Prudential's purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people's career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.
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, arrangement of reinsurance, calculation of reserves and profit reporting under various regulatory bases.
Principal Duties & Responsibilities
- Conduct actuarial experience studies. Ensure the numerical accuracy of these studies. Assist in the preparation of documentation for experience studies. Accurate and timely production of experience study results.
- Set up and run Prophet model office. Compile results and provide supporting analyses. Ensure proper documentation of model office procedures. Correct and timely production of financial results from Prophet. Proper documentation of work.
- Assist to verify the accuracy of annual bonuses for the purposes of Annual Statement as part of the Project Team. This task will require Actuarial Professional to check specific cases where applied bonus does not agree with calculated bonus. Correct and timely resolution of differences between applied bonuses and calculated bonuses.
- Perform actuarial valuation and other Prophet financial calculation runs as required by Assistant Manager. Ensure data is reconciled and accurate for the purposes of financial report production. Conduct reasonableness checks and analyses on results. Accurate and timely production of financial calculations.
- Assist Assistant Manager in product pricing, carrying out analyses as required for this purpose. Compile Actuarial Certificate and Product Approval Specifications for filing with Bank Negara Malaysia and PCA respectively. Preparation of formula specs, test cases and assist in UAT/RT for open system and SQS development. Correct and timely pricing of product. Complete, accurate and timely compilation of required documents.
- Assist in preparation and ensure accuracy of statutory returns to Bank Negara Malaysia (annual reinsurance returns, annual valuation report and monthly statistical reports) and other reports to Life Insurance Association of Malaysia. Accurate and timely production of required returns.
- Preparation of all reinsurance reports, including annual NS5A to BNM and quarterly reinsurance bordereaux. Preparation of monthly reinsurance provision calculation process, reinsurance provisions to Finance, including ensuring accurate quarterly payment to reinsurers. Accurate and timely production of required reports.
- Manage and maintain Prophet, including ensuring all required procedures and documentation are completed whenever any changes/updates/revisions are made to the model office. Proper management of Prophet as evidenced by complete documentation.
- Provision of general actuarial support to other departments as necessary. Correct and timely provision of actuarial advice.
Job Specification
- Qualifications:
- Degree in Actuarial Science/ Mathematics/ Statistics/ Physics or other physical sciences or numerate discipline.
- Actively pursuing professional actuarial examinations.
- Experience:
- A numerate and analytical mind.
- Proficiency with programming tools (e.g. Visual Basic).
- Knowledge:
- Practical knowledge in Prophet (preferred) or other projection software would be preferred but training will be provided otherwise.
- Must be meticulous with the ability to work under pressure.
- Must be self-motivated with the ability to work under minimum supervision.
Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.
