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1. Senior Valuation Analyst

Position Overview

The Senior Actuarial Analyst will perform valuation/financial reporting and analysis of Korea business’ financial result.  The role will also contribute to the maintenance and enhancement of the financial forecasting system and analytic foundation by developing/maintaining actuarial models and processes used not only for regular reporting, but also to support unbiased business planning, economic capital refinement, capital planning, cash flow testing, and other such uses.  The Senior Actuarial Analyst will provide general valuation, financial analysis, and project assistance.

 This position may be also involved in IFRS 17 and K-ICS related valuation.

 

Responsibilities

Produce and analyze US GAAP reporting including with providing guidance to junior member and lead the overall working process.

Produce and analyze other Corporate initiatives such as embedded value, principle-based Economic capital and ORSA.

Perform Annual business planning: projection and estimation of future cashflow and analysis of key profit indicators.

Cooperate with other team members related to IFRS17, LDTI and K-ICS.

Develop and maintain cashflow projection model for new and existing treaties.

Perform experience studies for assumption review and implement basis changes required.

 

Requirements

At least Bachelor's degree in Math, Actuarial Sciences, Statistics

At least 7 years’ experience of actuarial valuation in life insurance companies or capable of catching up quickly.

Actuarial software experience (prophet is preferred)

Experience in US-GAAP reporting is preferrable.

Good understanding of Korea life insurance products and reinsurance treaties.

Good understanding and knowledge of IFRS17 and K-ICS.

Strong oral and written communication skills in both Korean and English.

Strong PC and technical skills including database applications (Access, Oracle, SQL, VBA).

Qualification in SOA is preferred and a member of FIAK is a plus

 

 

2. Product Development Manager

Responsibilities

Lead the product development work including rates making and product design done directly for clients. Work directly with clients on the approval of products and rates by the regulator where appropriate.

Build relations with client product development teams to ensure  understands and can assist with product development and research needs as a consequence of changes in regulations, demographics or distribution methods.

Assist the pricing team in setting pricing bases for new products by collecting and analyzing Korean statistics.

Involved in rates making tasks proactive cooperate with pricing team suggesting ideas to be more regulator friendly.

Liaise with International product development and research specialists to learn from changes in international markets and how they can be implemented in the Korean market.

 

 Requirements

Bachelor’s degree in Mathematics, Finance, Statistics or similar

Fellow of the Institute of Actuaries of Korea (or equivalent) or making progress towards

5-12 years’ experience in the Korean insurance industry in product development area involved in rates making, filing and product filing.

Good oral and written skills.

Intermediate or Fluent English ability is preferred.

 

3. In-force Pricing Manager

Position Overview

The role will be responsible for financially driven and capital related solutions and be exposed to all aspects of those solutions. This role’s mission is to drive and provide support to financially driven solutions. The work includes but is not limited to: marketing, developing, structuring, executing and post–close deal maintenance of the transactions.

 

Responsibilities

Lead financially driven and capital related solutions

Assist with creation of marketing materials, proposals, and internal approval memos

Work with other actuaries together to develop pro-forma financial statement models specific to deals if necessary

Participate in pricing and structuring discussions with client

Participate in internal discussions for approvals on deals

Review of legal documents under the guidance of external and internal counsel with supervision from more senior actuaries

Manage post-close inquiries from client and/or internal stakeholders

 

Requirements

• Bachelor’s degree in Mathematics, Finance, Statistics, Actuarial Science or related field

• FIAK, FSA, ASA or progress being made towards

• 13+ years of actuarial experience in life insurance and/or reinsurance

• Good knowledge of IFRS17 and US GAAP

• Good knowledge of local regulations on valuation and solvency requirements

• Proficiency in statistical analysis tools is preferred

• Good English language skills are preferred

 

4. Pricing Analyst

Responsibilities

Pricing Processes and Compliance:

Build pricing models where required for new business treaties in accordance with the standard pricing model templates approved for Korea.

Ensure assumptions to be used are in line with current approved pricing bases.

Ensure proper filing of all quotation files, pricing procedures and pricing bases. Build reference library of information used in the quotation process for audit purposes.

Pricing Basis:

 

Assist in the derivation and approval of Pricing Bases for each coverage type permitted in the Korean Business Unit Mandate

Assist in the derivation and approval of Pricing Bases for new product types not included in the Mandate

Conduct experience studies of Korea business to ensure the Pricing Bases reflect the branch’s own experience where credible

Propose to the Chief Pricing Actuary for signoff how should differentiate its pricing from one client to the next

Marketing:

 

Work with the Korean marketing team to understand client’s reinsurance needs and product development requirements and in obtaining the necessary information from clients in order to quote.

Pricing Software:

 

Use Divisional templates and guidelines, or gain approval to use modified templates to ensure that offers and negotiations reflect Divisional standards and protect RGA’s interests and are in accordance with the RGA Korea treaty approval and sign off processes

Review treaties drafted for quotations worked on

Management Information:

Prepare reports as requested by management

 

Requirements

Bachelor’s degree in Mathematics, Finance, Statistics, Actuarial Science or related field

FIAK, FSA, ASA or progress being made towards

3+ years of actuarial experience in life insurance and/or reinsurance

Preferred

 

Required

Competent knowledge and understanding of actuarial concepts

Competent knowledge of life insurance products and pricing

Advanced PC skills, including spreadsheet and database applications

Ability to understand and analyse client and population data in order to be able to set suitable pricing assumptions

Ability to effectively participate in, and help foster a team-based work environment

Ability to work independently and to show initiative

Advanced oral and written communication skills

 

Preferred

Advanced ability to compile, analyze, refine and interpret large amounts of data

Proficiency in actuarial projection tools

Proficiency in statistical analysis tools

Good English language skills