Protective Insurance Company is seeking an experienced Product Actuary (FSA) or Associate Actuary (ASA) to play a critical role in the design, pricing, and launch of new employee benefits insurance products. This is a senior individual contributor position that serves as the primary actuarial partner for product innovation across a portfolio that may include Short‑Term Disability, Long‑Term Disability, Group Life, Accidental Death & Dismemberment, Dental, and Vision products.
Reporting to the Vice President, Product and Chief Actuary – Employee Benefits Business Line, this role is hands‑on and highly collaborative. The Product Actuary will translate new product ideas into viable actuarial solutions by developing pricing models, assumptions, and financial projections that balance innovation, profitability, and risk. The role partners closely with Product Management, Underwriting, Finance, Enterprise Risk Management, Compliance, and Legal to bring products from concept through approval and into market.
This position supports the Employee Benefits division and works closely with actuarial leadership to ensure new products are scalable, compliant, and fully integrated into Protective’s actuarial and financial frameworks.
Key Responsibilities
- Serve as the lead actuary for the development and launch of new employee benefits products, including benefit design and pricing strategy.
- Build and document pricing models, assumptions, and methodologies for new initiatives and market expansions.
- Evaluate product feasibility, profitability, and risk trade‑offs in partnership with business and product leadership.
- Support pilot programs, market entry strategies, and early performance monitoring post‑launch.
- Design, maintain, and enhance actuarial models supporting new products and significant product enhancements.
- Apply actuarial judgment and creativity to address complex or non‑traditional pricing challenges.
- Ensure models are transparent, well‑documented, and suitable for governance, audit, and regulatory review.
- Partner with Underwriting to align pricing with risk selection, case design, and market strategy.
- Collaborate with Product, Product Compliance, Underwriting, Government Affairs, and Legal to ensure products are compliant, competitive, and operationally executable.
- Translate actuarial analyses into clear, actionable insights for non‑actuarial stakeholders.
- Prepare actuarial materials to support state insurance filings and regulatory submissions.
- Proactively identify and escalate potential conflicts between pricing intent and regulatory or consumer considerations.
- Partner with Finance and Enterprise Risk Management to assess capital, risk, and financial impacts of new products.
- Prepare pricing memoranda, risk assessments, and materials for product governance forums.
- Support internal and external reviews through clear documentation and analytical support.
- Maintain actuarial ownership of launched products, including assumption updates, experience monitoring, and repricing support.
- Identify emerging risks or opportunities and recommend proactive product or pricing actions.
- Contribute to continuous improvement of actuarial processes related to product development and maintenance.
Core Competencies (Skills, Abilities & Knowledge)
- Advanced actuarial pricing and modeling expertise within group employee benefits insurance.
- Strong knowledge of employee benefits products, including Short‑Term Disability, Long‑Term Disability, Group Life, Accidental Death & Dismemberment, Dental, and Vision.
- Demonstrated ability to apply actuarial judgment and creativity to complex, ambiguous, or innovative product challenges.
- Experience designing, documenting, and maintaining transparent actuarial models suitable for governance, audit, and regulatory review.
- Strong understanding of regulatory, compliance, and filing considerations related to group insurance products.
- Ability to assess profitability, risk trade‑offs, capital considerations, and financial impacts of new product initiatives.
- Proven capability to translate complex actuarial analyses into clear, decision‑ready insights for non‑actuarial stakeholders.
- Strong business partnership skills, with experience collaborating across Product, Underwriting, Finance, Enterprise Risk Management, Compliance, and Legal.
- Excellent written and verbal communication skills, with the ability to influence and engage senior leaders.
- Strong organizational skills with the ability to manage multiple initiatives and priorities simultaneously.
Minimum Requirements
Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field.
Fellow of the Society of Actuaries (FSA) OR Associate of the Society of Actuaries (ASA) with 5 years post credential.
Minimum of 8 years of actuarial experience, with direct experience in product development and pricing of new initiatives.
Strong communication skills with the ability to explain technical concepts to diverse stakeholders.
Strong background in at least one group employee benefits product area (Short‑Term Disability, Long‑Term Disability, Group Life, Accidental Death & Dismemberment, Dental, and/or Vision).
Preferred Qualifications
Experience supporting multiple employee benefits product lines.
Prior experience partnering closely with Product Management on early‑stage product innovation.
Familiarity with automation, modeling tools, or group insurance technology platforms.
Experience supporting pilot programs, market expansions, or early‑stage product performance monitoring.
Member of the American Academy of Actuaries (MAAA).
Protective Life Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Protective Life and has not been reviewed or approved by Protective Life.
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Retirement Support — A pension plan alongside a 401(k) with employer match is repeatedly highlighted and considered a standout feature. Feedback suggests these offerings provide strong long‑term financial security.
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Healthcare Strength — Medical, dental, vision, and prescription coverage are complemented by HSA/FSA options with company contributions and wellness incentives. Feedback suggests the breadth of health benefits is comprehensive.
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Leave & Time Off Breadth — Paid time off and holidays are frequently cited as positives, with parental leave and adoption assistance available. Feedback suggests time‑off policies support work‑life balance.
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What We Do
Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the United States. Protective traces its roots to its flagship company founded in 1907, Protective Life Insurance Company. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing — for its employees, distributors and, most importantly, its customers. Protective’s home office is located in Birmingham, Alabama, and its 3,000+ employees work across the United States. As of June 30, 2020, Protective had assets of approximately $123 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings,
