Senior Actuarial Manager

FWD Insurance; Taguig; On-site; PHP 2,000,000 - 4,000,000; Full time

Job summary

FWD Life Philippines seeks a Senior Actuarial Manager for Pricing to lead pricing and prototyping of products, driving approvals and readiness to launch with cross-functional teams.

The role will mentor junior staff, liaise with regulators, and provide pricing support to distribution initiatives. Prophet experience and IFRS17 knowledge are highly preferred, with ASAs and actuarial credentials encouraged.

Qualifications

• Graduate in Mathematics, Statistics, Actuarial Science or similar.
• Associate of the Actuarial Society of the Philippines (AASP) or ASA.
• At least seven years actuarial experience in pricing/strategy.
• Experience liaising with regulators.
• Prophet experience is highly preferred.
• Demonstrated process improvement advocate.
• Knowledge of IFRS17 standards.
• Experience in multinational insurance company.

Responsibilities

• Justify and recommend pricing assumptions based on research, benchmarks and demographics.
• Build/modify robust pricing models in Excel/Prophet and improve processes.
• Know local regulations on product filing, pricing, forms and distribution.
• Provide UAT support for cross-functional product initiatives.
• Support distribution initiatives: compensation, incentives, partnerships.
• Prepare actuarial sections of Product Approval Reports and document assumptions & profit testing.
• Lead special projects and perform adhoc tasks.

Skills

Mathematics

Statistics

Actuarial Science

ASAP/ASA awareness

Education

Actuarial credentials (AASP/ASA)

Tools

Prophet

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.

For more information, please visit www.fwd.com.

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.

For more information, please visit fwd.com.ph.

1 www.insurance.gov.ph > Statistics > Life > 2022 > Based on Paid-Up Capital

2 www.insurance.gov.ph > Statistics > Life > 2022 > Based on New Business Annual Premium Equivalent

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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