Actuarial Reporting Lead from a non-life direct insurer (Malaysia)
POSITION SUMMARY:
The candidate will serve as the Actuarial Reporting Lead for the organisation (including its related groups of companies), primarily responsible for overseeing and managing the actuarial valuation, financial reporting, and regulatory compliance activities. This role will require a strong grasp of actuarial principles, financial analysis, and insurance regulations in Malaysia. The candidate will work closely with various stakeholders, including senior management, regulatory bodies, and cross-functional teams, to ensure accurate and timely reporting.
JOB RESPONSIBILITIES:
Actuarial Valuation & Financial Reporting
- Lead the preparation and delivery of actuarial valuations, including claims liability and premium liability for the organisation.
- Ensure timely and accurate delivery of quarterly, annual, and ad-hoc actuarial reports for both internal and external stakeholders.
- Oversee the production of actuarial input for financial statements, ensuring compliance with Malaysian Financial Reporting Standards (MFRS) and regulatory guidelines.
- Provide insights and recommendations to senior management based on valuation results and actuarial analysis.
Regulatory Compliance and Reporting:
- Ensure all reporting complies with Bank Negara Malaysia (BNM) regulations and other relevant actuarial guidelines, e.g. Financial Condition Report (FCR) and other statutory reports.
- Stay updated on changes in local and international regulations and ensure actuarial processes align with regulatory expectations.
- Liaise with regulators and auditors to address any queries or issues.
Data & Model Management
- Ensure the accuracy and reliability of data used for actuarial valuations and reporting.
- Lead the development, calibration, and enhancement of actuarial models for valuation and forecasting purposes.
- Implement data governance standards and work closely with IT teams to improve the quality and accessibility of actuarial data.
Risk Management:
- Provide actuarial analysis and insights to support the company’s risk management processes, including stress testing, capital adequacy assessments, and solvency requirements under the Risk-Based Capital Framework (RBC).
- Develop and implement processes to improve the accuracy and efficiency of actuarial models used in risk assessment and reporting.
Strategic Contributions
- Contribute to strategic decision-making by providing actuarial insights on pricing, underwriting performance, and product development.
- Lead the actuarial aspects of the company’s business planning, reinsurance arrangements, and capital management strategies.
- Participate in cross-functional projects and initiatives that require actuarial input, providing technical expertise and problem-solving skills.
Leadership & Team Management
- Stay abreast of industry developments, changes in regulatory requirements, and emerging risks that may impact the company
- Lead, mentor, and develop the actuarial team, fostering a culture of high performance and continuous improvement.
- Provide training and professional development opportunities to actuarial staff, ensuring a high level of technical competency within the team.
- Ensure collaboration with other departments such as Finance, Underwriting/ Product/ Pricing, and Claims to enhance data quality and reporting accuracy.
QUALIFICATION:
- Education: Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or a related field
- Professional Qualifications: Preferably a fellow of a recognized actuarial professional body (e.g., Institute and Faculty of Actuaries, Casualty Actuarial Society, Actuaries Institute (Australia), Society of Actuaries, or equivalent)
- Experience: At least 7 years of experience in the general insurance industry, including at least 2 – 3 years of experience in people and project management
- Subject Matter Expert: At least 3 core Actuarial areas in General/ Health (Re)Insurance including IFRS17, ERM, Capital Modelling, Reinsurance, Regulatory Reporting (Valuation, FCR, ICAAP, RBC) etc
SKILLS AND COMPETENCIES
- Integrity and Professionalism: Demonstrates the highest level of integrity and professionalism in all dealings.
- Regulatory Awareness: Deep understanding of regulatory requirements and the ability to ensure compliance.
- Strategic Thinking: Ability to think strategically and provide insightful actuarial advice to guide the company’s financial decisions.
- Leadership: Strong leadership skills with the ability to influence and guide the Board and senior management.
- Attention to Detail: Meticulous attention to detail in all aspects of actuarial work, ensuring accuracy and reliability of outputs.