Actuarial Officer at APA Life Assurance Company Ltd

KEY PRIMARY RESPONSIBILITIES

• Product development which involves conducting research, developing pricing models, profit testing, drafting policy documents and filing to regulators upon approval/ratification by external actuaries.
• Reviewing pricing of insurance contracts/products for Group Life, Credit Life and Individual Life.
• Reviewing product performance after commercialization which involves assessing sales volumes, claims experience, expenses and distribution set up.
• Validating data and performing actuarial valuation which involves setting up valuation models and estimation of actuarial liabilities; and working closely with external Actuaries
• Compliance with IRA guidelines on actuarial function including preparation of the Financial condition report and filing of statutory returns.
• Compute the embedded value for the life business.
• Quarterly reserving calculations on the statutory and reporting base
• Producing cash flows projections for budgeting and model office purposes with respect to new product development.
• Liaising with colleagues from other departments, such as asset managers, marketing managers, accountants, customer service, underwriting, claims & reinsurance for business advise.
• Develop and implement new products.
• Investigate and formulate product strategies for new ventures and business partnerships
• Provides input towards improvement of existing models and processes, where required.
• Collect data from relevant sources and perform actuarial/mathematical analysis according to operational procedures.

ACADEMIC QUALIFICATIONS

• Bachelor’s Degree in Actuarial Science

JOB SKILLS AND REQUIREMENTS

• Achievement Orientation
• High degree of self-motivation and can work independently with minimal supervision
• Naturally inquisitive mindset, with a strong innovative tendency
• Ability to manage or function in a team environment
• Conceptual & Analytical Thinking
• Flexibility
• Problem-solving skills and ability to take initiative
• Effective interpersonal and communication skills
• Willingness to assume responsibility and show initiative
• Understanding financial accounting: Generally accepted practice guidelines for financial accounting
• Advanced Excel and Presentations skills, Programming language (R, Python, etc)

PROFESSIONAL QUALIFICATIONS

• Studying towards completion of Actuarial Qualification, (with a minimum of 5 papers)

EXPERIENCE

• Minimum 3 years relevant experience in a long-term insurance or financial sector or an actuarial environment.