Actuarial Specialist 3, Actuarial Peer Review, Asia job in Manila

Manila Sun Life Financial Inc.

Job Ref:	JR00096555
Employer:	Sun Life Financial Inc.
Sector:	Investment Life Insurance Professional/Financial Services
Qualifications:	Part Qualified Actuary
Job Type:	Full Time
Salary and Benefits:	Competitive
Remote:	No
Location
Country:	Philippines
City:	Manila
Post Code:	Not specified
Map:	(Show on map)
Description
You are as unique as your background, experience and point of view. Here, you'll be encouraged, empowered and challenged to be your best self. You'll work with dynamic colleagues - experts in their fields - who are eager to share their knowledge with you. Your leaders will inspire and help you reach your potential and soar to new heights. Every day, you'll have new and exciting opportunities to make life brighter for our Clients - who are at the heart of everything we do. Discover how you can make a difference in the lives of individuals, families and communities around the world. Job Description: Job description (heading) / Description du poste (titre) The incumbent is expected to assist the Director of Actuarial Peer Review, Asia in ensuring that product development and pricing in Asia, reinsurance management and management of pricing and valuation model risks, are in compliance with SLF policies, standards and guidelines under the supervision by the Actuarial Director. Specific accountabilities of the role are as follows: The role is to assist the Director of Actuarial Peer Review, Asia to ensure that each of the assigned territory has a product portfolio which maintains integrity in meeting financial and risk management standards while respecting the creative and innovative concepts and designs from the Product Manager that address consumer insights emerging through the PDP (Asia Product Development Process). The role is to provide independent review of the reinsurance arrangement on new products, if any, in accordance with the Reinsurance Enterprise Operating Guideline. The role is to provide an independent opinion on whether the models for valuation or VNB for assigned model for periodic validation or models used in merger and acquisitions (when assigned) are accurate and can be relied on in accordance with the Model and End User Computing Policy and Operating Guidelines. The role works closely Head or Director, Actuarial Peer Review Asia, in refreshing PD&P and Reinsurance related guidelines, and/or developing guidelines to streamline governance processes and controls. Preferred skills (heading) / Compétences particulières (titre) Strong actuarial competency in either actuarial valuation or product pricing. Strong business acumen and financial understanding Strong communication skills, both verbal and written, particularly in English. Potential ability to design and implement processes and standards. Competent to solve problems that don't have clear solutions or outcome. Is resilient and adaptable. Competent in the use of information technology tools to design and implement programs for testing of valuation and product pricing models. Competent in AXIS modelling or any modelling done in actuarial software Knowledgeable about insurance products and how these works Qualifications (heading) / Compétences (titre) College degree in Mathematics or Statistics should at least be an Associate of accredited actuarial society AND have at least 4 years of actuarial experience. Responsibilities (heading) / Responsabilités (titre) Product Development Process, Product Design & Pricing Act as PDP manager for product initiatives assigned for review, ensuring that product issues are raised and resolved on timely manner, and products are launch on time. Conducts peer review of traditional, universal and unit-linked products, directly coordinating with assigned Business Units (BUs) with minimal guidance from Head or Director of Actuarial Peer Review, Asia. Communicates clearly the results of review of Stage 1 Product Proposal to assigned Business Units (BUs), recommends appropriate PDP track (e.g. full, simplified, file & use), and completes an accurate and well-written Peer Review and Financial Opinion report in timely manner. Communicates clearly the comments and results of product review to assigned BUs or JVs, and completes well-written Peer Review and Financial Opinion report in timely manner. Reviews the appropriateness of reinsurance arrangement on new products, if any, in accordance with the Reinsurance Enterprise Operating Guideline, and check if this is properly reflected in the submitted reinsurance recommendation and cover note submitted by assigned BUs and JVs. Coordinates with business units in managing completion of product post launch action items of assigned BUs or JVs and recommends items for escalation. Ensures that product development process, product design and pricing is in line with Product Design and Pricing Policy and Operating Guidelines, SLF policies, standards and guidelines, as well as considers the product review best practices such as use of peer review checklist and agile way of review. Model Risk Works with functional Head and BU/s in drafting the scope document. Reconciles reserves or value of new business (VNB) from the models being reviewed and the reserve or VNB from the summary reports sent by the BU or JV. Oversees the completion of assigned model review project in timely manner. Reviews and consolidates the findings in the IssueLog documents before sending to the BU/s, and prepares complete and well-written model review report for review of the functional Head Annual, Quarterly and Monthly Reporting (as assigned) Coordinates preparation and review of existing product portfolio of assigned business unit (BU) in Asia keeping track of products profitability and company's inherent risks. This includes preparation of the following reports on quarterly basis: New Business Profitability Report, Top 5 products, Products with Guarantees Report and Adjustable Products report, and Loss of Coverage. Recommends improvement to the reports to be more effective tool to management. Strengthening Actuarial Peer Review Involvement in relevant areas IFRS 17 Readiness Continues to seek to understand how IFRS 17 works and impacts product development and pricing through regularly referring to relevant IFRS 17 guidelines, participating in IFRS 17 discussions and exploring and reviewing IFRS 17 pricing tools and models templates. Work on refining IFRS 17 pricing tools and model templates, if assigned. Risk Management Works with Head or Director, Actuarial Peer Review Asia, in refreshing PD&P and Reinsurance related guidelines, and/or developing guidelines to streamline governance processes and controls. Other areas Assist to work on enhancing knowledge and/or involvement of the Asia Peer Review team on relevant areas with the objective of future-proofing the Asia PDP review process. Regional Office Ad-hoc Projects Assigned from time to time When assigned, provide an independent opinion on whether the models used in merger and acquisitions are accurate and can be relied on in accordance with the Model and End User Computing Policy and Operating Guidelines. When assigned, assist the Head of Actuarial Peer Review in completing comprehensive reviews of other initiatives/undertakings which business units/joint ventures requested to be peer reviewed. Job Category: Actuarial Posting End Date: 05/07/2024

ref: (JR00096555) 12 days ago

Back to search results

Featured Jobs

MORE JOBS LIKE THESE

Actuarial Specialist 3, Actuarial Peer Review, Asia job in Manila

Manila Sun Life Financial Inc.

Location

Description

Featured Jobs

JOBSEEKERS

EMPLOYERS

ABOUT PROACTUARY

POPULAR JOBS

ADDRESS

Registration Number