Our client is looking for an Actuary to lead its Family Takaful’s (Life division) Actuarial team. The life actuarial function is responsible for designing and pricing individual and group life insurance products, support implementation of new products and for Actuarial Valuations as per local regulations. The role will require the Actuary to engage with key internal and external stakeholders to evaluate profitability and risks of new products. This will involve working in close liaison with operations, distribution teams, marketing and also engaging with external distributors as and when required.
Duties and Responsibilities:
- Design and price new Individual Life and Group life products. Work closely with internal and external stakeholders to come up with innovative product ideas that balance stakeholders’ needs;
- Monitor and recommend adjustments to product features that affect profitability of existing and new products and also develop appropriate assumptions;
- Assist in evaluating emerging opportunities and challenges that impact the Life division, specifically in regards to new distribution opportunities, new underwriting methods, emerging risks and changes in regulation. Maintain strong knowledge of industry issues including economic, regulatory and competitive environments. Maintain familiarity with the latest techniques and tools for product development, profitability, and financial modeling;
- Collaborate with the Life IT team during the implementation of new products. Oversee the creation of appropriate tools, such as calculation memos and test spreadsheets, that allow for new products to be appropriately implemented on the administrative system. Develop and/or monitor various pricing, financial, administrative and illustration systems. Assist in development of design specifications for use by various systems;
- Ensure documentation and formal reports are prepared in accordance with Actuarial Standards of Practice and appropriately consider Legal and Compliance input. Develop strong documentation practices within the team;
- Oversee life reinsurance relationships including administration and treaty maintenance;
- Carry out reserve determination, liaise with external actuaries and ensure Actuarial Valuation is timely completed;
- Perform other duties as assigned Actively engage in special projects as needed, collaborating with other departments.
- Bachelor degree in Mathematics, Business or Actuarial Science with a high level of demonstrated mathematical ability;
- An Associate or Fellow of the Society of Actuaries or equivalent;
- At least 7 years of experience in the life insurance or reinsurance industry with exposure to products, pricing and specialized life actuarial software;
- Demonstrated success in innovation and creative problem solving;
- Strong interpersonal skills for relationship building and engagement;
- Strong organization skills with demonstrated ability to prioritize multiple projects and delivery of results;
- Excellent English communication skills, including oral and written, for all levels of management;
- Strong analytical skills; forward thinking; ability to anticipate and direct the analysis of problems/questions and provide recommendations to appropriate audiences. Expertise in an analytical software will be an added advantage.