Actuarial Analyst

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

  • Apply the most appropriate statistical technique for loss cost modelling, conversion and retention.
  • Constantly refine all the statistical models by introducing more data variables, parameter smoothing model validation and so on to improve the pricing accuracy.
  • Assess data from a variety of sources to gain insights into pricing strategies and market trends. Collaborate with sales and marketing departments on developing and implementing competitive pricing strategies.
  • Analyse competitor pricing and market trends to increase market share and profitability.
  • Support ongoing development and maintenance of dynamic pricing tools and monitoring reports to effectively respond to changing market needs and trends.
  • Perform 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.
  • Determine the potential impact of rate changes / pricing strategies on profitability.
  • Communicate pricing findings effectively to get approval from key stakeholders.
  • Work with internal IT department and/or external vendors on the enrichment of quotation system.
  • Perform end to end testing on rate implementation.
  • Tracking customer engagement to enhance the current rating algorithm and develop effective pricing strategies for products and offerings.
  • Address issues and concerns raised by team members relating to pricing suggestions.
  • Support pricing team for various pricing related projects.

Requirements

  • Bachelor’s degree in a mathematical, actuarial or other numerate subject
  • Communicates confidently in English in a business environment
  • Strong IT skills, including MS Excel
  • Works logically and independently to break down and solve problems
  • Wants to learn new skills and will take on tasks that are outside of the job description
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