Actuarial Intern

Job Description

About company

American Equity is a company that offers a Summer Internship Program designed to provide Actuarial students with a comprehensive, challenging, and meaningful real-world work experience. The company focuses on primary actuarial functions related to modeling, pricing, valuation, and reporting of fixed indexed annuities. The internship aims to replicate the career journey of a full-time American Equity Actuary. The position is based in Des Moines, IA.

Job Description, detailed

General Purpose Of The Job: The Summer Internship Program at American Equity offers Actuarial students an immersive, challenging, and meaningful work experience that closely mirrors the career path of an American Equity Actuary. Interns work on a team responsible for key actuarial functions, including modeling, pricing, valuation, and reporting of fixed indexed annuities. Each intern is assigned a significant project to support company initiatives.

Position Location and Schedule: The position is based in Des Moines, IA, with an on-site working schedule.

Essential Duties And Responsibilities: Each intern project may involve any of the following duties and responsibilities:
• Model Development: Developing models in Milliman’s Integrate modeling software for fixed indexed annuities, which includes identifying, addressing, and resolving model changes within a controlled framework.
• Accuracy Assurance: Ensuring the accuracy of calculations and inputs within the Integrate model by using Excel-based independent calculators.
• Model Production: Executing model production in Integrate, utilizing the Microsoft Azure grid to generate timely results.
• Reserve Calculations: Generating and reviewing reserve calculations in accordance with both Statutory and GAAP reporting requirements for fixed indexed annuities.
• Reporting and Analysis: Providing timely and accurate reporting, validation, and analysis of current assets and liabilities, along with delivering required quarterly reporting items.
• Report Building: Constructing reports in Integrate for fixed indexed annuities or similar products for additional management analysis.
• Product Design Support: Assisting in the product design and development of actuarial models to competitively and profitably price the cost of new liabilities.
• Rate Setting: Assisting in the rate setting for new or existing annuity products.
• Policyholder Services Support: Supporting policyholder services inquiries to validate contract values.
• Calculator Modification: Modifying and enhancing independent policy calculators.
• Data Research: Researching policyholder data using various tools such as SQL, R, Python, and Tableau.

Supervisory Responsibilities: None.

Education And/Or Experience:
• Actively pursuing a bachelor’s or master’s degree in actuarial science, data science, or a related field of study.

Certificates, Licenses, Professional Designations:
• A passing score on at least 1 preliminary actuarial examination is required.

Knowledge, Skills And Abilities:
• Strong analytical and problem-solving skills, including the ability to research and analyze data with minimal instruction.
• A strong preference for candidates who are self-motivated and results-oriented.
• Exceptional attention to numeric and other details.
• Effective organization skills.
• Effective verbal and written communication skills.
• Ability to work collaboratively and successfully with coworkers, customers, reinsurers, vendors, and other external third parties.
• Ability to successfully handle pressure and meet deadlines in a fast-paced work environment.
• Ability to successfully prioritize an unpredictable workflow to meet deadlines.
• Demonstrated commitment to continuous learning and development.