Assistant Manager / Senior Executive, Pricing

Assistant Manager / Senior Executive, Pricing

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This role is mainly responsible for the entire pricing process of new products and re-pricing of existing products. He or she will provide assistance in the Product Development Process, group quotations, and operational support. In addition, an Assistant Manager may be required to review the work of pricing executives/senior executives, including pricing models and relevant documents (e.g., pricing report, product documentation) to ensure that they are in order and up to acceptable standards. This role will support the agency, bancassurance, telco-assurance, telemarketing, and online channels. The role will support both conventional and takaful business. The role will also manage a sub-team of 1-2 persons and is responsible for coaching and developing these individuals in their respective roles. There will also be opportunities to participate in product development ideas.

Responsibilities

New Product Pricing / Re-pricing
• Develop Excel & Prophet pricing models based on the latest basis and methodologies and ensure both models are fully reconciled.
• Ensure that product features in pricing models are consistent with the product specification.
• Develop Core Assumption Sheet (CAS) write-up with appropriate economic & operational assumptions.
• Recommend suitable assumptions to be used in pricing and provide justifications for them.
• Perform initial pricing for the Product team or the Distribution team for initial discussion with relevant parties.
• Discuss product concepts, features, and pricing with the Product team and the Distribution team.
• Generate full pricing and profit test results.

Staff Development
• Oversee and review the work carried out by the team.
• Provide guidance to the team, help to develop necessary skills, including technical actuarial skills and soft skills.
• Periodically assess staff performance and communicate with them to improve the performance.

Pricing Documentation and Compliance
• Ensure appropriate and sufficient documentation is done at every point of the pricing process.
• Complete/review the Preliminary Risk Assessment (PRAM) and Final Risk Assessment (FRAM) documents and provide relevant justifications and insights.
• Prepare/review the product pricing report or file note for the Regional Peer Review team.
• Assist the Regional Peer Review team in their queries.
• Review the product collaterals such as the policy contract and disclosure documents, and provide appropriate feedback.

Group Quotation / Operations Support
• Lead / provide guidance to the Group Quotations and/or the Operations Support team.
• Review the rates and assumptions used on the group quotation and provide reasonable feedback for all queries/issues raised on group quotation.
• Support the operations team in handling system issues and customer complaints, including providing manual worksheets as a workaround to production issues.

Senior Executive Role

Job Purpose

A senior executive is mainly responsible for the entire pricing process of new products and re-pricing of existing products. He or she will provide assistance in the Product Development Process, group quotations, and operation support. In addition, a senior executive may be required to review the work of pricing executives, including pricing models and relevant documents (e.g., pricing report, product documentation) to ensure that they are in order and up to acceptable standards. This role will support the bancassurance, telco-assurance, telemarketing, online, and also the agency channels. The role will support both the conventional business and takaful business.

Responsibilities

New Product Pricing / Re-pricing
• Develop Excel & Prophet pricing models based on the latest basis and methodologies and ensure both models are fully reconciled.
• Ensure that product features in pricing models are consistent with the product specification.
• Develop Core Assumption Sheet (CAS) write-up with appropriate economic & operational assumptions.
• Recommend suitable assumptions to be used in pricing and provide justifications for them.
• Perform initial pricing for the Product team or the Distribution team for initial discussion with relevant parties.
• Discuss product concepts, features, and pricing with the Product team and the Distribution team.
• Generate full pricing and profit test results.

Pricing Documentation and Compliance
• Ensure appropriate and sufficient documentation is done at every point of the pricing process.
• Complete/review the Preliminary Risk Assessment (PRAM) and Final Risk Assessment (FRAM) documents and provide relevant justifications and insights.
• Prepare/review the product pricing report or file note for the Regional Peer Review team.
• Assist the Regional Peer Review team in their queries.
• Review the product collaterals such as the policy contract and disclosure documents, and provide appropriate feedback with regards to regulatory requirements.

Group Quotation
• Provide group quotations (Group Term Takaful, Group Term Life, and Group Hospitalization & Surgical Benefit) for the Distribution team.
• Review group quotations performed by pricing executives and ensure the assumptions used are appropriate.
• Communicate/negotiate with the reinsurer/retakaful operator if necessary.
• Provide reasonable feedback/responses for all queries/issues raised on group quotations in a timely manner.
• Provide guidance to junior staff on performing group quotations and setting the necessary assumptions.

User Acceptance Test (UAT)
• Work with the Information Technology departments to specify system requirements.
• Review the Business Requirement document to ensure that the requirements are consistent with the product features.
• Review and provide guidance on test scenarios and scripts prepared by pricing executives or interns, and ensure they are adequate and sufficient.
• Review the UAT results and communicate with the IT team if any issues arise.

Operation Support/Ad Hoc
• Provide Actuarial Pricing technical support to other departments.
• Review support work performed by junior staff.

Requirements

- A Degree in Actuarial Science is a minimum requirement.
- Passing of the professional actuarial examinations is desired as it shows an ability to understand key actuarial concepts.
- Working experience in actuarial pricing of 3 to 5 years (for AM level).
- Working experience in actuarial pricing of 2 to 3 years (for SE level).
- Preferably have experience guiding junior colleagues (for AM level).