Assistant Vice President, Actuarial

JOB PURPOSE

• To assist the Head of Corporate Actuarial in providing technical and actuarial services to support the growth and profitability objectives of Takaful IKHLAS General portfolio.
• The jobholder is also expected to support the Appointed Actuary in carrying out his or her duties stipulated in BNM Guidelines of Appointed Actuary.

JOB RESPONSIBILITIES

1.Actuarial Valuation Report (AVR) for General Takaful

• Review/Lead the periodic and annual valuation for RBCT reporting
• Ensure that the proposed actuarial assumptions are reasonable and proposed reserve are actuarially sound. The jobholder is responsible to ensure proper documentation of the adopted methodology and adherence to relevant processes and procedures.
• Coordinate with internal and external parties on actuarial valuation matter.
• Build and improve internal reserving function such as data extraction, sense checks on data, maintaining database, reserving templates, relevant SOPs and risk control process for reserving
• Ensure compliance to relevant regulatory guidelines, professional and ethical codes of conduct, and best actuarial practice of actuarial professional bodies. The jobholder is required to identify gaps (if any) and to propose associates action plans.

2.MFRS17 Reporting

• Assist in the preparation of MFRS17 liabilities reporting (LIC & LFRC)
• Enhance MFRS17 reporting processes.
• Assist Finance department in the preparation of MFRS17 disclosures.

3.Management of Surplus Distribution

• Ensure periodic review of General Takaful Surplus Management Policy to ensure fairness to the participant.
• Ensure timely allocation of surplus distribution to participants

4.Financial Condition Report (FCR) for General Takaful

• Prepare annual Financial Condition Report (FCR) to assist the Appointed Actuary to derive his or her findings on company matters.

5.Fulfilment of Actuarial Requirements for ICAAP

• Ensure completion and timeless of relevant documentation related to ICAAP reporting e.g CAR and Stress Test, ITCL and CMP review
• Identify and create awareness of key financial risks with proposed associated mitigation plan.

6.Fulfilment of Actuarial Functions for Business Projections and other Operational needs

• Provide actuarial input and perform company business plan projections
• Report and advise on the initial blind reserve to claims department
• Report and recommend relevant Asset Liability Management analysis and findings

7.Training

• Pursue professional actuarial certification by one of the recognized actuarial institution.

8.Others

• Identify and create awareness of key financial risks with proposed associated mitigation plan.

QUALIFICATION & EXPERIENCE

Academic

• Degree in Actuarial, Mathematics or Statistics with keen interest to pursue actuarial qualifications

Professional

• Good progress towards professional qualification with an internationally recognized body (CAS, SOA, IFoA, IAA)
• Effective communication skills to accurately convey results to relevant parties for decision-making

Experience

• Minimum 5 years of relavant working experience in the insurance / takaful industry