Actuarial Associate

4 weeks ago

Manila, Philippines ACCPRO International Full time
Duties and Responsibilities

1. Reinsurance

• Reviews and checks the reinsurance work of Actuarial Staff/Assistant
• Recommends payment of reinsurance premiums due reinsurers
• Recommends sending of transmittal letter to reinsure to make a recovery of any death claim

2. BC-related Actuarial Services

• Reviews and checks BC-related Actuarial work of Actuarial Staff/Assistant
• Signs off the adjustment in face value due to misstatement of age
• Signs off RPU and ETI quotes
• Signs off single pay quotes or other limited pay schemes
• Signs off special proposals for FBG

3. Valuation of Legal Reserve Liabilities & other Actuarial Items

• Reviews and checks reserve values and other actuarial items determined by Actuarial Assistant
• Drafts memo/letter stating the monthly computed values and other actuarial items for signing of Consulting Actuary – reserves, IBNR, due and uncollected contributions
• Answers and addresses queries from external auditors
• Prepares notes to the Audited Financial Statements
• Prepares actuarial schedules and exhibits need in the preparation of Annual Statement

4. Experience Studies

• Reviews and checks actuarial studies report prepared by Actuarial Assistant
• Endorses the experience reports to the VP-Actuarial

5. Product Development

• Requests from the VP-Actuarial the pricing assumptions – investment yield, mortality rate, persistency rates, and unit expense factors
• Computes trial contribution rates and projected policy reserves of proposed new insurance products requested by the Fraternal Benefits Group
• Analyses the viability and competitiveness of the computed contribution rates by comparing these computed rates in a product test model
• Consults VP-Actuarial for revision of assumptions to meet desired profit objective
• Computes final contribution rates, policy reserves, projected dividends and non-forfeiture values of proposed new insurance products requested by the Management
• Prepares the draft product report and attachments for submission to the Consulting Actuary/Management for their evaluation and approval – product notes, general contract provisions, supplementary benefit contracts or riders
• Once approved by VP-Actuarial, prepares all supporting product documents for submission to the Insurance Commission (IC)
• Makes regular follow-ups to the Insurance Commission re: approval of new product
• Provides MIS a copy of all relevant data of recently IC-approved product values for uploading to the valuation file program
• Conducts product orientations for HO staff, assists FBG in preparing product brochures, sales kits and other marketing materials
• Prepares product proposal system for new product
• Keeps a copy of all working files re: new product for documentation

6. Product Viability Tests

• Conducts regular viability tests of selected products using actual in-force BC data
• Recommends to VP-Actuarial any product for possible shelving if product fails profit objectives or re-pricing to make it viable

7. Surplus Distribution

• Secures from Management the excess of revenues over expenses for BC holder’s participation based on audited financial statements
• Updates the dividend guideline to incorporate relevant items for newly approved products
• Randomly checks the computed dividend values assigned to each BC holder based on dividend formula

8. Departmental Budget and Corporate Accounts

• Prepares the departmental budget for the year – supplies, overtime, transportation expense, product-related expense
• Computes and prepares the corporate account budget for the year, including increases in reserves, deaths, hospitalization, disability waivers, payor’s benefit expenses, and auto RPU (ARPU) expenses

Qualifications

• A graduate of a 4-year course; Bachelor of Science degree with a concentration in Actuarial Science is advantageous; graduate of BS Math can also be considered
• Computer literate at expert level in Microsoft Office (MS Word and MS Excel)
• 3-5 years of work experience in a life insurance company

Work Arrangement

Location: Intramuros, Manila
Shift: 7 AM - 4 PM
Set-up: 4 days onsite, 1 day WFH

Note: 4 days onsite and 1 day WFH for the first 6 months and a 3-day onsite and 2-day WFH setup after regularization

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