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.
The incumbent is responsible to assist the Senior Manager to define and implement appropriate actuarial standards and work processes in relation to the provision of actuarial services to the Company.
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 to set pricing assumptions, arrangement of reinsurance, calculation of reserves and profit reporting under various regulatory bases to assess financial health of a new product.
Principal Duties & Responsibilities
- Team lead in the product development / pricing process with other relevant Departments (Marketing, IT and Operations), with the aim of designing products in line with company profitability targets and risk appetite. Provide technical support and specifications with respect to new insurance products.
- Recommend appropriate pricing assumptions and profitability targets. Undertake pricing of products based on agreed pricing assumptions and profitability targets in Prophet. Correct and timely pricing of products.
- Accurate and timely provision of actuarial support to Product Implementation Team. This includes review of policyholder documentation / sales materials, formula specs for Sales Illustrations, review of test plans, etc.
- Review and analyse Prophet model office financial output. This will include all financial output where Prophet is used (Statutory Valuation, Embedded Value, New Business Profitability, Solvency II/GIECA, IFRS profits and other financial projections for product submissions to internal stakeholders, regional head office and regulators). Perform reasonableness checks as appropriate.
- Interpret and communicate results to Manager 1 / Senior Manager and other internal and external stakeholders. Accurate and timely production of financial output. Preparation of pricing documentation for submission to Product Steering Committee, Regional reviewer, BNM, and response to relevant queries.
- Assess risks inherent in a new product, communicate implications effectively and identify mitigating solutions to manage risk.
- Participate and influence various company-wide business initiatives. This includes product and process reviews, business retention and solutioning, regulatory change requirements, system upgrade initiatives, etc.
- Provision of general actuarial advice and expertise to address policyholder / agent / regulatory queries where necessary. Ensure information provided is accurate, sufficiently detailed to the audience intended and addresses issues at hand.
- Provide general supervision to team in charge, ensuring consistent career growth and opportunities provided.
JOB SPECIFICATION
Qualifications
- Degree in Actuarial Science/ Mathematics/ Statistics/ Physics or other physical sciences or numerate discipline
- Good progress in actuarial professional examinations.
Experience
- At least 5 years relevant working experience
Knowledge
- A numerate and analytical mind.
- Proficiency with programming tools (e.g. Visual Basic)
- Practical knowledge in Prophet (preferred) or other projection software would be preferred
- 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.
