Manager, Pricing | Kuala Lumpur, MY

Prudential plc; Kuala Lumpur; On-site; MYR 40,000 - 60,000; Full time

Job summary

Prudential plc is seeking an Actuarial professional to assist in implementing standards and processes related to actuarial services. The role involves leading product development, providing technical support, and assessing risks, necessitating a strong background in actuarial science and relevant tools. This position is pivotal in supporting the company's product offerings while fostering team member development and ensuring compliance with industry standards.

Qualifications

• Minimum of 5 years relevant experience in actuarial roles.
• Degree in Actuarial Science, Mathematics, Statistics, or Physics required.
• Progress in actuarial professional examinations.

Responsibilities

• Lead product development and pricing processes with relevant departments.
• Provide actuarial support to the Product Implementation Team.
• Assess risks of new products and suggest mitigation strategies.

Skills

Numerate mindset

Analytical mindset

Meticulous

Self-motivated

Education

Degree in Actuarial Science or related discipline

Progress in actuarial professional examinations

Tools

Prophet

Visual Basic

Job description

Prudential's purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people's career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

The incumbent is responsible to assist the Manager to define and implement appropriate actuarial standards and work processes in relation to the provision of actuarial services of the company.

Actuarial knowledge and skills are necessary in various aspects of insurance business, e.g., product design and pricing, analysis of the company's claims, persistency and expense experience to set pricing assumptions, arrangement of reinsurance, calculation of reserves, and profit reporting under various regulatory bases to assess the financial health of a new product.

Job Scope:

The incumbent is responsible to assist the Manager to define and implement appropriate actuarial standards and work processes in relation to the provision of actuarial services of the company. Actuarial knowledge and skills are necessary in various aspects of insurance business, e.g., product design and pricing, analysis of the company's claims, persistency and expense experience to set pricing assumptions, arrangement of reinsurance, calculation of reserves, and profit reporting under various regulatory bases to assess the financial health of a new product.

Principal Duties & Responsibilities:

• Lead the product development and pricing process with relevant departments, aiming to design profitable products aligned with the company's risk appetite. Provide technical support and specifications for new insurance products.
• Recommend appropriate pricing assumptions and profitability targets. Undertake product pricing based on these assumptions and targets using Prophet. Ensure timely and accurate pricing.
• Provide actuarial support to the Product Implementation Team, including review of policyholder documentation, sales materials, and test plans.
• Review and analyze Prophet model outputs, including statutory valuation, embedded value, new business profitability, and other financial projections. Perform reasonableness checks.
• Interpret and communicate results to management and stakeholders. Prepare documentation for product submissions and respond to queries from internal and external parties.
• Assess risks of new products, communicate implications, and suggest mitigation strategies.
• Participate in company-wide initiatives such as product reviews, regulatory changes, and system upgrades.
• Provide actuarial advice on policyholder, agent, and regulatory queries, ensuring accuracy and clarity.
• Supervise team members, fostering career growth and development.

Job Specification (Requirements):

Qualifications:

• Degree in Actuarial Science, Mathematics, Statistics, Physics, or related discipline.
• Progress in actuarial professional examinations.

Experience:

• Minimum of 5 years relevant experience.

Knowledge:

• Numerate and analytical mindset.
• Proficiency in programming tools (e.g., Visual Basic).
• Practical knowledge of Prophet or similar projection software.
• Meticulous with the ability to work under pressure.
• Self-motivated with minimal supervision.

Prudential is an equal opportunity employer. We provide benefits to all applicants and employees regardless of sex, race, age, ethnicity, education, social background, marital status, pregnancy, religion, disability, or employment status. We support reasonable adjustments for individuals with specific health requirements.

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