Manager, Actuarial Pricing

Hong Leong MSIG Takaful; Petaling Jaya; On-site; MYR 120,000 - 180,000; Full time

Job summary

Hong Leong MSIG Takaful is seeking an experienced Actuarial Pricing Specialist to support pricing model development and form pricing assumptions. You will review regulatory guidelines, ensure profitability targets are met, and collaborate with product teams to design Shariah-compliant pricing for Family Takaful products.

You will also coordinate with Retakaful on quotations and treaties, and contribute to system development requirements for pricing calculators and related tools.

Qualifications

• Bachelor’s degree in actuarial science or equivalent.
• Actuarial examinations in progress or completed.
• Minimum five years of experience in insurance or Takaful is preferred.
• Experience in product pricing, cash flow, reserving and risk-based capital for Takaful/Retakaful.
• Strong analytical and time management skills with good coaching ability.

Responsibilities

• Assist in pricing model development and pricing assumptions for pricing accuracy.
• Identify inefficiencies in pricing tools and implement enhancements.
• Collaborate with product and other departments to manage stakeholder requirements for pricing.
• Ensure pricing models and profit tests meet regulatory guidelines and internal targets.
• Review marketing collateral for accuracy and regulatory compliance.
• Support Retakaful processes and prepare relevant bordereaux and reports.

Skills

Pricing modelling

Regulatory compliance

Shariah knowledge

Stakeholder management

Coaching & mentoring

Education

Bachelor’s degree in actuarial science or equivalent

Progress in actuarial examinations

Job description

Job Responsibilities

• Supporting Head on pricing model development, formulating pricing assumptions, review marketing collaterals, and perform profit / sensitivity test.
• Identify inefficiencies in pricing tools and implement appropriate enhancements.
• Collaborate with other departments in product development process and manage the requirement from all stakeholders related to product pricing.
• Well versed in regulatory guidelines and industry guide.
• Ensure accuracy in pricing models, assumptions and profit test results.
• Ensure the profitability and other financial measures meet internal requirements.
• Review marketing collaterals to ensure accuracy and compliance with regulatory requirements.
• Ensure timeliness and accuracy in regulatory submission in accordance with BNM guidelines.
• Participate in product development process, adding value to the product innovation by recommending product design with understanding in Shariah principles for Family Takaful products.
• Liaise with Retakaful on Retakaful quotation & treaty for new product & group business.
• Review and update internal policies ensuring current practice is well documented.

Retakaful

• Ensure bordereaux, statements to RTO and other Retakaful reports prepared timely and accurately.
• Provide support and advice on Retakaful to other colleagues in Pricing and other departments.
• Perform analysis related to Retakaful.
• Review draft treaties and addenda.
• Provide clear and accurate system development requirement on Retakaful to the system developers.
• Enhance Retakaful calculation and bordereaux preparation process.

Product Implementation

• Supporting the development of Product illustration system and administrative system to enable successful product implementation.
• Guiding junior staff in developing calculators to minimize manual calculations performed by Pricing.
• Involve in system migration.
• Provide clear and accurate system development requirement to the system developers.
• Ensure all scenarios are covered during the UAT.

Managerial Duties

• Providing guidance, coaching, and training to junior level staff.
• Managing the work task and deliverables of the junior level staff.
• Basic to intermediate level decision-making.

Job Requirements

University degree in actuarial science or equivalent.

Making good progress in professional examinations.

Prefer to have at least five years' experience with insurance or Takaful company.

Product management & cash flow, reserving and risk-based capital for Takaful/Retakaful, Takaful Model.

Good analytical and time management skill.

Good coaching skills.

Team player, good communication skills.