Actuarial Specialist

6 days ago

Hong Kong, Central and Western District, Hong Kong SAR China Sun Life Full time
Job Description

Job Summary

We are seeking a highly skilled Actuarial Specialist to join our team at Sun Life. The successful candidate will be responsible for ensuring that product development and pricing in Asia, reinsurance management, and management of pricing and valuation model risks, are in compliance with our company's policies, standards, and guidelines.

Key Responsibilities

  • Assist the Director of Actuarial Peer Review, Asia in ensuring that product development and pricing in Asia, reinsurance management, and management of pricing and valuation model risks, are in compliance with our company's policies, standards, and guidelines.
  • Assist the Director of Actuarial Peer Review, Asia to ensure that each of the assigned territory has a product portfolio which maintains integrity in meeting financial and risk management standards while respecting the creative and innovative concepts and designs from the Product Manager that address consumer insights emerging through the Product Development Process.
  • Provide independent review of the reinsurance arrangement on new products, if any, in accordance with the Reinsurance Enterprise Operating Guideline.
  • Provide an independent opinion on whether the models for valuation or VNB for assigned model for periodic validation or models used in merger and acquisitions (when assigned) are accurate and can be relied on in accordance with the Model and End User Computing Policy and Operating Guidelines.
  • Work closely with the Head or Director, Actuarial Peer Review Asia, in refreshing Product Design and Pricing and Reinsurance related guidelines.

Requirements

  • Strong actuarial competency in either actuarial valuation or product pricing.
  • Strong business acumen and financial understanding.
  • Strong communication skills, both verbal and written, particularly in English.
  • Potential ability to design and implement processes and standards.
  • Competent to solve problems that don't have clear solutions or outcome. Is resilient and adaptable.
  • Competent in the use of information technology tools to design and implement programs for testing of valuation and product pricing models.
  • Competent in AXIS modelling or any modelling done in actuarial software.
  • Knowledgeable about insurance products and how these work.

Qualifications

  • College degree in Mathematics or Statistics.
  • Have passed at least 4 preliminary exams.
  • Have 3-4 experience years in actuarial operation within a life insurance organization, including one (1) year specialization in at least one (1) key actuarial function.

Responsibilities

  • Product Development Process, Product Design & Pricing
  • Conducts peer review of simple to moderate traditional and unit-linked products, including pricing model, as assigned under minimal supervision by the Manager.
  • Communicates clearly the comments and results of product review to assigned Business Units or Joint Ventures, and completes well-written Peer Review and Financial Opinion report in timely manner.
  • Assist in reviewing the appropriateness of reinsurance arrangement on new products, if any, in accordance with the Reinsurance Enterprise Operating Guideline, and check if this is properly reflected in the submitted reinsurance recommendation and cover note submitted by assigned Business Units and Joint Ventures.
  • Coordinates with Business Units in managing completion of product post launch action items of assigned Business Units or Joint Ventures and recommends items for escalation.
  • Ensures that product development process, product design and pricing is in line with Product Design and Pricing Policy and Operating Guidelines, our company's policies, standards and guidelines, as well as considers the product review best practices such as use of peer review checklist and agile way of review.
  • Model Risk
  • Works with functional Head and Business Units/s in drafting the scope document.
  • Reconciles reserves or value of new business (VNB) from the models being reviewed and the reserve or VNB from the summary reports sent by the Business Unit or Joint Venture.
  • Oversees the completion of assigned model review project in timely manner. Reviews and consolidates the findings in the IssueLog documents before sending to the Business Units/s, and prepares complete and well-written model review report for review of the functional Head.
  • Annual, Quarterly and Monthly Reporting (as assigned)
  • Coordinates preparation and review of existing product portfolio of assigned Business Unit (BU) in Asia keeping track of products profitability and company's inherent risks. This includes preparation of the following reports on quarterly basis: New Business Profitability Report, Top 5 products, Products with Guarantees Report and Adjustable Products report, and Loss of Coverage.
  • Recommends improvement to the reports to be more effective tool to management.
  • Strengthening Actuarial Peer Review Involvement in relevant areas IFRS 17 Readiness
  • Continues to seek to understand how IFRS 17 works and impacts product development and pricing through regularly referring to relevant IFRS 17 guidelines, participating in IFRS 17 discussions and exploring and reviewing IFRS 17 pricing tools and models templates.
  • Work on refining IFRS 17 pricing tools and model templates, if assigned.
  • Risk Management
  • Works with Head or Director, Actuarial Peer Review Asia, in refreshing PD&P and Reinsurance related guidelines.
  • Other areas
  • Assist to work on enhancing knowledge and/or involvement of the Asia Peer Review team on relevant areas with the objective of future-proofing the Asia PDP review process.

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