New Product pricing
- Work closely with Product team to provide actuarial support in product development process. This includes:
- Provide advice on product design, develop and maintain pricing model, ensure accuracy and robustness in technical pricing
- Propose pricing assumptions and methodology
- Use relevant pricing model to derive premium rates and access profitability, as well as highlight key risks associated with the product;
- Ensure that the proposed premium rates are adequate and provide sufficient resilience against risks;
- Ensure that the assumptions used in pricing are consistent with internal guidelines / experience and pricing methodology is compliance with both regulatory and internal requirements;
- Comply with internal and regulatory filing requirements in relation to pricing
- Liaise and coordinate with Product, Operation and IT teams to provide actuarial support to new product implementation, which includes operational set-up, system testing and policy documents review;
- Provide actuarial support in preparing policy illustration of life insurance products and ensuring that they are compliant with industry / regulatory requirements;
- Point of contact with reinsurers; negotiate risk rates with reinsurers
- Coordinate and participate in reinsurance contracts review
- Involve in other reinsurance matters such as retention limit review
- Conduct regular profitability review of current selling life insurance products
- Conduct regular evaluation of distribution remuneration structure, which includes assessing its market relevance and financial sustainability;
- Provide actuarial support to review / evaluate any relevant corporate initiatives / incentive / campaign;
Other product related project
- Handle special quotations and other policy servicing queries.
- distribution compensation and analysis
Any other project/work assigned by the company
- Good progress in Actuarial exams of a recognized actuarial body.
- Minimum 6 years of actuarial experience
- Strong actuarial technical knowledge, analytical and problem-solving skills, with the ability to work independently.
- Engaging and open-minded working attitude with emphasis on being a good team player.
- Meticulous for detail in risk assessment and profitability analysis
- Excellent communication and interpersonal skill
- Proficient in Microsoft Office (Excel, Words, Power Point)
- Proficient in actuarial computing (VBA, SQL, R, Prophet)