Job Purpose:
The Head of Actuarial Modelling, Governance and Analytics leads the development of actuarial models and ensures the accuracy of actuarial models and the compliance with Group and local regulatory requirements. The role is responsible for the design and testing of actuarial models, and ensuring the consistency between different reporting bases (local solvency, Embedded Value, IFRS and Economic Capital) as well as the pricing models.
In addition, this role is responsible for leading the actuarial control cycle including the annual experience study, recommendation of management actions to improve experience, and proposal for best-estimate operating and economic assumptions.
This role is also responsible for supporting the Chief Actuary on capital and asset & liability management, including the negotiation and execution of financial reinsurance arrangement.
While there are no direct reports, this role needs to functionally manage the team members in the Center of Excellence shared service center and the team members in pricing and reporting teams to complete the deliverables.
Key Responsibilities:
Actuarial model development and governance
- Lead the design of actuarial models and manage the development and testing of actuarial models to deliver reliable financial reporting results
- Ensure the accuracy of actuarial models and the compliance with Group's policies and local regulatory requirements
- Manage the requirements across different teams and ensure the consistency of actuarial models between different reporting bases (local solvency, EV, IFRS and EC) as well as the pricing models
- Responsible for ongoing model review and annual actuarial model governance certification
Actuarial control cycle
- Lead the annual experience study and identify areas and business drivers of overperformance and underperformance
- Recommend management actions to address business issues and areas with negative operating variance and improve business performance
- Recommend proposal for best-estimate operating and economic assumptions with considerations of different stakeholders
Streamline and automation of reporting process
- Revamp and standardize the analysis of movement process across different reporting bases to strengthen controls and consistency, and create synergy across different teams
- Automate reporting process to reduce likelihood of manual errors and to provide more timely result for analysis and business insight to management
Capital management
- Support capital and asset & liability management to optimize capital usage and shareholder return
- Responsible for the negotiation and execution of financial reinsurance arrangement
Knowledge and Skills:
- University graduate with major in Actuarial Science/ Mathematics/ Statistics or Finance
- Associate or Fellowship member of an internationally recognized actuarial professional body
- 10+ years life insurance experience in actuarial and/ or risk management functions
- Experience in multinational life insurance company
- Experience in Prophet modeling
