Actuary & Product Development Deputy Director

Job Description

Job Purpose:

• All operations of the Product Solution and Pricing Department according to approved function, responsibilities,
• Direct report to First Deputy CEO (FDCEO) and take accountability for final performance of assigned tasks,
• Provide guidance for operations within the Department and cross functional cooperation,
• Any document, report, submission relating to operation of the Department,
• Personnel management of the department,
• Other tasks within authority, function, responsibilities of the Department.
• Assist the FDCEO in preparing and presenting topics to be covered in Exco, and various other senior managemnt committees

Key responsibilities:

1. Product Pricing Department Responsibilities:

• Design and price products including but not limited to developing technical speficications, product guidelines, product actuarial pricing, development of terms and conditions, MOF filing, Reinsurance, which match customer segmentations and distribution channels and while reaching profitability target with competitive price and features.
• As Product owner of the following activities in Product Development & Implementation Product research (quantitative), SOP/BRD review, UAT of numerical item, Internal training for Product design, Product sales support.
• As Product owner of Product maintainance.
• Propose product relevant risk management activities and compliance to comply to the Company’s regulation and the law
• Coordinate with Actuarial function to evaluate the profitability of in force block,
• Assist the BOD to realize the profitability plan and premium growth plan
• Develop product and financial models for business planning and budgeting, forecast company’s business plan
• Work with reinsurer on reinsurance program for new products and review existing reinsurance treaties
• Work with Appointed Actuary to prepare filings of new products to MoF
• Responsbile for relationship building with MoF

2. Product Solution Responsibilities:

• Organise and manage the agenda and meeting materials for Product Development Committee
• Work with distribution channels to develop new products, existing product packages, new compensation scheme as well as product solutions for new and existing partnerships
• Responsible for end to end development process of new product/ existing product package including not not limited to market research, sales stories, compensation design, product design, IT implementation (front-end and back-end) and UAT
• Report to FDCEO to deveop product strategy and product roadmap for the company
• Overall in charge on product management of existing products and monitoring the performance of nre and existing product performance

Job Requirement

• Minimum – Degree/Master in Actuarial science

• Ideal level – minimum 5 years of Fellow Level Actuary

• Minimum 15 years relevant experience in Product Development and Pricing area with Product Actuary and Marketing experience preferred