Acts as the lead actuary of assigned Line of Business or Business Unit and as a member of the local management team providing business insight to Business Unit leadership. Leads a team with responsibility for managing one or more reserving, economic valuation, product development or pricing processes for the assigned line(s) or Business Unit and is responsible for ensuring the quality of output produced as well as ...
Acts as the lead actuary of assigned Line of Business or Business Unit and as a member of the local management team providing business insight to Business Unit leadership. Leads a team with responsibility for managing one or more reserving, economic valuation, product development or pricing processes for the assigned line(s) or Business Unit and is responsible for ensuring the quality of output produced as well as ensuring the governance supporting the data quality assurance process is applied and adhered to.
- Responsible for the planning and production of the valuation of actuarial reserves, financial reporting of embedded value and new business value, preparation of data for solvency and risk-based capital calculations to the required quality and timelines for management reporting and business decision-making purposes.
- Coordinate, prepare, and perform actuarial analyses including demographic experience analysis, new business profitability analysis and forward looking projections of capital availability and solvency to the required quality and timelines for management reporting and business decision-making purposes; provide recommendations to management based on outcome of these analyses, where necessary.
- Provide recommendations and technical expertise on actuarial and risk quantification modeling approaches and implement major / complex cash flow model developments to ensure quality of model output; identify and caveat limitations in proposed approaches to users of the output.
- Support Finance, market-facing business units, Claims, Risk, Capital Management, Investment Management, Actuarial and other functions and actuarial business partners on reserving, reinsurance, solvency, risk and capital management and other operational and strategic business decisions by providing necessary data and analyses to required quality and timelines; propose recommendations based on analyses performed.
- Ensure that the valuation processes for the assigned Business Unit(s) are appropriately governed and controlled in accordance with Group, Regional, and Local internal / regulatory policies; actively review the processes to ensure continual compliance, propose amendments and implement changes in response to developments to internal / regulatory policies.
- Calculate/review premiums for new and/or existing products in line with agreed methodologies and balancing competing interests of shareholders, distributors and customers.
- Oversee analyses used for setting the assumptions for new and existing products.
- Review summary datasets.
- Perform complex statistical analysis e.g. monitoring levels of business, business mix analyses, comparisons of actual to expected; propose actions based on results of analysis.
- Research and analyze experience trends and expenses (biometric risks, persistency etc.), drafting reports for senior management.
- Provide support and recommendations for development of rates, rating plans and pricing and portfolio management strategies.
- Where appropriate, provide rate filing support and review.
- Contribute to cross disciplinary teams involved in developing new propositions or enhancing existing ones.
• Provide guidance to and review work of less experienced actuaries, including sign off of new/enhanced models. • Oversee/Supervise more junior team members.
Additional Job Functions
- Provide thought leadership on portfolios with a high level of complexity / diversity and/or local regulatory scrutiny.
- Lead a team of 3-8 with 3+ direct and/or matrix reports. May be responsible for team with 1 or more reporting levels.
- Deputize for the local chief life actuary, chief pricing actuary or other superior as needed.
- Adhere to professional standards of practice as defined by the relevant local actuarial society, regulatory body, or other governing body.
- Lead team in providing professional actuarial support and advice to the regional chief life or chief pricing actuary and to the actuarial business partners including insights into underlying performance and implications for the business.
- Individually responsible for reserving or pricing of complex or specialty lines of business, or for an assigned Business Unit, through providing the highest level of actuarial advice, in order to ensure profitable new business/renewals, or timely, accurate and detailed valuation information; facilitate independent review/audit of assigned responsibilities, where required.
- Ensure that data, methodology and processes used in analyses are such that outputs meet the required quality.
- Opine on the flow and quality of relevant data, working cross functionally to ensure required quality and granularity is available for analyses.
- Assess the effectiveness of internal processes and participate in bringing recommendations to senior actuarial management, as well as key stakeholders from other functions, in order to drive improvements for own area.
- Develop improvements to processes and standards in order to increase consistency with internal Zurich actuarial policies and guidance and, where relevant, compliance with regulations.
- Conduct analyses and provide high quality actuarial advice to enable business critical decisions to be made related to special projects e.g. mergers & acquisitions and/or regulatory/methodology developments that are outside of normal business as usual or geographic responsibilities.
- Complete complex actuarial activities to develop risk based capital models and conduct calibration and parameterization activities.
- Make informed actuarial and business recommendations based on professional judgment and experience; effectively challenge and/or escalate issues within business decisions or processes that are not able to be supported from an actuarial or business standpoint.
- Significant responsibility for the training, mentoring and professional development of actuarial staff; work with direct reports to formulate actionable Individual Development Plans.
Performance Management Accountabilities
- Lead a diverse functional team, setting objectives, reviewing performance and participating in selection/promotion decisions to ensure that staff have the necessary skills and understanding to deliver the team's objectives.
- Model behaviors that demonstrate commitment to corporate values. Create and lead high-performing teams and complete performance management cycle for direct reports. Create people management plan to ensure human capability is in place as part of business planning process. Resolve significant business issues by creating teams of appropriate internal and external resources. Take action to manage own personal development and encourage others to do the same.
Your Skills and Experience
Bachelors degree (or equivalent) in Computer Science, Economics, Engineering, Finance, Mathematics/Statistics, Other, Sciences and 10 or more years of experience in related field
Additional Education / Experience
Preferred: Substantial experience in multiple functional areas (pricing, reserving, capital management, etc.) Preferred: Experience in multiple Business Units or jurisdictions
Who we are
Looking for a career that will excite, challenge and inspire you? Thinking about insurance? Perhaps you should. Working for us is a totally different experience to what you probably expect. How do you feel about the things you truly love? Don’t you want to protect them in the best way possible? Imagine if you could help people do this all over the world. You’d give them confidence and reassurance by protecting what they love most. This is no easy task. In today’s interconnected world, tackling risk is fast, unpredictable and invigorating. You’ll have to think on your feet as you manage risks big and small, from flooding to cyber crime. You’ll be tackling issues like these in over 170 countries. It’s a big challenge, but you’ll have a truly diverse network helping you. As part of an international team, every day would provide opportunities to learn, grow and share ideas.
As you make an impact across borders, you’ll feel the support of being part of a strong and stable company. A long-standing player in the insurance industry, we make every effort to address the career development needs and plans of our employees to ensure their success in the future.
So make a difference. Be challenged. Be inspired. Be supported, Love what you do. Work for us.
Zurich Insurance has the policy to be an equal opportunity employer. We aim to attract and retain the best qualified individuals available, without regard to criteria such as race/ethnicity, national origin, religion, gender, sexual orientation, age or disability.
At Zurich we believe that having a culture of inclusion is essential in delivering good results. Attracting, retaining and developing a diverse workforce where employees feel valued, respected and empowered allows people to reach their full potential. As a business this diversity helps us to better reflect and understand our 4 million customers’ needs to allow us to drive better outcomes. As a global organisation, with an increasingly agile workforce, we're happy to consider flexible working arrangements.
Primary Location Malaysia-Kuala LumpurSchedule Full-timeTravel NoJob Posting 11/19/20Unposting Date Ongoing