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Job Scope / Position Summary
Actuarial Department are to produce calculations and projections for due payments related to insurance policies, assess the risk of events occurring related to and help design insurance policies and other financial strategies in a manner which will help ensure that the business plans are maintained on a sound financial basis.
Valuation Actuarial is responsible for all actuarial reports required by MoF (Ministry of Finance) and Regional/ Head Office. Besides, Valuation Actuarial is in charge of experience studies for Best Estimate Assumptions used in pricing/re-pricing new products. Valuation Actuarial is also in charge of Forecast/ Business Planning and other ad-hoc projects required by both MoF and Regional/ Head Office.
The job holder is to carry out various aspects of actuarial work, particularly those that pertain to the Valuation Actuarial function and to work towards a recognized actuarial qualification.
Perform some or all of the following tasks, as required by Head of Valuation Actuarial:
1. Be responsible for overview incorporating new products into Prophet. The process will include ensuring the integrity of Prophet model. Ensure changes in Prophet model are properly documented.
2. Be responsible for all regular reports required by MoF, especially reserves rule, to ensure they are fully complied with regulator’s requirement.
3. Be responsible for all regular reports required by Regional/Head Office to ensure they are fully complied with Regional/Head Office’ standards.
4. Be responsible for all experience studies (Persistency, Mortality/ Morbidity, Expense, some specific studies for Unit linked and Universal Life products). Ensure they are performed regularly (at least on quarterly basis).
5. Actively think out the control rules to regular reports to ensure they are properly performed and reviewed.
6. Be mainly involved in Forecast/ Business Planning in deriving Best Estimate Assumptions used in Forecast/ Business Planning. Ensure they are properly documented.
7. Be the key contact point for both internal and external Audit related to Valuation Actuarial.
8. Be the key contact points for all reinsurers to deal with reinsurance premium calculation approach as well as payment/ claim recovery.
9. Support to do analysis of product performance both qualitative and quantitative.
10. Carry out a wide variety of ad-hoc actuarial investigations, as required from time-to-time, ensuring all results are thoroughly checked for accuracy and consistency.
11. Work closely with other departments where necessary for background and supplementary explanation on the results of some reports. Acts as project manager where necessary.
12. Assist the Head of Valuation/Chief Actuary in ad-hoc investigation as required from time to time.
13. Actively study towards a recognised actuarial qualification.
14. Supervise daily activities of junior staff, providing instructions and guidance on work related matters.
15. Provide coaching to junior staff on actuarial concept & techniques so that knowledge of actuarial practice is acquired quickly and effectively.
Key Result Areas
1. Ensure accuracy, timeliness and completeness of working documents/results on product side to manager.
2. Active analysis of results, with reporting of errors, omission or anomalies.
3. Review the work of junior staff to ensure they are done properly as agreed standards.
4. Maintaining of adequate documentation and procedures notes and integrity of user development applications (pricing model in excel, SIS, Surrender value calculation, pricing models and other product implementation working files).
5. Effective coordinate with staff of other departments (IT, OP) to ensure the new product implementation in system is in order.
Department : Valuation Actuarial - FAI
Reports to : Actuarial Senior Manager