About FWD Group
FWD Group is a pan-Asian life and health insurance business with more than 12 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on changing the way people feel about insurance. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.
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About FWD Takaful Berhad
FWD Takaful Berhad (FWD Takaful) is a takaful provider in Malaysia that offers family takaful services. FWD Takaful is licensed under the Islamic Financial Services Act 2013 and is regulated by Bank Negara Malaysia. FWD Takaful is a takaful business unit of FWD Group.
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We're proud to be a company that encourages and nurtures fearless innovation in achieving our vision of changing the way people feel about takaful. Our teams come from a wide variety of industries and backgrounds because we value developing a truly diverse pool of talent that brings different perspectives and experiences. Our values - committed, innovative, proactive, open, and caring - define who we are and what we do as we work together to bring our vision to life, every single day.
. Prepare and analyse actuarial financial reporting in relation to regulatory, management and retakaful
. Ensuring company solvency position remain healthy while optimising profitability and capital efficiency
. Review and coordinate the retakaful arrangement and ensure all retakaful treaty / addendum are signed on time
. Determine the surplus distributable for the financial year
. Act as an actuarial model coordinator between end users and FWD TIM
. Lead and manage projects where relevant
. Assist the Appointed Actuary (AA) in preparing the Financial Condition Report
. Prepare the experience studies and propose appropriate assumptions to be used for valuation / pricing purposes.
. Review and perform UAT for actuarial model enhancements and ensure proper documentation in compliance with guidelines and policies.
. Ensure all actuarial related internal and groupwide policies / framework, regulatory guidelines are implemented effectively
. Provide technical actuarial support to various functions where required
. Develop, motivate and mentor the team members and prepare them for greater job responsibility
PURPOSE
- Prepare and analyse actuarial financial reporting in relation to regulatory, management and retakaful
- Ensuring company solvency position remain healthy while optimising profitability and capital efficiency
- Review and coordinate the retakaful arrangement and ensure all retakaful treaty / addendum are signed on time
- Determine the surplus distributable for the financial year
- Act as an actuarial model coordinator between end users and FWD TIM
- Lead and manage projects where relevant
- Assist the Appointed Actuary (AA) in preparing the Financial Condition Report
- Prepare the experience studies and propose appropriate assumptions to be used for valuation / pricing purposes.
- Review and perform UAT for actuarial model enhancements and ensure proper documentation in compliance with guidelines and policies.
- Ensure all actuarial related internal and groupwide policies / framework, regulatory guidelines are implemented effectively
- Provide technical actuarial support to various functions where required
- Develop, motivate and mentor the team members and prepare them for greater job responsibility
KEY ACCOUNTABILITIES
- Accurately determine the statutory reserve, capital level and sensitivities for regulatory, management reporting within agreed timeline
- Prepare information in relation to capital monitoring such as but not limited to stress test and scenario test
- Prepare local solvency reporting for management and group which include base and all sensitivity test
- Provide support for Internal Capital Adequacy Assessment Process (ICAAP) with focus on ITCL and TCAR determination and stress scenario determination
- Accurately determine the retakaful contribution and recoveries and prepare Bordereaux within agreed timeline.
- Review and coordinate the retakaful treaty for new and inforce treaties while ensuring it comply with internal policies.
- Ensure the surplus distributable are computed in accordance with internal policy and accurately.
- Being the main coordinator between local and TIM office for all Prophet modelling developments including modelling of new products, model enhancements, UAT and Documentation sign-off
- Perform experience studies (including detail monitoring) and highlight any trends observed to management.
- Ensure all group policies are localised and implemented effectively in daily tasks
- Lead and manage projects 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
- Quality and timeliness of delivery for all reports / results
- Successfully implemented all regulatory requirements including new regulatory development as well as group policies
- Effective controls and checks are implemented
- Models developed by FWD TIM is in compliance with modelling framework and well documented
EXTERNAL & INTERNAL CONTACTS
- Country functional heads
- FWD TIM Malaysia
- Group Actuarial / Group Finance / Risk
- Bank Negara Malaysia (BNM)
- Internal/External Auditors/Reviewers
- Retakaful Operators
QUALIFICATIONS / EXPERIENCE
- Minimum 6 years of working experience in actuarial field
- At least a Bachelor's Degree in Actuarial Science or Mathematics
- Good progress with examinations from Recognised International Actuarial Bodies (e.g. IFOA, SOA, IOAA)
KNOWLEDGE & TECHNICAL SKILLS
- Proficiency in Excel and Prophet
- Sound technical knowledge in actuarial valuation
- Highly analytical and inquisitive with attention to details
- Able to work well in a team and also deliver as an individual contributor
- Results driven and adaptable with good interpersonal and strong written and communication skill
