The person in this position will be a key member of the Asian actuarial pricing team and will be called upon to assist local branch and representative offices in all actuarial responsibilities including pricing, product design, product development and occasional marketing. Additionally, supporting the maintenance and improvement of existing pricing infrastructure, risk management and control initiatives will round out the other responsibilities of the position.
The person in the role will work very closely with the regional pricing team on predominantly traditional pricing related activities.
Given the likely focus of other developing opportunities, there may also be some crossover into the liability-side pricing of capitally motivated reinsurance transactions as priorities emerge.
Key Relationships (Internal & External)
- Regional functional leaders and team members
- Chief Pricing Actuary, Asia
- Local Chief Pricing Actuaries in Asia
- Pricing Actuaries in the region
- Provide pricing and risk analysis guidance and support to RGA offices within the Region (and elsewhere as required) when needed for the pricing of reinsurance proposals that fall outside local authorities. Coordinate any additional pricing resources to assist these offices when needed for the pricing of these opportunities;
- Act in a peer review capacity for reinsurance quotations within the Region (and elsewhere as required) - including the review of assumptions and/or methodology used in a proposed transaction to ensure they meet Corporate and Regional guidelines and utilize sound actuarial techniques. Lead and assist with technical and peer reviews of the pricing of non-traditional transactions;
- Coordinate and/or assist local offices with gathering and analyzing information from companies on potential reinsurance transactions or opportunities;
- Assess and review risk exposure in potential transactions and suggest and report on possible avenues for further analysis if required. Discuss and present this information to local offices and management;
- Provide training or instruction which familiarizes new starters with Corporate and Regional pricing standards and practices. Contribute to training or instruction with respect to how to efficiently use AXIS and other modelling tools to price business with the Region (or wider area as required). Assist or coordinate training or instruction with respect to the use of AXIS for new risks or initiatives (e.g. PBEC);
- Assist with the maintenance and peer review of pricing bases for business written in the Region (or other areas as requested). Together with the Chief Pricing Actuary, Asia, ensure regular reviews and updates of pricing bases are conducted at the local level and that results of these reviews are properly disseminated to appropriate Regional counterparts;
- Coordinate or project manage the implementation of Regional risk pricing or risk control measures or initiatives. Review, monitor and suggest updates or improvements to the Regional corporate governance framework. Act proactively to identify emerging areas of risk and include or suggest appropriate controls or action. Develop best practice modelling or other tools to efficiently and accurately assess the risks of the business. Encourage the use of best practice techniques for all aspects of the pricing quote process;
- Lead and assist with the analysis and review of retention structures, business flows, insurance risk appetite, risk volatility, and risk aggregations and suggest or implement suitable recommendations and measures;
- Provide pricing and risk analysis guidance and support to RGA offices within the Region (or wider as required) by reviewing and coordinating the development of computer models and financial projections of reinsurance proposals. Identify and suggest or implement possible avenues for improvement or standardization throughout the Region;
- Manage or assist with pricing audits and actuarial reviews of local office pricing results or exercises within the Region. Ensure that management responses and commitments are properly actioned and followed through to satisfactory resolution;
- Discuss reinsurance terms, structures and objectives with local offices covered under the Region;
- Coordinate, review and/or assist with research and development for the pricing of new or emerging products in RGA markets;
- Manage and/or support client development initiatives in the Region (or wider as required) including assisting regional actuarial personnel in their marketing activities;
- Assist Regional or local corporate actuarial areas as practicable or as required as pertaining to the Region.
- Accreditation as a fellow in a globally recognized actuarial association (e.g. U.S., Canada, Australia, UK or equivalent);
- 10+ years full-time work experience (or equivalent) in life insurance or reinsurance.
- Ability to travel internationally for duration of 1-2 weeks, 3-4 times per year;
- Asian language skills desirable;
- Knowledge of Asian life insurance markets and product lines highly regarded;
- Expert level of understanding of various Individual life insurance products;
- Strong client service focus;
- Ability to lead cross-functional project teams and liaise with individuals across a wide variety of operational, functional and technical disciplines;
- Strong communication skills - both written and verbal; demonstrating the ability to communicate difficult concepts and negotiates with others to adopt a different point of view;
- Programming Language and Database skills (e.g. R, VBA);
- Advanced MS Office suite - Excel, Word, PowerPoint, Access;
- Highly motivated, results oriented and solutions focused;
- Strong attention to detail.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $92.2 billion as of December 31, 2021. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions.