Valuation Director from a direct Insurer (Malaysia)
PURPOSE
- Oversee the actuarial valuation function which includes financial reporting, modelling, capital management, retakaful management and projects
- Ensure the valuation of liabilities are produced in accordance with generally accepted actuarial principle and practice and compliance with guidelines and policies
- Produce accurate, quality and comprehensive financial reports for regulator and managements
- Develop best in class models for actuarial projections in compliance with guidelines and policies
- Ensuring company solvency position remain healthy while optimising profitability and capital efficiency
- Provide technical actuarial support to various functions where required
- Lead and manage projects where relevant
- Develop, motivate and mentor the team members and prepare them for greater job responsibility
KEY ACCOUNTAIBILITIES
- Accurately determine the statutory reserve, capital level, EV, VNB and other key financial metrics as required by regulator and management.
- Prepare the Actuarial Valuation Report and Financial Condition Report in accordance with regulatory requirements and monitor the recommendations proposed.
- Continuously improve the valuation process in terms of accuracy, accuracy and controls while also ensure calculation methodology is compliance with regulatory requirements.
- Ensure the results are well understood and communicated clearly to management
- Develop and enhance existing control and governance process to comply with new policies issued by group as well as recommendation from auditors / consultants.
- Perform experience studies (including detail monitoring) and highlight any trends observed to management as well as setting appropriate assumptions reflecting the recent experience and trends
- Review and monitor the Asset Liability Matching as well as providing support in determining appropriate Strategic Asset Allocation
- Ensure participant risk fund is managed effectively and accurately determine the surplus distributable in according to policies
- Ensure actuarial models are modelled accurately reflecting the actual products features and company practices
- Ensure all new products are modelled in accordance to modelling framework with sufficient reconciliations, checks and well documented
- Prepare information in relation to capital monitoring such as but not limited to stress test, scenario test and capital projections
- Provide support for Internal Capital Adequacy Assessment Process (ICAAP) with focus on ITCL and TCAR determination
- Determine the retakaful contribution and recoveries accurately and submit the reports to relevant parties including retakaful operators for settlement in according to treaty agreements
- Lead and manage projects where assigned and ensure projects are running on track and complete on scheduled with high quality
- Develop and maintain a highly motivated team while provide support and guidance to ensure their career development and progress.
KEY PERFORMANCE INDICATORS
- All reports / results are accurate, consistent, and well understood
- All reports / results are produced in timely manner
- Successfully implemented all regulatory requirements including new regulatory development as well as group policies
- Models are developed in compliance with modelling framework and well documented
- Effective controls and checks are implemented
- Positive feedback from stakeholders and other departments.
QUALIFICATIONS / EXPERIENCE
- Minimum 10 years working experience in Actuarial Valuation Role
- Degree in Actuarial Studies or Mathematics
- Fellowship from Recognised International Actuarial Bodies (eg IFOA, SOA, IOAA) will be an added advantage
KNOWLEDGE & TECHNICAL SKILLS
- Proficiency in Excel
- Experience in Prophet coding will be added advantage
- Sound technical knowledge in both actuarial valuation and modelling
- Highly analytical and inquisitive with attention to details
- Able to work well in a team and also deliver as individual contributor
- Results driven and adaptable with good interpersonal and strong written and communication skill