About Generation LifeAs a leading provider of financial solutions, Generation Life is a regulated life insurance company, and our parent company, Gene.....
About Generation Life
As a leading provider of financial solutions, Generation Life is a regulated life insurance company, and our parent company, Generation Development Group, is listed on the Australian Securities Exchange (ASX).
Our company pioneered the first truly flexible investment bond and has been providing tax-effective investment solutions to meet a wide range of investor needs and life stages since 2004. We are proud to have more than $2.5b invested with us to date and have been number one for inflows for over the past 4 years.
We are looking for an Actuarial Product Analyst and Manager
In March 2022 Generation Life launched an investment-linked lifetime annuity and is now seeking to develop new business lines in the area of fixed term annuities, aged care solutions and life insurance. As Generation Life continues to evolve its lifetime annuity solution to continue to grow, we are now seeking a person with actuarial qualifications and work experience to assist the General Manager of Retirement Solutions with the management of the existing product, development of new features for the existing product and new business lines.
This is an exciting time to join our expanding organisation, where you can contribute to Generation Life’s exceptional evolution with an organisation who is committed to long-term growth of employees, which will allow the successful candidate to advance their career in a forward-thinking business.
The Actuarial Product Analyst and Manager will:
• Actuarial analysis of competitor products and their features including mortality assumptions, investment options and death and withdrawal benefits;
• Development and maintenance of calculators to that create financial projections of the use of lifetime annuities in conjunction with other retirement solutions and income streams such as account-based pensions and the Aged Pension;
• Modelling of different death benefit and withdrawal formulae for the purposes of future benefit design and features;
• Modelling of investment option outcomes to assist in the development of new investment options for the lifetime annuity (historical, deterministic, and stochastic);
• Develop relationships with internal departments such as investment management, fund operations and IT and external parties such as the reinsurer and appointed actuary;
• Calculating and checking death benefits and withdrawal benefits that arise from time-to-time and annual review calculations;
• Consult with the reinsurer on a regular basis to assess client reserves and mortality adjustments and mortality experience vs assumptions;
• Use financial modelling skills to assist in the development of new product lines such as fixed term annuities and life insurance. Focus on asset/liability modelling for fixed term annuities and mortality and probability analysis for life insurance;
• Responding to client queries on retirement income projections;
• Developing management reporting tools using excel/VBA and defining reports conducting User Acceptance Testing on software releases that support the lifetime annuity business.
Experience and qualifications
• Actuarial Science degree;
• Have commenced and completed at least 50% of studies necessary to be admitted as a Fellow of the Institute of Actuaries of Australia (FIAA) or equivalent (e.g., FIA – United Kingdom);
• Two years’ experience in the financial services industry, applying actuarial studies in one or more of the following areas: Life insurance, Superannuation funds or pensions (Defined Benefit and Defined Contribution arrangements), Annuities, Investment management;
• Have demonstrated ability in tools such as excel/VBA and R or other programming language such as Python.
What we offer
This is an outstanding opportunity to join an innovative and market-leading organisation with ambitious growth plans. We offer a fantastic workplace culture, a competitive salary, and a new, modern office with a 6-star energy rating in Melbourne CBD, containing a wellness centre, wellness classes, and a five-star end-of-trip facility.
We have flexible working arrangements with a hybrid model of 3 days in our office and 2 days working from home. Generation Life also offers an attractive reward and recognition program together with learning and development options and career development pathways.
Learn more: www.genlife.com.au
Note: Should an applicant be the preferred candidate, background checks (including police and employment checks, ASIC banned and disqualified persons, and Bankruptcy checks) will be completed prior to the candidate's employment being confirmed.
