Assistant Actuary, Corporate Actuarial
Employment Type: Full-Time
Responsible for the development and maintenance of GGY-AXIS actuarial models for our capital solution/financial reinsurance deals. Serve as the model development team’s expert on financial reinsurance deals for our protection business (mainly Term and UL products), as well as a liaison among all the key stakeholders during deal implementation stage. Responsible for model stewardship, ongoing model maintenance, version upgrade, process improvement, model documentation, and implementing new deals in the models on a timely basis. Model development activities must comply with all model governance and documentation requirements defined by the company’s model governance policies.
High profile role that requires proficiency with various proprietary reinsurance deal structures and regulations related to XXX/AXXX and/or VM-20 reserve financing, innovation, and strong analytical skills.
Responsibilities Develop and maintain financial reinsurance functionalities within our GGY-AXIS & Excel protection business (mainly Term and UL) models for a variety of purposes, including Valuation, Financial Reporting, Financial Planning & Analysis, SII/EC, Cash Flow Testing, and others as needed. Ensure implementation of models complies with actuarial standards and guidelines. Provide actuarial modeling support and financial reinsurance expertise during deal design and implementation stage. Help coordinating between different key stakeholders (Finance, Valuation and Projection, Pricing, and internal and external parties involved in the deals) and field actuarial questions and requests. Become the internal subject matter expert in financial reinsurance deals. Liaise with IFRS 17 team, valuation, finance, investment modeling, financial planning, controller, & IT to ensure models built using GGY Axis, Excel, SQL or other software components are fit for the intended purpose and built according to the agreed model specifications. The model review methods should have diligence commensurate with the materiality and risks associated with the model purpose. Provide thought leadership on model implementation/refinement for new deal structures, regulations, & methodologies. Models must support multiple accounting methods including IFRS 17, Stat, GAAP, Tax, SII and others as required by management. Review and test models to ensure that they are appropriately built to reflect product designs, financial reinsurance deals, the risk of business, and fit for the purposes of all the modeling requirements. Develop robust model validation of GGY-AXIS models against existing MG-ALFA models during the build and transition periods as we transition to the new platform for all financial reporting purposes. Collaborate with other teammates or external resources to accomplish team goals where needed. Provide modeling expertise and support for other internal needs, including capital efficiency analysis, deal amendments, pricing support, etc. Ensure model control is maintained around production models, to prevent unauthorized changes and ensure integrity of model results. Maintain detailed documentation of all changes made to models, including impacts under key reporting bases and evidence of management approval. Identify and implement process improvements, including automation of manual tasks where possible, to increase efficiency and transparency while minimizing the risk of errors. Other duties as required.
Education BS/BA Math/Statistics. Associate, Society of Actuaries.
Experience/Knowledge 5 years of life insurance/actuarial experience. Working experience of XXX/AXXX reserve required. Working experience of financial reinsurance deals highly preferred. Model development or modeling experience required. Experience in multiple accounting methods (Statutory, GAAP, Tax, & IFRS) preferred.
Skill s Actuarial software skills – GGY-AXIS & MG-ALFA experience are a key requirement. AXIS DataLink coding experience preferred. Strong spreadsheet and database capabilities (Excel, MS Access, VBA, SQL). Excellent actuarial analytical skills and problem solving ability. Proficient written and oral communication skills. Ability to multi-task in a deadline-oriented environment.
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