Valuation Actuarial Manager

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.

Main Responsibilities
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

- Education:
• A good university degree in a subject with significant exposure to mathematics and/or statistics.
• Pass at least all preliminary actuarial exams (P, FM, MFE, MLC, C, VEEs)
- Experience:
• At least 4 years’ experience spent in an actuarial department performing relevant actuarial work
- Skills:
• Good command of written and spoken English.
• Having relevant supervisory or mentoring responsibilities.
• Ability to communicate clearly, both verbally and in writing.
• Knowledge of basic actuarial techniques and terminology.
• Highly analytical skill.
• Ability to work independently and with minimal supervision.
• Knowledge of Prophet, excel, MS word and database packages.

* Required Competences

Core competencies: (applied to all levels)
1. Organization & Planning: Research, collect and systemize information, identify priorities, use time efficiently, schedule work activities. Monitor and evaluate the performance according to the task.
Required level of competency: 3 (Effective)
2. Result Orientation: Work in order to reach excellent quality and standards, aim to noteworthy objectives and high level performances, express determination as well when meeting obstacles. Constantly compare the own activity to others’ in support of continuous improvement.
Required level of competency: 3 (Effective)
3. Problem Solving & Decision Making: Make effective decisions based on facts and data analysis. Identify risks and opportunities, catch the main information, develop alternative solutions and select the best one.
Required level of competency: 3 (Effective)
4. Customer Service: Understand the internal/external customer and his needs (expressed and unexpressed), perform persistently in time in order to improve the quality of products (and/or services) according to the client’s demands. Build a steady relationship based on trust.
Required level of competency: 3 (Effective)
5. Teamwork: Work together in order to reach common objectives. Share information and express a positive attitude towards interlocutors. Give and ask for contribution, be proactive in creating commitment, spread a positive climate.
Required level of competency: 3 (Effective)
6. Flexibility: Work effectively in different situations and with different people. Estimate alternative approaches, adapting the own way of thinking to the context. Understand the changes within the organization and take advantage of opportunities due to change.
Required level of competency: 3 (Effective)

Professional competencies: (defined by Functional Manager)
1. Technical Skills and Analytical; Problem Solving on product pricing and development: Applying the actuarial knowledge, skills and judgment required to provide value-added service on pricing and developing new products.
Required level of competency: 3 (Effective)
2. Technical Skills and Analytical; Problem Solving on financial reports, business plan and experience studies: Applying the actuarial knowledge, skills and judgment required to provide value-added service on financial reports, business plan and experience studies.
Required level of competency: 3 (Effective)
3. Professional values: Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.
Required level of competency: 3 (Effective)
4. External Forces and Industry knowledge: Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.
Required level of competency: 3 (Effective)
5. Strategic Insight and Integration: Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.
Required level of competency: 2 (Developing)

- Salary and bonus in accordance with the company
- Insurance policy in accordance with the company
- Paid leave policy in accordance with the company

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