Job Family Card - Actuary

Deal with the measurement and management of the risks and uncertainty to set the pricing strategy for insurance and annuity premiums, reserves of overall portfolio, and dividends using probability, financial theory and computer science. Roles in this function may be responsible for estimating and reporting on levels of outstanding claims services, reviewing of premium rates/rating methods and providing input to the business plan of the actuarial function.

Job Family Code

IAC

Career Path View

Job Roles

Card Job Role Description

Job Role

Actuarial Associate

Job Family Code

IAC

Job Family

Actuary

Responsibilities

    Analyse statistical data to derive the rates for product.

    Assess the risk in the portfolio using mathematical modelling techniques and statistical concepts.

    Assess risks requiring reinsurance to become acceptable within the organization guidelines.

    Compile data and write statistical reports based on results of computations and findings.

Card Job Role Description

Job Role

Actuary

Job Family Code

IAC

Job Family

Actuary

Responsibilities

    Assess the influence of key factors which may have an impact on product potential, price and claims, and present evidence based analyses of data.

    Predict the likelihood of future events and design mitigation plans to decrease the impact of risks.

    Set pricing strategy for policy liabilities (or reserves) and pricing premiums, using modelling software, to ensure coverage of future claims and profitability of the product portfolio.

    Report on the impact of changing assumptions that may affect the premium pricing and reserves.

    Analyse statistical data and prepare presentations and reports that explain financial reports to the management.

Card Job Role Description

Job Role

Actuary Manager

Job Family Code

IAC

Job Family

Actuary

Responsibilities

    Contribute to the development and evaluation of the overall organizational risk appetite strategy focusing on insurance risk factors.

    Design, test, and oversee policies and programmes to minimize risk and maximize the profitability of insurance policies.

    Formulate liability valuation, capital adequacy, reserves adequacy, and product pricing policies based on actuarial results and economic and actuarial assumptions.

    Conduct pricing reviews for new and existing insurance products taking into consideration competitors and financial markets changes.

    Monitor actuarial team performance and ensure efficiency.

Card Job Role Description

Job Role

Head of Actuary

Job Family Code

IAC

Job Family

Actuary

Responsibilities

    Contribute to the formulation of the overall organization's strategy, in collaboration with others in the executive team, focussing the organization's Actuarial function.

    Approve and ensure implementation of Actuarial function policies and procedures and ensure its efficiency.

    Manage Actuarial function and ensures its compliance to regulatory requirements as well as market Standards.

    Manage and monitor Actuarial function budget for cost efficiency.

    Manage internal and external relationships and represent the organisation in all business matters related to Actuarial function.

    Ensure actuarial results are promptly communicated and form the base to building the organisation's asset/ liability requirements, capital adequacy, reserves adequacy, and product pricing.

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