Actuarial Pricing

7 days ago

Jakarta, Indonesia Prudential plc Full time

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Support Actuarial Pricing and Reinsurance Management function within Pricing department. Stakeholder management (senior management, group, channels) and management of a couple of pricing team members.

Assist pricing head with the following key responsibilities:
1. Product Pricing
- Generate new product ideas that is fit and suitable for market
- Execute product ideas that includes delivering a product to the market that is appealing to both customers and distribution as well as generating good returns to shareholders
- Supports key financial KPIs: ie. NBP margin, OFSG, persistency, expense and claims variances
- Deliver all required submissions/filings to both local regulator (OJK) and Group for product and campaign approvals
- Manage projects, provide guidance and assistance to the respective pricing managers/members for pricing technicalities
- Ensure that all the internal process and regulations are followed in product pricing including completion of all required documentation
- Review and sign-off on all product specs
- Responsible for engagement with OJK on pricing and reinsurance related issues
- Work closely with related departments for preparing quotation, product specification, product system, marketing materials, etc.

2. Reinsurance Management
- Communication of requirements to reinsurers and rate negotiation
- Obtain approval from local and Group for changes in reinsurance arrangement/strategy
- Manage signing of reinsurance treaties or addendum
- Yearly review of retention limits and restructuring of reinsurance arrangements to extract more reinsurance value

3. Team management
- Manage a couple of pricing teams that are each headed by a Pricing Manager/Assistant Manager
- Ensure development of the pricing actuaries, in line with the career interest and opportunity

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