Takaful Valuation Assistant Manager from a direct life insurer (Malaysia)
Job Purpose
To assist with the statutory valuation and regulatory reporting team for takaful business.
Responsibilities
Regulatory reporting
- Support the team leader to ensure timely submission of Bank Negara Malaysia (BNM) and Malaysia Takaful Association (MTA) reports / statistics for the takaful business.
- Timely computation of monthly reserving and preparation of quarterly valuation report for the takaful business, ensuring compliance with BNM, MTA and relevant guidelines.
- Support the analysis on sources of surplus arising for the takaful business.
- Monitor Capital Adequacy Ratio (CAR) results on monthly and quarterly basis.
- Conduct Stress Tests and Financial Condition Report (FCR).
- Assist in the annual review of the individual target capital level and capital management plan.
- Provide necessary analysis and testing to develop a dividend payout and surplus transfer recommendation to the Board.
- Support the team leader in providing peer review for new takaful product launches and pricing initiatives, where required.
- Support the team leader in providing analysis for the auditors during the year-end audit.
- Support the team leader with various ad-hoc tasks, as necessary.
Experience Studies & Ad-Hoc Projects
- Perform assumption changes and experience studies within agreed timelines.
- Keep up to date with new guidelines issued by regulators and ensure successful implementation (e.g., RBC2 and enhanced regulatory statistical reporting)
- Proactive participation in the Company's initiatives to achieve sustainable growth and improve profitability.
Process Enhancement
- Continuously suggest improvements to revamp and streamline existing BAU processes, enhancing efficiency and work quality, including the adoption of AI tools where relevant.
- Develop processes that improve efficiency, accuracy, and robustness in meeting statutory valuation requirements.
Skills
- Knowledge of actuarial principles and practices related to Malaysia statutory valuation for takaful business.
- Competent use of tools such as spreadsheets, Prophet valuation software, generative AI.
- Coaching junior team members.
Qualifications
- At least 5 years’ experience in the actuarial field in direct insurers or takaful operators
- Degree in Actuarial Science or similar
- Good progress in actuarial exams in one of the internationally recognized actuarial institutions