Actuarial Executive

2 weeks ago

Kuala Lumpur Centre Kuala Lumpur, Malaysia Sun Life Malaysia Assurance Berhad Full time 80,000 - 120,000 per year

Job Purpose

A executive is mainly responsible for the entire pricing process of new products and re-pricing of existing products. He or she will provide assistance in the Product Development Process, group quotations and operation support.

This position is also required to perform User Acceptance Test (UAT) for new and existing products, provide group quotations and provide actuarial support to other departments.

This role will support the bancassurance, telco-assurance, telemarketing, online, and also the agency channels. The role will support both the conventional business and takaful business.

Responsibilities

1. New Product Pricing / Re-pricing


• Develop Excel & Prophet pricing models based on the latest basis and methodologies and ensure both models are fully reconciled.


• Ensure that product features in pricing models are consistent with the product specification.


• Develop Core Assumption Sheet (CAS) write-up with appropriate economic & operational assumptions.


• Recommend suitable assumptions to be used in pricing, and provide justifications for them.


• Perform initial pricing for the Product team or the Distribution team for initial discussion with relevant party.


• Discuss product concepts, features, and pricing with the Product team and the Distribution team.


• Generate full pricing and profit test results.

2. Pricing Documentation and Compliance


• Ensure appropriate and sufficient documentation is done at every point of the pricing process.


• Complete the Preliminary Risk Assessment (PRAM) and Final Risk Assessment (FRAM) documents, and provide relevant justifications and insights.


• Prepare the product pricing report or file note for the Regional Peer Review team.


• Assist the Regional Peer Review team in their queries.


• Review the product collaterals such as the policy contract and disclosure documents, and provide appropriate feedback with regards to regulatory requirements.

3. Group Quotation


• Provide group quotations (Group Term Takaful, Group Term Life and Group Hospitalization & Surgical Benefit) for the Distribution team.


• Ensure the assumptions used are appropriate.


• Communicate/negotiate with the reinsurer/retakaful operator if necessary.


• Provide reasonable feedback/responses for all queries/issues raised on group quotations in a timely manner.

4. User Acceptance Test (UAT)


• Work with the Information Technology departments to specify system requirements.


• Review the Business Requirement document to ensure that the requirements are consistent with the product features.


• Prepare test scenarios and scripts prepared, and ensure they are adequate and sufficient.


• Perform UAT and communicate with the IT team if any issues arise.

5. Operation Support/Ad Hoc


• Provide Actuarial Pricing technical support to other departments.

Requirements

  • A Degree in Actuarial Science is a minimum requirement.
  • Passing of the professional actuarial examinations is desired as it shows an ability to understand key actuarial concepts.
  • Working experience in actuarial pricing of 0 to 2 years.
  • Should be adept in actuarial principles and concepts as they form the core skills required for this job.
  • Should be familiar and comfortable with Microsoft Excel and Prophet as they are used extensively in this position.
  • Should be well versed in English, both verbal and written, as there will be communication with other departments and also external parties where the delivery of your key points and ideas is crucial.

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