Financial and Insurance Risk Actuarial Specialist

Overview

At Banner Life Insurance Company, we lead with heart and ambition. Every day, we transform purpose into progress, guided by our unwavering commitment to be better for our customers, clients, and communities, not just today but long-term as well. Our people are the driving force behind everything we achieve. Their passion, purpose, and pursuit of innovation empower us to deliver cutting-edge solutions that support those we serve, ensuring we are here for you, here for good and striving for better.

We’re a forward-thinking company energized by our work and how we show up for one another. Our culture is built on meaningful impact and genuine enjoyment, because we believe great work and great experiences should go hand in hand.

By offering career development opportunities, comprehensive benefits, and programs that support your wellbeing, we help you thrive personally and professionally. We are here for you, here for good and here for better.

The Financial and Insurance Risk Actuarial Specialist functions as a business partner to provide control expertise and engagement supervision to ensure adherence to the Company’s risk and control framework.  The FAIR Actuarial Specialist will have primary responsibility for required reviews and validation of Financial Reporting and Models as part of the Second Line of Defense and Actuarial Inspection Office. Specifically, this position is focused on validating the Life Insurance Risk for required capital and insurance liabilities on the Economic Value Balance Sheet for JICS.  The FAIR Actuarial Specialist is expected to identify, analyze, and interpret Financial and Insurance risk trends or patterns and present findings in an understandable manner.

Responsibilities

a. Risk Management

i. Validate the Life Insurance risk for required capital and insurance liabilities on the Economic Value Balance Sheet for JICS (for the Actuarial Inspection Office)ii. Produce verification reports for JICS regulatory reporting.iii. Provide second line review of routine Finance and Actuarial reporting and assist with reviews on key initiatives and developments.iv. Perform Quality Assurance reviews as part of the Model governance process including financial and actuarial models and End User Computing (EUC) tools. v. Identify and partner with key stakeholders in Finance and Actuarial to support the identification, assessment, aggregation and the overall management of risks and controls.

b. Risk Reporting & Communication

i. Assist in the regular reporting of key risks, risk trends and risk management activities, particularly around JICSii. Produce risk reports to help ensure that financial and insurance risks are properly identified, assessed, monitored, controlled and reported.iii. Promote sound risk management practices across the company by facilitating communications on risk identification, assessment, mitigation and controls.iv. Provide assurance over first line financial and insurance risk attestations in the GRC tool (Workiva).

c. Process Reviews / Process Improvement

i. Identify areas within financial and insurance risk that would benefit from formalized or improved business processes or controls, and provide recommendations, support, and guidance in the development and implementation of such processes or controls.ii. Work with management to address any identified gaps and monitor the status of agreed upon action items through completion.

d. Projects

i. Participate in cross-functional business projects and provide control expertise / advice to ensure Financial Risk, Insurance Risk, and the Internal Control Framework are not compromised.ii. Provide support for other risk projects as needed. Work independently on smaller scope projects or as a team member supporting larger projects that meet business needs and desired deliverables.

e. Actuarial Professional Development

f. Other duties as assigned

Qualifications

EducationBS/BA Math/Statistics/Accounting or related fieldCompletion of 3 SOA exams

Experience / Knowledge2+ years of life insurance / actuarial experienceActuarial modeling / programming experienceExperience with Term Life and Universal Life business preferred but not requiredExperience with Solvency II and/or Economic Capital frameworks preferred but not requiredStrong knowledge of risk management best practices, financial accounting standards and emerging industry practices

SkillsStrong actuarial analytical skills and problem-solving capabilitiesStrong actuarial software skills (e.g., GGY-Axis, MG-ALFA)Programming software skills (e.g., VBA, R or similar)Strong Microsoft Office (Word, Excel, PowerPoint, SharePoint) skills;

CompetenciesStrong verbal and written communicationsStrong collaboration and teamwork skillsAbility to think critically and independently, devote significant attention to details, and remain highly organized Ability to build trust with colleagues and teams across the organization, challenging positively

What’s in it for you?

The expected hiring compensation range for this position is $68,900 - $94,800 annually.  This is a hybrid opportunity working out of our Frederick, MD office.

The total compensation package for this position may include other elements, such as a sign-on bonus, long term incentives, and annual bonuses.  This role is eligible to participate in the Annual Incentive Plan. The current target payment for the position is 8% of base salary, modified for corporate and individual performance. Bonuses are pro-rated based on start date.  This role has 15 vacation days and 10 sick days that are accrued on a bi-weekly basis. Employees also have 9 paid holidays throughout the calendar year.

We have a competitive compensation and benefits package focused on your overall wellbeing.  Employee benefits include health, life, and dental insurance; 401K with company match up to 6% as well as a pension package; generous time off; and wellbeing initiatives throughout the year (we like doing fun stuff).  We’re big on professional development and we’ll support and mentor you in your career progression and expect you to help us pay it forward by helping us develop tomorrow's leaders and growth-focused professionals. We value our teams and our communities and believe in giving back. Enjoy time off to volunteer for those causes that matter most to you!

If hired, employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. The Company reserves the right to change benefits plans at any time.

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. Please contact us to request accommodation.