actuarial takaful portfolio group (manager/senior manager) in Kuala Lumpur

posted
contact
marin kaur, randstad
job type
permanent
salary
RM 10,000 - RM 15,000 per month

job details

posted
location
kuala lumpur, wilayah persekutuan
specialism
banking & financial services
job type
permanent
working hours
Full-Time
salary
RM 10,000 - RM 15,000 per month
experience
5 years
reference number
91M0140911_1576561956
contact
marin kaur, randstad
phone
03-2036 7566
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job description

about the company
Client institution has been operational since 2005 as a statuory to provide relief for all commercial and Islamic banks, including foreign banks operating in Malaysia and acts as a mandate to provide incentives for sound risk management in the financial system, as well as promote and contribute to the stability of the existing and developed financial systems within the nation. Client institution operates actively in more than 113 countries worldwide.



about the job
The actuary has the role of technical expert, ensuring fairness and equitability in the institution.

Particular key duties includes:

– Pricing/product development

  1. Rate adequacy in light of the benefits promised. If inadequate and a deficit occurs, who will make up the deficit? – Must rate equitably for policyholders. No unfair subsidization should exist of any class of insured by any other class of insured
  2. Rates should not be excessive in relation to the benefits provided.

– Elements in pricing

  1. Probability of the event insured against occurring (and thus the development of mortality and morbidity tables to ensure fairness)
  2. Time value of money (how much investment profits can the operator be expected to earn in the future from the takaful contributions received at the outset of the policy)
  3. The benefits promised
  4. Expenses
  5. Contingencies

Calculation of mathematical reserves - advanced or specific maths is mandatory.

  1. Estimate the timing and frequency of claims
  2. Estimate the number of future contributions/premiums
  3. Reserves are determined such that reserves + future contributions = claims
  4. As timing for a & b is different, need to allow for investment returns
  • The underlying theory of reserves is to ensure fairness and equity in that there is matching between premium income recognised for a period and payout of benefits corresponding to that period.
  • Mathematical reserves are used to determine solvency to satisfy the Regulators and to determine surplus for profit distribution to policyholders.

– Determination of fair distribution surplus

– Ensuring organization's solvency

– Determination of appropriate reinsurance program

– Asset liability management

  • The Actuary should be involved in the asset/liability management of the company. In a developing economy there will be some mismatch between assets and liabilities, but the actuary can:
  1. Determine appropriate assets considering the liabilities and cash flow needs of the insurer
  2. Determine potential product types / liabilities considering the assets available
  3. Ensuring appropriate levels of capital are available where a mismatch strategy is used

– General Risk management

– Development and analysis of industry and institution experience.



about the manager/team
With the right attitude and mindset, successful candidates who has potential to learn with excellent articulation skills can expect to be renumerated attractively with packages based on qualifications and experience together with other benefits alongside with career advancement opportunities which shall commensurate with efforts and contributions.

to apply

To apply online please click the 'Apply' button below. For a confidential discussion about this role, please contact Marin Kaur at 03-2036 7566 or 017-670 1498.

skills

Actuaring, Regulatory, Advanced and, or Specific Mathematics, Risk Assessment, Resolution, Intervention

qualification

no additional qualifications required

educational requirements

Bachelor Degree