Lead, Product Actuarial Pricing

The Actuarial Pricing Product Lead is responsible for the proper pricing of all individual products and new/revised group products. The role is also responsible for ensuring that standards and key metric requirements of the product and the company are met.

Job Responsibilities:

• Provides product projections, forecasts and analysis to assist the Product Development Division make decisions regarding the product development strategy.
• Conducts benchmarking and product comparison activities to analyze product competitiveness.
• Defines scope and requirements, assesses technical feasibility, and user needs, and bridges business goals to ensure products and features are scalable.
• Collaborates with various teams across the organization including Actuarial, Operations, Sales, and other committees to ensure that all the pricing variables are captured and properly modeled.
• Conducts pricing validation, viability, and profit testing for proposed products and product improvements.
• Prepares and finalizes actuarial calculations, the basis of assumptions to arrive at actuarial values and asset shares.
• Prepares the Actuarial calculations including net premiums, reserves, cash values, and other non-forfeiture values, asset shares, and draft of actuarial notes of products in coordination with the Chief Actuary.
• Computes and validates gross premiums based on the assumptions and profit objectives of the Company.
• Prepares and maintains pricing models used in the development of the product.
• Manages regulatory submission and liaises with the Insurance Commission on new product approvals and improvements.
• Manages the company's product portfolio to ensure new sales and margin objectives are met.
• Defines and ensures alignment of product assumptions in the core, IFRS, and Actuarial systems/software.
• Identifies best practices and tools for product development and pricing process.
• Leads and manages the Pricing team, ensuring accomplishment of deliverables, setting of clear goals and priorities, and guiding members of the team especially in actuarial and technical skills.
• Performs any other tasks that may be directed to do.

Qualifications:

• Bachelor’s degree holder in BS Mathematics, Statistics and other relevant courses
• Affiliate or Associate of the Actuarial Society of the Philippines/Society of Actuaries
• At least 5 years experience in life insurance or similar experience with key focus on Actuarial Product Development Individual Product Pricing
• Proficient in Microsoft Office applications
• Knowledge of the application of Actuarial Software such as FIS-Prophet or Axis is an advantage.
• Data analytics skills are welcome as well as previous leadership experience