward:

• Product R&D

  • Own and lead product R&D initiatives, which are critical to CMD achieving its growth and profitability targets, through innovative product offerings.

  • Develop R&D strategy, manage feasibility and prioritization with product and CMD strategy teams, align R&D initiatives with product roadmap execution

  • Take full responsibility for the impact and risks associated with new product features, ensuring they meet or exceed risk and profitability targets.

  • Oversee the development of risk management strategies, including investment, ALM, capital optimization, and hedging, for new product offerings.

• Annuity market and strategic intelligence:

  • Manage annuity ideation pipeline, gathering and curating annuity product ideas from internal teams and industry sources, evaluating their feasibility and market potential, prioritizing them based on strategic importance, and securing prioritization buy-in from senior stakeholders.

  • Accountable for researching Pacific Life target markets to understand distribution and product needs, identify gaps in current offerings, R&D solutions to fill those gaps, and collaborate with product strategy and distribution teams to develop features to meet unmet needs.

  • Analyze key competitors’ product and distribution strategies, determine their go-to-market approach and differentiators, and evaluate designs that can capture market share from these competitors.

• CMD new-business capital strategy:

  • Act as the primary liaison between CMD and the Enterprise Capital Solutions team, ensuring alignment on capital strategies for new business.  Represent CMD new business in capital strategy decisions.

  • Propose reinsurance structures and participate in the decision-making process to develop solutions that optimize capital efficiency for CMD’s new business offerings.

• Lead and coach R&D team:

  • Accountable for decision-making and resource allocation in Product R&D, balancing successful project delivery and talent development for a team of six professionals.

  • Thought leader in innovation for CMD, actively promote design thinking principles, and build cross-functional relationships to deliver competitive, market-leading solutions.

The experience you bring:

• FSA with at 10+ years in life insurance and annuity, primarily in product development and associated roles

• Extensive experience with life insurance and annuity design, pricing, hedging, risk management, and reinsurance strategies strongly preferred

• Demonstratable experience of leading a team, including leading, delegating, mentoring, and developing team members

• Strong interpersonal skills, working effectively across various disciplines and functions within the organization.  Quickly establishes and nurtures trust and confidence among internal stakeholders.  Proven capability to lead, facilitate, and drive effective decisions cross-functionally

• Excellent written and verbal communication skills, ability to manage relationships with stakeholders of varying seniority in Actuarial and non-Actuarial teams.

• Strong analytical skills and a demonstrable ability to plan and prioritize workloads and deliver to deadlines.

• Ability to be forward-looking and anticipate future needs, with proven track record of effectively delivering in a dynamic and fast-changing environment. Applies creative thinking to complex challenges, proactively offering ideas and solutions while anticipating potential obstacles

Base salary range: $230,000 - $260,000

Base Pay Range:

The base pay range noted represents the company’s good faith minimum and maximum range for this role at the time of posting. The actual compensation offered to a candidate will be dependent upon several factors, including but not limited to experience, qualifications and geographic location. Also, most employees are eligible for additional incentive pay.

Your Benefits Start Day 1  
 

Your wellbeing is important to Pacific Life, and we’re committed to providing you with flexible benefits that you can tailor to meet your needs. Whether you are focusing on your physical, financial, emotional, or social wellbeing, we’ve got you covered.

• Prioritization of your health and well-being including Medical, Dental, Vision, and Wellbeing Reimbursement Account that can be used on yourself or your eligible dependents

• Generous paid time off options including: Paid Time Off, Holiday Schedules, and Financial Planning Time Off

• Paid Parental Leave as well as an Adoption Assistance Program

• Competitive 401k savings plan with company match and an additional contribution regardless of participation

You Can Be Who You Are

We are committed to a culture of diversity and inclusion that embraces the authenticity of all employees, partners and communities. We support all employees to thrive and achieve their fullest potential.

What’s life like at Pacific Life? Visit Instagram.com/lifeatpacificlife

EEO Statement:

Pacific Life Insurance Company is an Equal Opportunity /Affirmative Action Employer, M/F/D/V. If you are a qualified individual with a disability or a disabled veteran, you have the right to request an accommodation if you are unable or limited in your ability to use or access our career center as a result of your disability. To request an accommodation, contact a Human Resources Representative at Pacific Life Insurance Company.