Valuation Manager Jobs in Frederick, MD (NOW HIRING)

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 Senior Assistant Actuary will be a member of the Valuation team, responsible for production, analysis, and review of IFRS reserves and related financial information (including Best Estimate Liabilities (BEL), Risk Adjustment (RA) and Contractual Service Margin (CSM)) for Banner Life and affiliated entities with a focus on its pension risk transfer (PRT) business. In this role, you will be viewed as a subject matter expert in valuation processes and will coordinate with both internal and external stakeholders to maintain, enhance, and modify as necessary, those processes. Additionally, you will support the design, recommendation and implementation of significant and sophisticated changes to relevant processes to reflect specific requirements with respect to the Company’s upcoming transition to US GAAP.

1. IFRS valuation processes
   • Comprehensive understanding of the underlying reporting framework and relevant concepts (e.g., Best Estimate Liabilities (BEL), Risk Adjustment (RA) and Contractual Service Margin (CSM), etc.)
   • Comprehensive understanding of individual and team responsibilities regarding all monthly, quarterly, and annual valuation requirements, and managing and performing assigned processes independently within specified deadlines. Responsibilities may include directing the work of others.
   • Valuation oversight for the development and calculation of the IFRS Valuation Interest Rate (VIR). This will include the review and analysis of assets used in the VIR, preparation of materials documenting the VIR for external and internal consumption, and coordination with the key stakeholders over these processes. Additionally, acting as the team’s subject matter expert for Investment Variance (IV) and Operating Profit analyses for Banner Life’s pension risk transfer (PRT) business working directly with other departments and company leadership for these reviews.
   • Support of the modification and implementation of reporting processes to reflect the specific requirements with respect to the Company’s upcoming transition to US GAAP.
   • Understanding of Moody’s AXIS models and associated SQL processes to produce reserves and related financial metrics (e.g., BEL, RA, CSM, Stress & Scenario Testing (SST), etc.) according to IFRS requirements and actuarial principles. Performing model evaluations as required. Reviewing results and carrying out relevant analyses. Compiling information for regulatory disclosures (e.g., schedules and exhibits) as required.
2. Documentation & stakeholder engagement
   • 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 (including nontechnical audiences)
   • Preparing materials for internal and external audit requests
3. Control environment & process improvements
   • Ensuring continuing model appropriateness and accuracy of IFRS systems, and compliance with applicable control frameworks
   • Proactively identifying areas for process improvement (e.g., process flows, actuarial analysis & review methodologies, etc.) and implementing strategic solutions with outreaching impacts on the business
   • Engaging directly with key stakeholders across Finance, IT, and external parties for making changes to processes and controls impacting the IFRS valuation
4. Other duties
   • Complying with relevant professional development requirements and guidelines
   • Leading and directing the work of others on the team as necessary
   • Promoting company culture by demonstrating Banner Life’s core behavioral competencies: Collaborative, Purposeful, and Straightforward
   • Proactively supporting additional / cross-functional projects as required

Education
• BS/BA in Actuarial Science, Mathematics, Statistics, Economics, or related field
• FSA, Advancing ASA or Career ASA with 12+ years experience

Experience/Knowledge
• 6+ years of pension risk transfer/life insurance/actuarial experience, including valuation
• Understanding of life insurance products and related risks; preferred experience with PRT business
• Detailed knowledge of IFRS17 and/or US GAAP reporting frameworks
• Experience maintaining controlled production processes

Skills
• Strong actuarial analytical skills and problem solving capabilities
• Actuarial software skills (Moody’s AXIS experience preferred)
• Spreadsheet and database capabilities (Excel, VBA, SAS, SQL), including programming
• Proficient written and oral communication skills
• Ability to convey technical concepts to non-technical audiences
• Comfortable with changing demands / priorities
• 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 $127,500 - $159,400 annually. This is a remote eligible opportunity, with preference given to candidates local to the 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 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.