Head of Actuarial Analytics and Transformation
4 weeks ago
To ensure the company's financial well-being and enhance its performance, by leading and applying appropriate standards in actuarial modeling, statistical studies, pricing reviews, business analysis, and reinsurance optimization, while working closely with other functional units to support the overall achievement of business targets.
Key Result Areas
Major Activities
Output
Challenges and Risks
- Actuarial analytics and research
- Develop and deploy appropriate statistical models and tools for actuarial research and business analyses.
- Inform key stakeholders including the Senior Management about the emerging trends of policyholder behavior (e.g., persistency, premium holiday, withdrawals), and changing business demographics (e.g., aging insured population, substandard health class).
- Initiate timely discussions on operational actions identified through statistical studies.
- Lead the overall Assumptions Review process to be presented and validated by the Assumptions Committee.
- Ensure that the latest assumptions have been properly implemented to production models for valuation reporting, pricing, forecasting, risk assessment, and other relevant processes.
- Actively participate in industry-wide studies and surveys regarding actuarial assumptions.
- Programs on statistical models with direct access to raw data
- Actuarial and statistics database
- Dedicated sections in Financial Highlights (FHL) and Monthly Business Review (MBR)
- Sharing of data expertise
- Presentations on work output to senior management
- New strategies based on conclusions from studies in line and compliant with company standards and guideline
- Proper understanding of the data infrastructure
- Collection of relevant data and potential limitations on existing systems to apply proposed strategie
- Building data science expertise in the team
- Creation of statistical models from thin foundation
- Recommend appropriate assumptions for new products.
- Validate the business mix assumptions being used for new products.
- Design internal models consistent with product features and assumptions to validate independently the financial results being presented on the Product X2 Paper.
- Perform profitability testing and sensitivity analysis in identifying key product risks.
- Recommend reinsurance structures for new products consistent with the Risk Appetite Framework
- Product reports and assessment of key risks and sensitivitie
- Product and policy values consistent with product design and regulatory standard
- Viability analysis templates for special campaign
- Ensuring product assumptions are best estimates with full consideration of possible economic trends, and distributor and policyholder behavior
- Working with system limitations while remaining consistent with regulatory standard
- Managing timelines even with consistent changes in product design and features due to discussions with key stakeholder
- Lead the regular Local Model Governance Committee meetings, and initiate discussions on actuarial model changes.
- Ensure compliance to local, regulatory and AXA Group frameworks. Such frameworks shall also be reflected on the Local Model Governance Policy.
- Ensure that product design and features are appropriately reflected in product cash flows.
- Ensure that the actuarial assumptions duly approved by the Assumptions Committee have been set up and utilized by the Actuarial models (Prophet, MS Excel, etc.).
- Adequately capture elements of total company modeling that may remain outside of Prophet to produce credible company financial projections.
- Optimize the use of Actuarial infrastructure (e.g., machines, storage).
- Accurate and efficient actuarial projection system
- Financial projections (e.g., Strategic Planning, Forecasting)
- Collaboration with local team
- Managing overlaps in workload
- Manage reinsurers by testing new structures and challenging provided rates to maximize and maintain above standard solvency ratio.
- Design and implement strategies that aim to optimize the risk-reward tradeoff of risk transfer.
- Actively ensure compliance to the updated Risk Appetite Framework, and to applicable insurance laws and regulations with regards to reinsurance arrangements and reinsurance counterparty limits.
- Plan reinsurance and ceded insurance policies for both inforce and new business portfolios.
- Updated optimal reinsurance strategies, reports and models, duly validated by Senior Management, Regional Office, and the Insurance Commission, where applicable.
- Coordination with reinsurers, regional office, and local business unit
Decisions
Quantifiable Data Related to Job
- Assessment & application of appropriate actuarial assumptions, methods and standards to determine various output
- Dealing with insurance regulator, reinsurers, and internal stakeholders.
- Graduate of Mathematics, Actuarial Science, or Statistics; preferably with a master's degree in the same or related field
- Near fellow or at least an associate of a recognized actuarial institute required
- Minimum 10 years of actuarial work with at least 3 years of supervisory or managerial experience.
- Extensive knowledge of the life insurance busine
Other Requirements
- Demonstrable leadership, strategic, and critical thinking.
- Effective at analyzing problems, synthesizing relevant information, identifying key issues, and recommending appropriate solutions.
- Able to collaborate effectively with multiple customers and/or colleagues outside their team.
- Developed management skills.
- Excellent verbal and written English communication skill
Established in 1999, AXA Philippines is one of the largest and fastest growing life insurance companies in the country.
It offers financial security to more than one million individuals through its group and individual life insurance as well as general insurance products through its subsidiary Charter Ping An.
AXA Philippines is one of the first to introduce bancassurance operations in the country, and is among the pioneers in the investment-linked insurance sector.
Charter Ping An Insurance Corporation:
fire, motor car, marine cargo, personal accident, bonds, casualty, and engineering insurance products.
AXA Philippines closed 2017 with P26.4 billion in total premium income and P5.7 billion in gross written premiums from Charter Ping An.
Today, AXA has more than 4,000 financial advisers in 36 branches, and 700 financial executives in over 900 Metrobank and PSBank branches nationwide.
Charter Ping An, on the other hand, has 22 branches nationwide and 2,007 agents.
AXA Philippines is a joint venture between the AXA Group, headquartered in France, and the Metrobank Group, one of the largest financial conglomerates in the Philippines.
The Metrobank Group is a conglomerate of industry-leading businesses that includes First Metro Investment Corporation, Metrobank Credit Cards, Federal Land, Toyota, and Manila Doctors Hospital.
It was hailed Best Bank in the Philippines in 2010, 2011, and 2012 by Euromoney and recognized as the strongest bank in the Philippines by The Asian Banker in 2013.
It is owned by the Ty Family whose major business interests include financial services, real estate development, power, and manufacturing.
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