Job Summary
The Assistant Actuarial Manager is responsible for supervising, evaluating, and providing advice to the insurer regarding technical provisions, risk-based capital (solvency), premium and pricing activities, and compliance with related statutory in order to measure, manage, and mitigate risks. The role holder is expected to use their technical and analytical skills to monitor financial and business trends in the performance of key product lines, customers, and business partners and advice the business on key strategic actions to take.
Roles And Responsibilities
- Supervise the preparation of actuarial valuations of technical liabilities and review results to ensure regulatory compliance and enable management and the board to keep track of liability position
- Ensure soundness of actuarial models through review and checks including review of spreadsheet and software model outputs.
- Identifying gaps, errors, and areas of improvement in respect of data held in the system, and advising ICT about the necessary data clean-up.
- Review risk-based capital position for the company and for competitors to ensure regulatory compliance and enable management and the board to keep track of solvency requirements and overall solvency position.
- Support the Appointed Actuary in preparation of the Annual Technical Liability Valuation and review key matters of the Financial Condition Report.
- Participate in product development and design, including the terms and conditions of insurance contracts as well as carry out of premium and pricing activities.
- Review current and proposed reinsurance arrangements to ensure optimal arrangements for the business.
- Collaborate with the finance function and the business in budgeting and forecasting and multi-year strategy development
- Support the preparation of financial statements, audit process, preparation of board papers, and management reports.
- Review of asset-liability matching analysis of the business.
- Provide additional business insight by evaluating and advising on actuarial and financial risks, investment policies, and the valuation of assets, scenario and sensitivity testing, and risk modeling by use of internal models.
- Participating in the annual credit rating process including preparation of reports for management consumption on how credit rating is done and updates on new changes in the process.
- Attending and participating in actuarial-based industry workshops and seminars to gain key insights on advancement from peers, the industry, consultants, and the regulators in order to improve technical skills
- Pursue personal development by embracing training facilities availed by the Company as well as personal initiative i.e. on-the-job training, professional training, e-learning, and any other form of training that may be recommended to enhance competence with a focus on pursuing fellowship with selected actuarial body.
- Train new staff in the section
- Observe and uphold laid down company policies to enhance business performance
- Cultivate and maintain harmonious working relationship
Effectively perform any other duties assigned within the company for common good and achievement of set department’s objectives.
Requirements
- Bachelor’s Degree in Actuarial Science or related discipline from a reputable university
- Professional qualifications in at least 5 Actuarial papers.
- At least five (5) years’ experience in insurance actuarial work
- Mentoring, coaching, and leadership skills
- Excellent oral and written communication skills.
- Ability to work in a fast-paced environment and to organize/prioritize workload to meet demands.
- Willing to take initiative and good interpersonal skills.
- Have excellent verbal and written communication skills to be able to communicate data/information in oral and written form.
- Must have expert knowledge and substantial working experience with spreadsheets and word processing; ability to utilize computer applications and software to produce reports and spreadsheets.
- Ability to gather, organize, summarize, and analyze numerical and financial data.
- Must have above-average mathematical and analytical ability to be able to analyze and resolve difficult problems.
- Trustworthiness and discretion when handling confidential information.
- Must be a self-starter who is detail-oriented
