Assistant Manager - Actuarial Sciences

Posted : 2024-09-23
Closing : 2024-10-31
Position Scope

OVERALL RESPONSIBILITY

To provide actuarial services: Evaluating and providing advice regarding technical provisions,  premium pricing, and compliance with related statutory and regulatory requirements by ensuring the company’s technical functions are carried out in a prudent and transparent manner

Job Description

EY TASKS, DUTIES AND RESPONSIBILITIES

Customer perspective

  • Product development and design, including analysis of terms and conditions of insurance contracts.

 

Financial Perspective

  • Preparation of data to be used in calculation of technical provisions, ensuring sufficiency and quality on a monthly basis.
  • Determine and monitor the level of profitability and performance of products including scenario and sensitivity testing on a quarterly basis.
  • Asset liability modeling and matching to enable the company come up with optimal investment strategies.
  • Analysis and advice on distribution of surplus.
  • Experience analysis of expenses and lapses.
  • Evaluating the embedded value on a half yearly basis.
  • Cession of Group Business premium data on a quarterly basis.
  • Risk capital and budgeting advisory in relation to the company’s strategy.
  • Review of business plan projections
  • Creation and implementation of IFRS 17 models.
  • Liaison with the finance department on the implementation of IFRS 9.

Processes perspective

  • Facilitate and liaise with the appointed actuary, the IRA, and external auditors on exercises and issues relating to the life fund including the Deposit Administration fund.
  • Evaluate and provide advice on the company’s actuarial and financial risks.
  • Evaluate and provide advice on the current and prospective solvency position of the company.
  • Evaluate underwriting policies and reinsurance arrangements.
  • Evaluate and provide advice on risk modeling and use of internal models, where applicable.
  • Ensuring compliance with related statutory and regulatory requirements.
  • Analysis of industry statistics and monitoring of key metrics including those supporting credit ratings
  • Provision of quarterly reports to the IRA on the technical liabilities, position of the life fund as well as the solvency levels.
  • Advising the Appointed Actuary on the business process to aid the preparation of the Financial Condition Report and Annual Valuation Report.

People perspective

  • Participation in the facilitation of BSC and JD and ensuring the BSC is signed off on target in consultation with the supervisor.

 

Any other duties assigned from time to time.

Requirements

REQUIREMENTS

  • Bachelor of Science (Actuarial Studies)
  • Completed at least 6 professional core actuarial papers (Fellowship Exams 2019)
  • 5 years experience

Skills

Actuarial Sciences