At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business that you can shape, an inclusive workplace where everyone's ideas are valued and a culture where we can thrive together. Our people stay connected and tuned in to what's happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.
The incumbent is responsible to assist the Actuarial Manager / Senior Manager to define and implement appropriate actuarial standards and work processes in relation to the provision of actuarial services to the Company.
Actuarial knowledge and skills are necessary in various aspects of insurance business, e.g. product design and pricing, analysis of the company's claims, persistency and expense experience to set pricing assumptions, arrangement of reinsurance, calculation of reserves and profit reporting under various regulatory bases to assess financial health of a new product.
1. Participate in the product development process with other relevant Departments (Marketing, IT and Operations). Provide technical support and specifications with respect to new insurance products.
2. Recommend appropriate pricing assumptions and profitability targets. Undertake pricing of products based on agreed pricing assumptions and profitability targets in Prophet and Excel. Correct and timely pricing of products.
3. Accurate and timely provision of actuarial support to Product Implementation Team.
4. Model and analyze Prophet model office for new products / modifications. This will include all financial output where Prophet is used (e.g. statutory valuation, Embedded value, New business profit, Solvency II, etc). Perform reasonableness checks as appropriate. Interpret and communicate results to Actuarial Manager/ Senior Manager. Accurate and timely production of financial output.
5. Participate in assessing risks inherent in a new product, communicate implications effectively and identify mitigating solutions to manage risk.
6. Participate in various company-wide business initiatives. This includes: system upgrade initiatives, business retention and solutioning, product and process reviews, regulatory change requirements.
7. Provision of general actuarial advice and expertise to address policyholder/agent/regulatory queries where necessary. Ensure information provided is accurate, sufficiently detailed to the audience intended and addresses issues at hand.
8. From time to time, project based work may be required, supervised by the Project Sponsor or other appropriate supervisor.