Actuarial specialist 2Sun Life Financial

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Job Description:
Job purpose
Please provide a summary of the purpose and objective of the job.
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 lead and direct his/her team 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 lead and direct the team 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 is to work closely with teams in RO, other Business Group or in Corporate to lead in strengthening understanding and involvement of Asia Peer Review team in areas where these can be enhanced. This includes but not limited to:
Continue to understand how IFRS 17 is impacting product development and pricing, and processes, and lead the continuous learning of the Asia Peer Review team about IFRS 17. In the process, the incumbent can provide assistance to other Managers and Directors within the Asia Peer Review team in providing support to BUs Product and Pricing teams on IFRS 17 pricing and analysis.
Continue to work on refining IFRS 17 pricing tools and model templates.
Working closely with Regional ALM team to understand ALM implication to product development and pricing, and lead in strengthening the Asia Peer Review team's understanding and involvement in ALM.
Major accountabilities
Identify 5-6 major accountabilities of the job (not the employee). Describe these accountabilities by what is to be accomplished, how and why. Use action verbs to begin each sentence. Avoid the use of acronyms. Include the approximate percentage of time spent on each accountability. The percentages below should sum up to 100.
Product Development Process, Product Design & Pricing
Conducts peer review of simple to moderate traditional and unit-linked products, including pricing model, as assigned under minimal supervision by the Manager.
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.
Assist in reviewing 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.
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.
Specialized knowledge
List specific types of technical or professional skills and knowledge required for the job.
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
Problem solving
Outline problem solving requirements in terms of how standardized, varied, complex and interdependent problems and issues are typically faced by this job. Provide examples if necessary.
Problems are usually defined and less to moderately complex. Frequently uses basic technical, financial, actuarial and risk management knowledge to address work issues and applies academic actuarial knowledge to routine daily responsibilities. Answers basic risk management questions and begins to establish credibility as a professional in product development and pricing and actuarial modelling.
Education and experience
Indicate the minimum education level and years of relevant experience required to perform the work. Include specific professional designations, licenses, registrations, if applicable.
College degree in Mathematics or Statistics
For external hiring, candidate:
Have passed at least 4 preliminary exams
Have 3-4 experience years in actuarial operation within a life insurance organization, including one (1) year specialization in at least one (1) key actuarial function
For internal movement within team (remove when sharing JD for external hiring),
If hiring under Band 5A
candidate have passed at least 4 preliminary examinations of ASP or SoA AND have completed certification requirements per 2019 RO APR Actuarial Job Ladder for Band 4B for Actuarial Peer Review, Asia (APR)
If hiring under Band 5B
candidate have passed at least 5 preliminary examinations of ASP or SoA AND have completed certification requirements per 2019 RO APR Actuarial Job Ladder for Band 5A for Actuarial Peer Review, Asia (APR)
Communication scope
Identify the level and nature of internal and external contacts with whom this job must interact regularly. Describe the reason and frequency of their communication.
The role is expected to be working with the following people in SLF Asia and SLF BUs. Listed are the task/s which the role requires working with these people.
Regional Office (RO) Risk - for product risk assessment, reinsurance and model management
RO Product - for product development process and product strategy
RO Investments -for product development process
RO ALM - for product development process
RO Marketing & Distribution - for product development process
RO Compliance - for product development process
RO Actuarial - for actuarial assumptions and methods for product development and model reviews
Business Unit Pricing Actuaries - for product reviews and management of product development process
Business Unit Valuation Actuaries - for model reviews
Business Unit Chief Actuaries - for attestation of compliance to Product Design & Pricing Policy and/or Reinsurance Ceded Policy
Job Category: Actuarial
Posting End Date: 03/03/2024
Sun Life Financial

Philippines
Permanent
Full-time