Actuary Expert

Job Description

Job Propose: Accountable for perform measurement of insurance provisions for pricing, product development, reserving and reinsurance tasks on both regular and project basis in addition to capital modelling support. Also, to complete financial/ statistical statements, analyze the profitability of insurance product, conduct experience investigations to support assumption-setting, preparing analytical summaries regularly on the business for management information and actuarial reports.RESPONSIBILITIES:

• Develop benchmark premiums and develop new pricing tools as and when required.
• Calibration of rating factors based on data captured.
• Coordinate with the Top Management and Finance departments in defining the expense and commission assumptions used in the pricing process.
• Ensure proper implementation of the product parameters on systems.
• Work with IT department to develop data capture processes and databases across the various distribution channels.
• Ongoing maintenance and enhancement of existing underwriting tools and pricing models to enable better underwriting decisions.
• Perform profitability analyses to provide business guidance to underwriting.
• Pricing of large risks and communication of their projected performance to underwriters.
• Carry out analyses and use planning tools to estimate and propose loss ratio assumptions for the annual business planning exercise.
• Development and maintenance of effective price monitoring processes.
• Support during new product reinsurer tender and ad hoc support for the reinsurance team.
• Providing actuarial support for Reinsurance Treaty renewals.
• Perform deterministic approaches (e.g. As If analyses) and stochastic approaches (e.g. Monte Carlo simulation) to generate the estimated net profits under different reinsurance programs for optimization purposes.
• Coordination with Claims, Reinsurance and Finance departments to review the allocation of outstanding claims reserve on monthly and/or quarterly basis.
• Calculation of the UPR on a monthly/quarterly basis and develop the methodology of calculation as and when required.
• Coordination with IT and claims departments to generate outstanding and historical paid claims for triangulation purposes.
• Assist the companys Actuary in calculating the IBNR on a monthly/ quarterly basis.
• Capital Modelling support including the monitoring of key threats and development of multiple risk assumptions and calculate the local solvency margins.
• Prepare/Review actuarial reports for external actuaries, rating agencies, external auditors and regulatory authorities as and when required.
• Keeps abreast of key developments in the actuarial science.
• Participate with Actuarial Head to works closely with other departments, to develop and execute on strategic initiatives to achieve profitability and growth goals.
• Provide Support to translate business requests into analytical solutions and conduct competitive intelligence analysis.
• Perform actuarial / statistical studies which will help the company to optimize key KPIs.
• To work with other departments in order to implement operational actions identified through statistical studies.
• work with Actuarial Head to applying independent judgment and discretion, detailed analysis, and developing actuarial assumptions.
• Support the actuarial head to design and implement analytics related to insurance cost drivers and trends to enhance quality of actuarial analysis and reporting.
• Comply with key regulatory and risk management procedures.
• Adherence to decision making standards within the authorities provided.
• Update Actuarial Head on regular basis; on execution and progress on assigned tasks and any arising significant Actuarial issues.
• Undertake any other tasks as assigned by Actuarial Head from time to time.
• Prepare weekly/monthly reports and submitted to Actuarial Head.

• Degree in Actuarial Science, Finance, or a related field. Fellow of an Actuarial Organization that has an examinations-based qualification and must get IA approval.
• 4 years of experience in a formal actuarial environment/ insurance pricing, insurance products and risk management.

Keyskills :
risk management claims reserve Reinsurance solvency margins reserving profitability analyses Actuarial Science Analytics Underwriting Product Development loss ratio assumptions price monitoring Pricing capital modelling

About Company

Buruj Cooperative Insurance Company

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