Actuarial Analyst

Fresher

Save

Early Applicant

Job Description

Responsibilities

Develop insurance product costing model for each line of business.
Improve pricing accuracy and minimize cross-subsidisation in order to achieve the target loss ratio.
Ensure premium is sufficiently charged and remains competitive to enable a sustainable portfolio growth.
Identify business opportunity and constantly enhance Underwriting rules.
Optimize renewal pricing to improve the renewal experience.
Keep abreast of latest pricing analysis methods/ knowledge and industry trends.

Job Duties

Perform and initiate pricing reviews regularly to determine if there is a need of re-pricing by introducing new rating factors, rate changes and proposing remedial actions to ensure the sustainability and profitability of the product.
Own and enhance existing reports monitoring loss costs, profitability and conversion rates.
Support ongoing modelling developments to tackle emerging challenges e.g. natural catastrophe modelling.
Run simulations to determine the potential impact of rate changes / pricing strategies on profitability.
Design, run and monitor AB tests to validate net impacts of key pricing adjustments.
Communicate technical findings effectively to get approval from key stakeholders.
Support implementation of proposed rate changes and perform end to end testing on the implemented adjustments.
Communicate with stakeholders across departments e.g. to support developments of new products, sales, or developers initiatives.
Address issues and concerns raised by team members relating to pricing suggestions.

Requirements

Bachelor's degree in a mathematical, actuarial, economics or other numerate subjects
Communicates confidently in English in a business environment
Works logically and independently to break down and solve problems
Up for picking up new skills and enjoys searching for ways to automate and work smarter
Proficiency in MS Office and other computer application such as Radar, Python, SQL will be an advantage

Welfare