Manager, Actuarial Pricing

Prudential Group; Kuala Lumpur; On-site; MYR 70,000 - 100,000; Full time

Job summary

A leading financial services company is seeking an experienced professional to lead the product development and pricing processes. The ideal candidate will have a degree in Actuarial Science or a related field, alongside a minimum of 5 years of relevant experience. Key responsibilities include providing support to the Product Implementation Team and preparing pricing documentation. Strong proficiency in Prophet and a meticulous, analytical mind are essential to succeed in this role. Opportunity for career growth is provided.

Qualifications

• Degree in Actuarial Science, Mathematics, Statistics, Physics or similar.
• Good progress in actuarial professional examinations.
• At least 5 years of relevant work experience.

Responsibilities

• Lead product development and pricing process.
• Provide actuarial support to Product Implementation Team.
• Prepare pricing documentation for submission to stakeholders.
• Assess risks and communicate implications effectively.
• Supervise team and ensure career growth opportunities.

Skills

Numerate and analytical mind

Proficiency with programming tools (e.g. Visual Basic)

Meticulous attention to detail

Ability to work under pressure

Self-motivated

Education

Degree in Actuarial Science/Mathematics/Statistics/Physics or relevant discipline

Tools

Prophet

Visual Basic

Job description

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