PRINCIPAL DUTIES & RESPONSIBILITIES: (key accountabilities)
Participate in the product development process with other relevant Departments (Marketing, IT and Operations). 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 and Excel. Correct and timely pricing of products.
Accurate and timely provision of actuarial support to Product Implementation Team.
Model and analyze Prophet model office for new products / modifications. This will include all financial output where Prophet is used (e.g. statutory valuation, Embedded value, New business profit, Solvency II, etc). Perform reasonableness checks as appropriate. Interpret and communicate results to Actuarial Manager/ Senior Manager. Accurate and timely production of financial output.
Participate in assessing risks inherent in a new product, communicate implications effectively and identify mitigating solutions to manage risk.
Participate in various company-wide business initiatives. This includes: system upgrade initiatives, business retention and solutioning, product and process reviews, regulatory change requirements.
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.
From time to time, project based work may be required, supervised by the Project Sponsor or other appropriate supervisor.
JOB SPECIFICATION (requirements)
Degree in Actuarial Science/ Mathematics/ Statistics/ Physics or other physical sciences or numerate discipline
Good progress in actuarial professional examinations.
Up to 3 years relevant working experience
• 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