About this role
We are seeking a motivated and aspiring actuary to join our Accident & Health (A&H) actuarial team. You will be part of a dynamic team of actuaries managing the Group Insurance and A&H portfolio, supporting A&H business initiatives and delivering data-driven insights to achieve overall business objectives. This role offers a unique opportunity to gain hands-on experience in product pricing, product development, monitoring of products performance and providing actuarial support to actuarial valuation team and A&H business teams, with a focus on the Group Insurance and Personal Accident space.
· Product pricing and data analysis, by developing and enhancing in-house statistical capability, which includes:
- Design and develop pricing models that meet internal and regulatory requirement.
- Build, implement and maintain a comprehensive up-to-date database that is consistent, well-defined and well-reconciled to be used by internal stakeholders and to perform data analysis, with the aim of providing actionable insights as well as setting pricing assumptions.
- Participate in product revamp, new benefits enhancement, maintenance of quotation tools and premium calculators.
- Assist the Company in driving the A&H business through periodic profitability study, experience analysis and portfolio performance analysis. Actively monitor actual experience of policies against pricing quotations to identify early actions that should be taken to enhance portfolio performance.
- Assist in the financial management of the business, including reinsurance program review.
- Support business units in achieving their key performance indicators, such as generating relevant reports for monitoring and tracking purposes.
· Collaborate with internal/ external stakeholders to design, price and develop A&H products, particularly Group Insurance and Personal Accident products. This includes:
- Work closely with underwriters and claims managers to integrate new product features and improvement in processes into their day to day operational activities.
- Provide technical support on business decisions, such as marketing, underwriting, claims management and system development.
- Identify and implement process improvements for end-to-end Group Insurance business process to enhance efficiency and ensure robustness in quotation processes.
· Support A&H reserving and financial reporting processes, which includes:
- Assist in the preparation of A&H actuarial reserves and financial reporting under local and international standards (ie. RBC2, IFRS17).
- Support the development and maintenance of valuation models, relevant coding and assumption setting. Perform annual assumption setting exercise to review key quotation components such as pricing model, pricing approach, pricing process, data integrity and quality, risk rates, inflation, trending approach, group discount, and IBNR loading.
- Collaborate with finance and actuarial valuation teams to ensure consistency and accuracy in actuarial inputs, through close reconciliation between actuarial and finance key figures
- Facilitate business planning and interpretation of monthly Group Insurance P&L through understanding of RBC2 and IFRS17 P&L standards, and compilation of monthly relevant financials
· Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field.
· 3 years or above in relevant actuarial roles.
· Candidates who have passed IFoA SP1/SA1, or SOA GH101/GH301, or IAA General Insurance and Health specialisation, or CAS Exam 5, or are actively pursuing actuarial certification, will be given priority consideration.
· Experience working closely with underwriting, claims and product developers.
· Experience in project management and presenting financials to management.
· In depth knowledge of GI, Group, A&H insurance products and actuarial practice.
· Excellent in statistical analysis, problem solving and communication skills.
· Proficient in MS Excel.
· Good knowledge of statistical packages and strong interest in programming (e.g. SAS, SQL, VBA, Prophet).
· Familiar with reinsurance structures, AS400 system data structure, RBC2, IFRS17 and Prophet programming will be an advantage.
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