Actuarial Pricing Specialist

Job Summary: The Actuarial Pricing Specialist for Group Products is responsible for developing and maintaining pricing models, conducting profitability analyses, and ensuring compliance with regulatory requirements. This role requires strong analytical skills and a solid understanding of group insurance products, as well as the ability to collaborate with cross-functional teams.

Key Responsibilities:

Pricing Model Development:

- Develop and enhance pricing models for group insurance products, including life, health, and disability insurance.

- Conduct actuarial assessments to establish premium rates that ensure competitiveness and profitability.

Data Analysis:

- Analyze historical claims data, demographic information, and market trends to inform pricing strategies.

- Utilize statistical techniques to forecast future claims and determine reserve levels.

Product Development Support:

- Collaborate with product management and marketing teams to support the development of new group insurance products.

- Evaluate the financial impact of product design changes and enhancements.

Profitability Analysis:

- Monitor the performance of existing group products and provide insights into profitability.

- Conduct regular reviews of pricing assumptions and adjust as necessary based on emerging trends and experience.

Regulatory Compliance:

- Ensure all pricing models and practices comply with industry regulations and standards.

- Prepare documentation and reports for regulatory submissions.

Cross-Functional Collaboration:

- Work closely with underwriting, finance, and sales teams to align pricing strategies with business objectives.

- Provide actuarial support for negotiations with large group clients.

Reporting and Documentation:

- Prepare comprehensive reports and presentations on pricing strategies, performance metrics, and market analysis for stakeholders.

- Maintain thorough documentation of pricing methodologies and assumptions.

Continuous Improvement:

- Stay updated on industry trends, regulatory changes, and advancements in actuarial science.

- Participate in professional development activities and contribute to the development of best practices within the team.

Qualifications:

Education:

- Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field.

- Progress toward professional actuarial credentials (e.g., ASA, FSA, or equivalent) is preferred.

Experience:

- 3+ years of experience in actuarial pricing or related roles, with a focus on group insurance products.

- Experience with pricing software and actuarial modeling tools (e.g., Prophet, GGY AXIS, etc.).

Skills:

- Strong analytical and problem-solving abilities, with a keen attention to detail.

- Proficient in statistical analysis and data manipulation, including advanced Excel skills.

- Excellent communication skills, both written and verbal, with the ability to present complex information clearly.

- Regular working / monitoring / reviewing of Group Term Quotations

- Regular monitoring of Group Schemes, Mortality Experience Analysis

- Liaising with Reinsurer, Legal and Compliance teams for RI treaty / addendum closure

- Filing and other work related to Group Products

- Developing new ideas and schemes for group business