Job Purpose
To assist the Head of Actuarial Pricing in providing technical pricing and actuarial services to support the growth and profitability objective of Takaful Ikhlas General portfolio.
Job Responsibilities
1. Technical Rating & Pricing (General Takaful)
- Calibrate Motor and Fire technical rating modules using Generalised Linear Models (GLM) or other relevant methodologies
- Support pricing and re-pricing initiatives across Motor, Fire, and Personal Accident (PA) lines
- Translate technical pricing outputs into commercially sound and viable recommendations that ensure products are adequately priced and aligned with business objectives
- Prepare and maintain comprehensive product and technical pricing documentation for internal and regulatory purposes
- Develop and enhance internal pricing tools, models, and quotation templates to improve efficiency and consistency
- Provide peer review and validation for Personal Accident and other retail quotations
2. Wakalah Fee Analysis & Optimisation
- Review and enhance the Variable Wakalah Fee structure to optimise the Shareholders Fund (SHF) performance
- Perform impact analysis and scenario testing to assess profitability, sustainability, and competitiveness of fee structures
3. Experience Analysis
- Develop, maintain, and enhance portfolio monitoring frameworks to track performance across key business segments
- Conduct deep-dive analysis on claims experience, loss ratios, and emerging trends to identify risks and opportunities
- Contribute to translating analytical findings into actionable insights to support portfolio rebalancing and performance improvement
- Conduct competitive analysis on rates and key product features
4. Product & Strategic Development
- Perform feasibility studies and financial impact analysis for strategic and business initiatives
- Collaborate closely with the Product Development team to ensure accuracy in pricing, commercial viability, and documentation
- Support the rollout of new products, schemes, and system enhancements (e.g., rating engine, digital initiatives)
5. Training & Professional Development
- Attend and participate in training programs identified or conducted by Management
- Pursue actuarial certification and continuous professional development through recognised actuarial institutions
6. Other Responsibilities
- Undertake any other assignments as required by the Head of Department
Job Requirements
- Degree qualified, preferably in Actuarial, Mathematics or Statistics with keen interest to pursue actuarial exams.
- Good progress towards professional qualification with an internationally recognized body (CAS, SOA, IFoA, IAA).
- At least 5 years of working experience in the insurance/ takaful industry is preferred. Actuarial/ technical proficiency to ensure accuracy of analysis and projections of financial results.
- Good written communication ability to produce product documentation which demonstrate structured thought.
- Understanding of takaful model and practices.
