Actuarial Analyst
EFU Life Assurance Ltd
مجموع سنوات الخبرة :11 years, 7 أشهر
Designing and Pricing Group Life Insurance (Conventional/Takaful)
Devise various options tailored to the needs of clients on group terms, group credit life and group micro insurance
Determine appropriate premium through amalgamation of experience and book premium
Developed an in-house new administration system for group life operations, automating processes such as Reinsurance premium calculations (including experience rating), billing, policy issuance, fluctuations and commission calculations. Defined requirements for programmers and tested the system.
Develop new and innovative products for corporate clients including but not limited to Group Unit Linked Plans, School Fee Continuation and Salary Continuation (Annuity) Plans
Design multiple proposals for bank customers including loan protection and personal accidental schemes
Valuation and Reserving (Conventional/Takaful)
Execute actuarial liability valuations of group life portfolio (both gross and net of reinsurance) on monthly basis
Evaluation and analysis of the movement in unearned premium reserve, IBNR reserve using lag development method, outstanding claim reserve, policy holder and reinsurer profit commission
Determining and monitoring the company’s solvency by ensuring that the correct set of rules and regulations are applied
Reinsurance (Conventional/Takaful)
Coordinate and negotiate facultative quotes from reinsurer on special risk cases
Execute and ensure timely settlement of reinsurance accounts
Analysis of the impact of different reinsurance arrangements on company’s portfolio. Employing this analysis to determine appropriate reinsurance arrangements and negotiate terms including but not limited to benefit rates, profit commission terms and free cover limit with multiple reinsurers in collaboration with a leading international broker
Actuarial Studies
Conduct group business expense analysis and review the adequacy of expense margins built in the pricing model
Conduct industry analysis of profitability within the group portfolio highlighting most profitable and loss making industries and use the results to make strategic decisions such as industries to target, level of pricing support for different industries
Carry out mortality/morbidity study of the group portfolio and employ results for pricing retained business and negotiating better rates with reinsurers
Analysis of the impact of changing retention limits on company’s risk-taking capacity, periodically
Group Takaful System Development
Developed an in-house new administration system for group takaful operations, automating processes such as ReTakaful contribution calculations (including experience rating), billing, policy issuance, fluctuations and commission calculations. Defined requirements for programmers and tested the system
Supervisory and Strategic
Leading a team of permanent actuarial students and supervising internees (seasonal) under group life actuarial exposure
Correspondence with the Appointed Actuary and Regulatory authority for products’ approval
Carry out periodic surplus analysis and reporting of business to regulator, credit rating agency, auditors, appointed actuary, reinsurers and senior management
Completed BBA along with job and actuarial certifications with 3.01 GPA