Actuary, Valuation

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.

As an Actuary on the valuation team, you will be responsible for calculating, analyzing, and reporting financial liabilities for insurance products in compliance with US GAAP. The early focus of this role will be supporting the development of US GAAP reporting for Banner Life and all affiliated and subsidiary companies with a focus on those areas impacting the valuation department. This will entail working with a cross-functional team and partnering with both internal and external stakeholders to ensure new processes are effectively controlled, results are well understood, and team members are appropriately engaged. Following the transition to US GAAP, you will serve as a subject matter expert of the newly developed US GAAP valuation processes supporting the team in delivering valuation results and providing added value across the finance organization through robust analysis and insights.

US GAAP implementation

• Supporting the implementation of US GAAP reporting for the Company as a key member of this cross-functional project team
• Gain familiarity with current IFRS valuation processes and leverage those existing processes to effectively and efficiently make changes needed under US GAAP
• Participating in the drafting of accounting policies and provide actuarial expertise where appropriate in the preparation of these documents
• Developing a forum for collaboration and education across the valuation team to ensure we are aligned and prepared upon transitioning to US GAAP reporting
• Proactively identifying opportunities, confidently making and support recommendations, and independently implementing solutions as necessary to support a positive reporting outcome for the Company

1. US GAAP valuation processes

• Thorough understanding of US GAAP reporting methods, processes, and assumptions
• Thorough understanding of the team's responsibilities regarding all monthly, quarterly, and annual valuation requirements, and performing assigned processes within specified deadlines
• Coordinating and executing the production and review of reserves and related financial metrics according to US GAAP requirements and actuarial principles. Performing relevant analyses and collaborating with various internal and external stakeholders (e.g., modeling, financial reporting, pricing teams) to ensure efficient and effective valuation operations. Compiling information for regulatory disclosures (e.g., schedules and exhibits).

1. US GAAP additional responsibilities

• Actively engaging with internal and external stakeholders (e.g., financial reporting, FP&A, auditors, etc.) contributing to technical policy decisions as the subject matter expert representing the actuarial valuation team
• Supporting the development and analysis of US GAAP valuation assumptions. Performing relevant model evaluations and impact assessments and preparing associated documentation.
• Supporting any additional ad-hoc projects as the subject matter expert in US GAAP representing the actuarial valuation team
• Providing relevant training and support to the Finance organization as required

1. Documentation & stakeholder communication

• Maintaining and enhancing documentation of valuation processes, procedures and controls
• Producing management information regarding reserves and related financial metrics, and presenting analysis and review results to relevant stakeholders
• Preparing materials for internal and external audit requests

1. Control environment & process improvements

• Coordinating and executing testing of US GAAP systems (e.g., AXIS, IT systems and technology, sub-ledger, etc.) and model changes, and collaborating with various internal and external stakeholders (e.g., IT, modeling, financial reporting teams) to ensure continuing model appropriateness and accuracy, and compliance with applicable control frameworks
• Proactively identifying areas for process improvement (e.g., automation of procedures) and implementing solutions to exploit the benefits of improvement opportunities

1. Other duties

• Complying with relevant professional development requirements and guidelines
• May lead or direct the work of others
• Promoting company culture by demonstrating Banner's core behavioral competencies: Collaborative, Purposeful, and Straightforward
• Supporting additional projects as required

Education

• BS/BA in Actuarial Science, Mathematics, Statistics, Economics, or related field
• Fellow of the Society of Actuaries

Experience/Knowledge

• 8+ years of life insurance/actuarial experience, including valuation
• 5+ years of experience in US GAAP reporting including prior experience with LDTI implementations
• Experience with actuarial modeling software, Moody's AXIS preferred

Skills

• Excellent actuarial analytical skills and problem-solving capabilities
• Spreadsheet and database capabilities (Excel, VBA, SQL, Python)
• Excellent written and oral communication skills, including presentation and documentation skills
• Strong self-motivation and attention to detail
• Ability to multi-task in a deadline-oriented environment
• Ability to work independently and collaboratively

What's in it for you?

The expected hiring compensation range for this position is $141,300 - $176,600 annually. This is a hybrid opportunity, operating our of Frederick, Maryland.

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 20% of base salary, modified for corporate and individual performance. Bonuses are pro-rated based on start date. This role has 20 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.