Senior Pricing Executive

  • 38089
  • Life - Actuarial
  • |
  • Malaysia
  • |
  • Aug 31, 2020
Insurance
RESPONSIBILITIES
  • Develop Excel & Prophet pricing models based on the latest basis and methodologies and ensure both models are fully reconciled.
  • Ensure that product features in pricing models are consistent with the product specification.
  • Develop Core Assumption Sheet write-up with appropriate economic & operational assumptions.
  • Recommend suitable assumptions to be used in pricing, and provide justifications for them.
  • Perform initial pricing for the Product team or the Distribution team for initial discussion with relevant party.
  • Discuss product concepts, features, and pricing with the Product team and the Distribution team.
  • Generate full pricing and profit test results.
  • Perform sensitivity analysis.
  • Review the pricing work and documents prepared by other pricing executives, and provide guidance to them in matters relating to pricing and the pricing process.
  • Ensure appropriate and sufficient documentation is done at every point of the pricing process.
  • Complete/review the Preliminary Risk Assessment and Final Risk Assessment documents, and provide relevant justifications and insights.
  • Prepare/review the product pricing report or file note for the Regional Peer Review team.
  • Assist the Regional Peer Review team in their queries.
  • Review the product collaterals such as the policy contract and disclosure documents, and provide appropriate feedback with regards to regulatory requirements.
  • Prepare the Product Documentation for Bank submission.
  • Assist relevant external teams in their document review process
  • Provide group quotations for the Distribution team.
  • Review group quotations performed by pricing executives, and ensure the assumptions used are appropriate.
  • Communicate/negotiate with the reinsurer/retakaful operator if necessary.
  • Provide reasonable feedback/responses for all queries/issues raised on group quotations in a timely manner.
  • Provide guidance to junior staff on performing group quotations and setting the necessary assumptions.
  • Work with the Information Technology departments to specify system requirements.
  • Review the Business Requirement document to ensure that the requirements are consistent with the product features.
  • Review test scenarios and scripts prepared by pricing executives or interns, and ensure they are adequate and sufficient.
  • Review the UAT results and communicate with the IT team if any issues arise.
  • Provide Actuarial pricing technical support to other departments.
  • Review support work performed by junior staff.
QUALIFICATIONS
  • A Degree in Actuarial Science is a minimum requirement.
  • Passing of the professional actuarial examinations is desired as it shows an ability to understand key actuarial concepts.
  • Working experience in actuarial pricing of 2 to 3 years.
  • Should be adept in actuarial principles and concepts as they form the core skills required for this job.
  • Should be familiar and comfortable with Microsoft Excel and Prophet as they are used extensively in this position.
  • Should be well versed in English, both verbal and written, as there will be communication with other departments and also external parties where the delivery of your key points and ideas is crucial.
  • Clear understanding of actuarial principles and how insurance/takaful models work is required to approach problems arising in the pricing and products.
  • Time management is important as there are timelines for product pricing to be adhered to.
  • Good communication skills and resoluteness in actuarial principles will be important.