Assistant Manager- Product Development Actuary

Requirements

• Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency
  
• Good Progress in the Institute of Actuaries examinations or any other recognized Actuarial bodies
  
• At least 4 years’ experience in an actuarial function focused on pricing of new products or repricing/ product review
  
• Practical end to end Product development experience
  
• Practical end to end Prophet modelling experience will be an added advantage
  

Product development:

• Work actively with the business development teams and liaise with the Group to price and provide actuarial support for new products
  
• Individual Life insurance product pricing from ideation to product launch
  
• Regular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets
  
• Repricing methodologies and bases and, where appropriate, development of new pricing techniques and rating factors in liaison with the Group
  
• Ensure product pricing is consistent with the set underwriting policy and regulatory guidance
  
• Provide analysis to support the renegotiation of existing group contracts
  
• Assist system vendors in product setup in the administration system
  
• Review and monitor experience on all products to inform pricing assumptions and decision-making including profit testing of existing products
  
• Prepare reports on product performance for management decision making
  
• Work closely with reassures to ensure treaty optimization
  
• Product Approvals: Drive the product approval process both within the Company and externally with the Insurance Regulator and other government bodies – where relevant.
  
• Product Documentation: Develop and continually review product training manuals and marketing materials that are appropriate to the target market and distribution channel of the products.
  

Valuation:

• Assist with new product implementation into the valuation systems and provide future projections under the valuation standards at the time
  
• Assess the capital requirements of new products that assists with capital consumption and choice of product designs
  

Experience Investigation:

• Assist with the annual experience investigations on key assumptions for pricing and valuations.
  
• Sensitivity analysis and impact assessment of the various assumptions
  

Asset Liability Modeling (ALM):

• Assist with the quarterly preparation of ALM calculations and presentations to management in relation to the new and existing products
  

Actuarial Modelling:

• Building and maintaining models for pricing, Value of New Business (VNB), ALM, capital modeling and experience investigations