Senior Actuarial Manager

FWD Insurance; Philippines; On-site; PHP 2,000,000 - 2,600,000; Full time

Job summary

FWD Life Philippines is seeking a Senior Actuarial Manager for Pricing to lead pricing and prototyping of products, driving approvals and readiness to launch with the cross-functional product development team. You will provide senior pricing support to the Pricing actuary, collaborate with Group Office, mentor juniors, and manage distribution initiatives.

Experience with Prophet and IFRS17 is preferred; regulator liaison is required.

Qualifications

• Justify and recommend pricing assumptions based on experience reviews, market comparison, industry benchmarks, demographic studies, and other available research information
• Build/modify robust pricing models in Excel/Prophet consistent with pricing standards and continuously improve processes
• Working knowledge on relevant local regulations on product filing, pricing, products, forms, illustrations and distribution channels
• Actively participate and provide UAT support for cross-functional product initiatives
• Lead and provide actuarial support to distribution requests such as compensation review, incentives assessment, and partnership quotations
• Prepare relevant actuarial sections of the Product Approval Report, including the necessary documentation of assumptions, profit testing and sensitivity analysis, and be able to address questions from Group Office on product gates
• Lead other special projects and perform adhoc tasks that may be assigned from time-to-time

Responsibilities

• Justify and recommend pricing assumptions based on experience reviews and market data.
• Build and refine pricing models in Excel/Prophet to meet pricing standards.
• Ensure compliance with local regulations on product filing and distribution.
• Participate in UAT for cross-functional product initiatives.
• Provide actuarial support to distribution requests including compensation reviews and quotations.
• Prepare actuarial sections of the Product Approval Report and respond to Group Office inquiries.
• Lead special projects and adhoc tasks as needed.

Skills

Pricing strategy

Regulatory liaison

IFRS17 knowledge

Process improvement

Cross-functional collaboration

Education

AASP or ASA certification

Actuarial science background

Tools

Prophet

Excel

Job description

Job Description:

About FWD Group

FWD Group (1828.HK) is a pan-Asian life and health insurance business that serves approximately 40 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828.

About FWD Life Philippines

FWD Life Insurance Corporation (FWD Life Philippines) launched its commercial operations in September 2014. As of end-2022, FWD Life Philippines ranks 3rd and 6th in terms of Paid-up Capital(1) and New Business Annual Premium Equivalent(2), respectively.

The Senior Actuarial Manager for Pricing performs pricing and prototyping of products assigned to him/her, and helps see them through to approvals, implementation and readiness to launch by collaborating with the cross-functional product development team. He/she will also be responsible for senior pricing support to the Pricing actuary in driving speedy and thoughtful analyses in support of our product strategy. The lead will also be the primary point person for managing and reviewing distribution initiatives to support the company’s various channels. The Senior Actuarial Manager also liaises with Group Office counterparts and external consultants / auditors. On top of these, he/she may be assigned to mentor and peer review the work of junior members of the team.

1. Justify and recommend appropriate pricing assumptions based on experience reviews, market comparison, industry benchmarks, demographic studies, and other available research information


2. Build / modify robust and automated pricing models in excel/Prophet consistent with pricing standards and continuously improve processes as needed (i.e. worksheet efficiencies, streamlining manual processes, etc.)


3. Working knowledge on relevant local regulations on product filing, pricing, products, forms, illustrations and distribution channels


4. Actively participate and provide UAT support for cross-functional product initiatives


5. Lead and provide actuarial support to distribution requests such as compensation review, incentives assessment, and partnership quotations


6. Prepare relevant actuarial sections of the Product Approval Report, including the necessary documentation of assumptions, profit testing and sensitivity analysis, and be able to address questions from Group Office on product gates


7. Lead other special projects and perform adhoc tasks that may be assigned from time-to-time

Knowledge and Skills:

• Graduate of Mathematics, Statistics, Actuarial Science, or similar courses


• Associate of the Actuarial Society of the Philippines (AASP) or Associate of the Society of Actuaries (ASA)


• At least seven years actuarial experience, preferably in pricing and strategy


• Experience in managing and liaising with regulator


• Prophet experience is highly preferred


• Demonstrated process improvement advocate


• Has knowledge of IFRS17 standards


• Has worked in a multinational insurance company

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