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Senior Actuarial Professional
1 month ago
The incumbent is responsible to assist the Actuarial Manager / Senior Manager to define and implement appropriate actuarial standards and
work processes in relation to the provision of actuarial services to the Company.
Actuarial knowledge and skills are necessary in various aspects of insurance business, e.g. product design and pricing, analysis of the company's claims, persistency and expense experience to set pricing assumptions, arrangement of reinsurance, calculation of reserves and
profit reporting under various regulatory bases to assess financial health of a new product.
PRINCIPAL DUTIES & RESPONSIBILITIES:
- Participate in the product development process with other relevant Departments (Marketing, IT and Operations). Provide technical support and specifications with respect to new insurance products.
- Recommend appropriate pricing assumptions and profitability targets. Undertake pricing of products based on agreed pricing assumptions and profitability targets in Prophet and Excel. Correct and timely pricing of products.
- Accurate and timely provision of actuarial support to Product Implementation Team. This includes review of policyholder documentation / sales materials, formula specs for Sales Illustrations, review of test plans, etc.
- Model and analyze Prophet model office for new products / modifications. This will include all financial output where Prophet is used (statutory valuation, Embedded value, New business profit, GIECA, IFRS profits and other financial projections for product submissions to internal stakeholders, regional head office and regulators). Perform reasonable checks as appropriate. Interpret and communicate results to Actuarial Manager/ Senior Manager. Accurate and timely production of financial output.
- Participate in assessing risks inherent in a new product, communicate implications effectively and identify mitigating solutions to manage risk.
- Participate in various company-wide business initiatives. This includes: system upgrade initiatives, business retention and solutioning, product and process reviews, regulatory change requirements.
- Provision of general actuarial advice and expertise to address policyholder/agent/regulatory queries where necessary. Ensure information provided is accurate, sufficiently detailed to the audience intended and addresses issues at hand.
- Provide general supervision to team as a senior member, ensuring consistent career growth and opportunities provided.
- Degree in Actuarial Science/ Mathematics/ Statistics/ Physics or other physical sciences or numerate discipline.
- Good progress in actuarial professional examinations.
- At least 2 to 3 years working experience.
- A numerate and analytical mind.
- Proficiency with programming tools (e.g. Visual Basic)
- Practical knowledge in Prophet (preferred) or other projection software would be preferred.
- Must be meticulous with the ability to work under pressure.
- Must be self-motivated with the ability to work under minimum supervision.
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