Manager, Actuarial Pricing

Great Eastern; Kuala Lumpur; On-site; MYR 80,000 - 120,000; Full time

Job summary

A leading insurance firm in Kuala Lumpur is seeking an experienced Actuary to develop pricing strategies and ensure compliance with regulatory standards. The ideal candidate will have 5-8 years of experience in the life insurance/takaful industry and strong analytical and communication skills. Responsibilities include leading pricing exercises, actuarial model development, and supervising junior staff, while fostering a culture of continuous learning and innovation.

Qualifications

• 5-8 years of actuarial experience in life insurance/takaful.
• Good progress in actuarial exams recognized by BNM.
• Experiences in underwriting, claims, servicing, and agency administration.

Responsibilities

• Develop and review pricing assumptions for financial sustainability.
• Lead pricing exercises for new and existing products.
• Support product development with actuarial insights.

Skills

Strong analytical thinking

Good communication skills

Project management skills

People management skills

Education

Bachelor’s degree in actuarial science, Mathematics, Statistics, or related field

Tools

Prophet

Job description

Overview

Responsible for the timely and accurate delivery of competitive and sustainable pricing strategies that are aligned with business objectives, regulatory requirements, and risk management frameworks.

This role also requires the individual to be involved in pricing related special projects and end-to-end pricing process including assumption setting, modelling, treaty agreement and regular monitoring of pricing adequacy.

Responsibilities

• Technical Leadership & Pricing Framework: Develop/ review best estimate pricing assumptions to provide pricing proposals.
• Lead pricing exercises for new and existing products, ensuring financial sustainability and competitiveness.
• Develop, validate, and enhance actuarial pricing models, incorporating data-driven insights and emerging trends.
• Support product development by providing actuarial insights on benefits, risk factors, and premium structures.
• Ensure compliance with internal product pricing policies, processes and regulatory guidelines.
• Perform actuarial research and competitor analysis to maintain an understanding of industry trends and assess feasibility of various possible pricing solution.
• Play a supporting role in actuarial and pricing related projects and company-wide initiatives.
• Actuarial Model Development & Experience Analysis: Involve in the development, maintenance, and enhancement of actuarial pricing models, ensuring technical accuracy and compliance with industry standards.
• Perform experience study and analyze trends including claims analysis, mortality/morbidity trends, and lapse/surrender behavior, to refine pricing assumptions, and adjust pricing models accordingly.
• Business Collaboration & Stakeholder Engagement: Work closely with Product Development, Underwriting, and Distribution teams to ensure product pricing is competitive while meeting profitability targets.
• Steer pricing related special projects from end-to-end and collaborate with stakeholders to ensure projects delivery within timelines.
• Support marketing and business development in building and maintaining effective relationships with stakeholders.
• Work closely with Retakaful Operators in reviewing and negotiating treaty terms of new products to assess risk strategies and optimize treaty terms.
• Regulatory & Governance Compliance: Ensure a robust pricing governance framework, including validation, monitoring, and regular updates of pricing models to comply with regulatory, actuarial and internal standards.
• Review of pricing methodology and models that meet the internal and regulatory requirements.
• Prepare and present actuarial justifications for regulatory submissions, including product filings and repricing exercises.
• People Management: Supervise, mentor, and develop junior actuarial staff, fostering a high-performance culture.
• Promote continuous learning and technical innovation within the actuarial pricing function.

We are looking for people who

• Bachelor’s degree in actuarial science, Mathematics, Statistics, or a related field
• Good progress and passed Intermediate/ Fellowship actuarial exams in one of the actuarial associations recognized by BNM
• Experiences in life insurance/ takaful industry with basic knowledge in underwriting, claims, servicing and agency administration
• Sufficient understanding in life insurance/ takaful actuarial principles 5-8 years of actuarial experiences in life insurance/ takaful
• Good communication skills - written and verbal
• Knowledge and skill in product modelling & projection, prophet maintenance and co-ordination
• Possesses people management and project management skills
• Sound actuarial principles, Company's financial & market position and experiences, Company's overall operational procedures and regulations and guidelines
• Have product knowledge, actuarial knowledge & applications
• Is analytical thinking, creativity, problem solving and investigative abilities
• Has passion for excellence, information seeking, communication skills, teamwork and cooperation
• Has good inter-personal skills, good integrity and trustworthy characteristics

How you succeed

• Champion and embody our Core Values in everyday tasks and interactions.
• Demonstrate high level of integrity and accountability.
• Take initiative to drive improvements and embrace change.
• Take accountability of business and regulatory compliance risks, implementing measures to mitigate them effectively.
• Keep abreast with industry trends, regulatory compliance, and emerging threats and technologies to understand and highlight potential concerns/ risks to safeguard our company proactively.