Job Title Product Actuary
Reports to Actuarial Director
Overall Job Purpose
Assist Actuarial Director in product development, pricing and profit testing, financial projections, capital management, reinsurance, technical marketing, and other actuarial related activities .
Job requirements
Academic - Part way through or completed actuarial exams.
Experience - Experience in a life office, reinsurer or consultancy with exposure to insurance products, financial modelling and profit testing.
Accountabilities/Responsibilities
Pricing of protection products using PROPHET. Developing a good grasp of the underlying cashflows, assumptions and sensitivities. Documenting the actuarial basis and profitability.
Product Development. Developing a good understanding of the product and producing product specifications. Enhancing the product in a multi-discipline product development environment.
Ensuring product pricing meets shareholder profitability and FSA risk requirements and meets business marketability requirements.
Assist system developers to reflect product and pricing structures. Testing of these systems to include portals.
Assist with the management of reinsurance relationships, including providing key information for the reinsurer.
Develop an understanding of the actuarial and risk functions and help produce reports to monitor the effectiveness of these functions.
Assist in the identification of the risks to the business and in assessing of capital requirements based on FSA guidelines and helping to manage the progress of the business against these FSA requirements.
Produce financial projections of the business in conjunction with finance.
Monitor ongoing product experience for insurance risk requirements and comparison against expected financial projections.
Assist in the development of ICA reports in conjunction with Finance.
Provision of information on actuarial and product issues to various committees.
Work closely with the underwriting department to develop and enhance underwriting risk controls.
Input and advice on product development, partnerships, pricing, expense and claims analysis.
As a 'Stakeholder' in the Financial Promotions (FP) process, to ensure that all FP work is completed to a high standard and follows internal procedures in full.
Develop and manage effective documentation and controls for the actuarial and product area to ensure strong corporate and regulatory governance.
Ensure that all processes and tasks take appropriate account in ensuring that we Treat Customers Fairly and that this is embedded within our culture.
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