Summary:
- Responsible for the development of sound premium rates that is in alignment with the product pricing strategy, and adhering to company's internal requirements and comply with BNM's regulations.
- To ensure that the products profitability and capital needs meet the company's objectives.
Responsibilities:
1. Product Pricing Strategy:
- Devise pricing strategy to ensure that they are in alignment with the product proposition to achieve business targets and meet the products profitability and capital needs of the company.
- Build, update or enhance existing pricing model.
- Preview, test and utilize competitor products and seek necessary mandate from the Product Development Team.
- Prepare pricing analysis and seek necessary mandate from Product Development Team for quotation.
- Work with reinsurer to gain access to product knowledge and risk pricing knowledge. Also establish relationship with reinsurer to ensure timely product support.
- Preparing financial studies in Pricing Report to seek product approval from the relevant stakeholders.
- Collaborate with Product Development Team to ensure that product is approved by relevant stakeholders, prior to seeking INM's approval (if required), and filing to BNM.
- Partner with Product Development Team to prepare the needed document for timely submission of product filling for BNM's product approval and responding to BNM's queries.
2. Product Implementation:
- Work with IT on developing, testing, and integrating systems.
- Resolve Day 1 issues before product launch and to follow up on Day 2 issues to ensure completion.
- Develop and maintain Excel Planner template and Inforce SI.
3. Special Projects Related to Pricing:
- Manage project timeline with the engagement of project manager.
- Ensure timeliness of the project completion.
4. Ad Hoc Requests
- Respond accurately to ad hoc requests from various stakeholders in timely manner.
Requirements:
- Degree in Actuarial Studies who is active in exam progress from recognised actuarial examination body.
- 2 years of Actuarial or Pricing experience.
- Sufficient understanding of insurance products and marketplace conditions and how they impact financial models and results.
- Strong technical skill and logical thinking.
- Strong problem solving skill and critical thinking.
