This person will be responsible for carrying out all activities involved in reinsurance quotation in day-to-day pricing function in RGA Japan, covering quantitative and qualitative risk analysis, providing financial quantification, and assisting senior Pricing Actuaries in providing final actuarial recommendation to management related to the quote opportunity. He / she is also expected to contribute to improvement of risk understanding in RGA Japan through Pricing Basis development, other R&D activities and risk monitoring.
- Reporting line to Pricing Manager / Pricing Director, Japan
- Key relationships with the Business Development and Product Development, Japan
- Key relationships with Asia Regional Pricing
Pricing Process and Compliance
- Participate in pricing process from beginning to end on assigned quotes.
- Contribute to the design of reinsurance treaty terms by providing pricing and risk analysis to support actuarial recommendation.
- Apply judgement to propose pricing methodology to be applied and agree with Pricing Manager / Pricing Director / Chief Pricing Actuary (CPA).
- Build or amend pricing models (AXIS) for new business treaties or re-pricing exercises for in-force treaties in accordance with the standard pricing model template approved for RGA Regional. Any significant changes are to be agreed with the Pricing Manager / Pricing Director / CPA.
- Work with Pricing Manager / Pricing Director / CPA to ensure assumptions to be used are in line with current approved Pricing Bases. Carry out appropriate experience studies and propose adjustments and new assumptions where needed.
- Peer and technical review of pricing quotes lead by other pricing actuaries.
- Prepare pricing summaries, proposals and pricing memos, obtaining underwriting and claims summaries.
- Assist the Pricing Manager / Pricing Director / CPA with escalation to Regional Pricing for approvals as necessary for assigned quotes.
- Review treaty for consistency with pricing and proposal.
- Understand and act on new Corporate or Regional procedures and guidelines following discussion with Pricing Manager / Pricing Director / CPA.
- Ensure proper filing (and backup) of all quotation files, pricing procedures and pricing bases with due respect to internal policies.
- Participate in Pricing Basis development initiatives from beginning to end.
- Assist in assessment of various data sources for development of Pricing Basis.
- Analysis of data required for the derivation of Pricing Bases for each risk to be priced.
- Seek Underwriting, Claims and Medical subject matter expert opinions on these risks and factor in these insights in the assumption setting and risk parameterisation.
- Assist in the obtaining Pricing Basis approval from Regional where needed
- Support for any special projects for Corporate, Regional and RGA Japan
- Bachelor's degree in Mathematics, Statistics, Actuarial Science or a related field
- Planning to, near or just completed Fellowship through IAJ or similar
- 1-5 years working experience as an actuary . Industry (Life, P&C, consulting, etc.) or function (pricing, valuation, risk management, etc.) do not matter.
- Advanced Excel Skills. Other programming skills such as SQL, Python or R are an advantage. Data Analytic skills is an advantage. Experience with AXIS is an advantage.
- Knowledge of Japanese life insurance products is an advantage.
- Familiarity with reinsurance or life insurance pricing is an advantage.
- Fluency in Japanese language
- English language skills (written and verbal) is a plus or being willing to learn on-job
- Ability to work independently and show strong motivation and initiative
- Open, honest and a cooperative mindset; ability to effectively participate in, and help foster, a team-based work environment
- Logical approach to solve commercial problem with numerical analysis
- Exception candidates with no working experience would also be considered.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world's largest and most respected reinsurers and is guided by a fundamental purpose: to make financial protection accessible to all.
RGA has been named to Fortune magazine's 2023 list of the World's Most Admired Companies, an acknowledgement that reflects our legacy of innovation, dedicated client focus, community responsibility, commitment to diversity, and long-term value creation. RGA serves clients and partners in key markets around the world and has approximately $3.3 trillion of life reinsurance in force and assets of $82.7 billion as of September 30, 2022. To learn more about RGA and its businesses, visit www.rgare.com .