Actuarial AVP, IFRS 17 from a direct insurer (Malaysia)
The Role:
- Lead and review the preparation of IFRS 17 valuation reporting covering both parallel run year and as part of regular reporting. This includes execution of IFRS 17 model runs and production of IFRS 17 reserves for parallel runs and subsequently month-end closing.
- Work in partnership with PMO office to establish local priorities, co-ordinate and work closely with the existing actuarial team in driving the IFRS 17 reporting requirements in the actuarial function
- Explain valuation result to stakeholders together with timely completion of valuation analysis.
- Ensure consistency in implementation of IFRS 17 reporting requirements with Group Office and local statutory guidelines.
- Involved end-to-end User Acceptance Testing by performing / review the testing results as part of Day-2 enhancement and provide feedback to relevant stakeholders. Ensure implementation of business requirements and solutions are appropriately implemented and tested in the Actuarial functions
- Provide oversight of model development. Ensure that the process and procedures manual are well documented with adequate valuation controls in place.
- Drive the development and implementation of automation processes to improve efficiency in operations and reduce manual tasks.
- Analyze existing processes to identify areas for improvement and optimization, and create solutions to address those inefficiencies.
- Take accountability in considering business and regulatory compliance risks and takes appropriate steps to mitigate the risks
- Maintain awareness of industry trends on regulatory compliance, emerging threats and technologies in order to understand the risk and better safeguard the company
- Highlight any potential concerns /risks and proactively shares best risk management practices
The Person:
- Degree in Actuarial Science or equivalent with good progress in actuarial qualifications
- 7+ years of experience in Life Insurance. Priority is given to those with experience in Family Takaful.
- Strong actuarial knowledge and analytic skills. Priority is given to those with strong knowledge in actuarial valuation reporting for Risk Based Capital (RBC), Embedded Value (EV) and understanding of IFRS 17 reporting requirements
- Strong communication skills. Well versed in English and Malay (both written and verbal)
- Well versed in Microsoft Office application. (Excel, Word, and Power Point)
- Modelling experience in Prophet and knowledge in Takaful will be an advantage
- Has a strong desire to continuously acquire knowledge and deliver high quality results
- Displays high level of trust and sense of responsibility
- A good team player and able to lead junior team members
- High level of integrity, takes accountability of work and good attitude over teamwork
- Takes initiative to improve current state of things and adaptable to embrace new changes