Actuarial Associate (IFRS 17 Project)
At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business that you can shape, an inclusive workplace where everyone's ideas are valued and a culture where we can thrive together. Our people stay connected and tuned in to what's happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.
Support the responsibilities of the Chief Actuary Office to provide actuarial project and modeling support within the Actuarial Section. This includes the participation in special actuarial projects relating to advanced industry accounting basis, capital, solvency, process improvement and financial management, as well as the design, development, enhancement and maintenance of actuarial models and reporting tools. Job Responsibilities:
- Actuarial projects support - Provide technical support on special actuarial projects assigned by the team head and/or the Chief Actuary, in collaboration with the actuarial teams. Projects may include the IFRS 17 and Risk-Based Capital reporting regimes development.
- Actuarial model development - Take part in the maintenance, development and enhancement of actuarial models, including the deterministic PROPHET model and the stochastic PROPHET ALS model, to ensure that a consistent set of actuarial models is being used for different purposes within the whole Actuarial department, and to reflect new management actions and new product features. Typical actuarial modelling projects in this team are expected to focus on 4 key areas:
(1) Initial assessment: Technical actuarial discussion on the actual management practices and expectations across different actuarial functions.
(2) System design and technical specifications: Specify the particular model design and structure, identify expected financial drivers, discuss potential technical issues and propose practical solution.
(3) Implementation and testing: Model build, and a full range of model validation and result analyses.
(4) Management approval: Presentations of proposed technical approaches, financial impacts and potential business implications to senior management.
- Technical advisory support - Assist in the construction of responses to technical enquiries from different stakeholders (regulators, regional office and the UK group head office). Assist in process changes and implementation to enhance efficiency and effectiveness in order to fulfill company and actuarial objectives and strategies. Assist in the maintenance of robust actuarial governance and compliance framework.
- University degree holder majoring in Actuarial Science or related fields
- Decent progress in actuarial exams
- At least 1-2 years of relevant experience
- Experience in UK with-profits management, economic capital or financial experience is a plus
- A team player with good communication and presentational skills, able to work under pressure
- Detail-minded and with good problem solving and analytical skills
- Good command of both spoken and written English
- Modeling experience with PROPHET and stochastic modeling software (e.g. PROPHET ALS) is a plus