Senior Pricing Manager for Life Insurance

Eastwest Ageas Insurance; Taguig; On-site; PHP 900,000 - 1,500,000; Full time

Job summary

Eastwest Ageas Insurance is seeking an actuarial professional to review designs and assumptions for profitable life and health products and to support reinsurance negotiations and regulatory approvals.

The role involves ongoing profitability and risk assessment of the product portfolio, proposing changes as experience and market conditions evolve, and providing technical pricing support to distributors and back-office teams.

Qualifications

• Bachelor degree in a math, statistics, computer science or economics major.
• Progress toward qualifying as FASP and actuarial exams.

Responsibilities

• Review recommended designs and assumptions of profitable products and support fair reinsurance negotiations.
• Assess profitability and risks of portfolio products in light of emerging experience and market conditions and implement changes.
• Provide technical support to distributors and back-office staff, including group pricing and special computations.
• Actuarial product development: lead profitable new generation life and health products and pricing.
• Prepare Insurance Commission documentation for product approvals and manage the product approval process.
• Support underwriters by providing tools for underwriting procedures across channels.
• Interpret actuarial results to inform product development and distribution, and assess group experience to adjust rates.

Skills

Project management

Life insurance product development

Stakeholder coordination

Actuarial exams progress

Analytical thinking

Education

Bachelor degree in math/statistics/computer science/economics

Job description

Overall purpose, duties and responsibilities of the role:

You will be responsible for reviewing recommended designs and assumptions of profitable products, supporting negotiations for fair reinsurance arrangements, seeking regulatory approval; and supporting effective delivery of system solutions. You will also be responsible for on-going assessment of profitability and risks of products in the portfolio in consideration of emerging experience and market conditions; and recommend and implement product changes to address key issues, if any.

You will also be responsible for providing technical support to distributors and back-office support employees, which includes group pricing support, request for special computations, advisory function, among others.

Other Responsibilities:

Actuarial product development

• Support EWA in leading the development of profitable new generation life and health products
• Product pricing and the preparation of Insurance Commission documentation for approval of new products
• Manage product approval process with the Insurance Commission
• Support Underwriters by providing the tools to implement the underwriting procedures necessary for various distribution channels and products.
• Provide inputs to systems specifications and conduct UAT for the implementation of new and revised products
• Interprets the financial implications of actuarial results to the product development and distribution channels.
• Assess the experience of group business and recommend rates to achieve the desired level of profit.

Risk management

• Ensure sound product design avoids unwarranted risk factors
• Asset liability management particularly with regard to interest rate sensitive offerings
• Support negotiations for a fair reinsurance arrangement to keep risks within the company's risk appetite.

Experience review

• Monitors product profitability, mix, lapse, expense, claims, productivity and other experience; and recommend product changes to address key issues, if any;

Technical Support

Provide technical support to distributors and back-office support to employees

Essential Skills / Qualifications:

• Bachelor (4-year) degree, with a math, statistics, computer science or economics major
• Committed to qualifying as FASP and have demonstrated progress with the actuarial exams
• 3 to 5 years exposure to life insurance product development, preferably with experience in both individual and group products
• Project management skills and ability to co-ordinate contributors from operations, marketing, sales and systems departments
• With strong preference for candidates with who are at least an associate of the Actuarial Society of the Philippines (AASP) or Society of Actuaries (ASA)