Associate, Product Management; Pension Risk Transfer
The Pension Risk Transfer market presents a significant global growth opportunity for Prudential Retirement. Prudential Retirement has positioned itself as a thought leader in this market and continues to expand resources focusing on the challenges faced by plan sponsors in managing a pension plan. Pension Risk Transfer is responsible for manufacturing and administering the institutional insurance products that play an important role in many large defined benefit plans. With over $90 billion in guaranteed liabilities, defined benefit annuities are a vital part of the Retirement business. As part of our strategic focus on this market, we are looking to hire an Associate, Product Management.
Market Environment and Opportunity: The Pension Risk Transfer market presents a significant global growth opportunity for Prudential Retirement. Prudential Retirement has positioned itself as a thought leader in this market and continues to expand resources focusing on the challenges faced by plan sponsors in managing a pension plan.
In the U.S., corporations are actively re-evaluating the risk management of and costs surrounding their defined benefit pension obligations. Prudential possesses a strong market position and industry-leading capabilities surrounding the design and delivery of pension risk transfer strategies. For more than 85 years, Prudential has been partnering with pension plan sponsors around the globe to secure retirees’ incomes while providing the flexibility firms need to eliminate pension risk and refocus on their core business.
Prudential is looking to aggressively grow its Pension Risk Transfer business within the United States. Position is currently located in Newark, NJ.
The successful candidate(s) will be responsible for supporting the Director, Product Management in the execution of Prudential’s US Pension Risk Transfer (PRT) strategy including supporting bid process deliverables, support of certain Mid-market U.S. PRT transactions, coordinating reporting of pipeline activities and helping to inform management decision-making and execution through analysis, reporting and facilitation of key communications. He or she will coordinate and work closely with business partners so that we are able to respond to and execute critical transactions, including pre-sale and post-sale activities. He or she will also assist the Director with pipeline management and new product development initiatives in support of PRT’s strategic objectives. The position is based in Newark, NJ.
Responsibilities include, but are not limited to:
- Support Director in PRT’s bidding process for our buy-out and buy-in products. Interaction and coordination with the Director as well as key partners across the organization, including Pricing and Distribution, to reply to requests in an accurate and timely manner.
- Work with Director to resolve issues that are escalated within PRT’s bidding process
- Provide regular reporting & analysis of pipeline activities and track bid deliverables
- Assist Director with request for proposal (RFP) processes in support of delivering significant new sales
- Support repeatable processes in support of PRT’s bidding process
- Assist in the development of new product development initiatives as we build unique capabilities to sustain competitive advantage, respond to client needs, and maintain market recognition as the global pension leader
- Continuously evaluate, provide recommendations to standard operating procedures and drive through to implementation.
- Strong interpersonal skills and ability to partner with teams outside of individual's reporting lines
- Strong communication and collaboration skills
- B.A. or B.S. or Equivalent Work Experience
- Minimum of 3-5 years of work experience in insurance companies or consulting firms
- Defined Benefit or Pension Risk Transfer business knowledge a plus
- Attention to detail and strong work ethic
- Proven analytical, project management, and time-management skills
- Ability to juggle multiple, competing priorities while adhering to project deadlines