Head of Life Actuarial

Established in Asia in 2013, FWD is the insurance business of investment group, Pacific Century Group, and spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of its markets.

In Singapore, FWD aims to change the way people feel about insurance by leveraging technology to deliver products and services that are relevant, easy to understand and always convenient for our customers. To this end, we have a direct-to-consumer (DTC) platform that allows customers to buy their preferred life and general insurance products directly from our website; as well as a network of preferred Financial Advisory (FA) firms for customers who want to speak with an advisor before committing to an insurance plan. Whatever their preference, we believe insurance should be simple, reliable and convenient.

Similarly, if you are looking for a career where you can create a real impact and celebrate living, we invite you to join us on our exciting journey.

PURPOSE

Act as the Head of Life Actuarial or Appointed Actuary of FWD Singapore to oversee all actuarial-related matters within life insurance business units.

KEY ACCOUNTAIBILITIES- Overall- Act as Appointed Actuary for FWD Singapore and comply with all the applicable MAS requirements and LIA/SAS guidelines-
- Manage regulatory relationship-
- Valuation and reporting: oversee the following end-to-end processes, ensuring results, changes and impact are well communicated to stakeholders:
- Local regulatory valuation and solvency positions-
- Reserve and actuarial items for IFRS accounts-
- Embedded Value (EV) and Value of New Business (VNB)-
- Pricing- Review and approve product pricing, ensuring the appropriateness of premium rates in accordance with the requirements and professional guidelines from the MAS, Life Insurance Association, and the FWD Group-
- Ensure product risks and financial risks relating to the area of pricing, experience analysis, financial reporting, stress testing, asset liability management, capital management and all other areas of work are promptly highlighted and addressed-
- CFO support- Support CFO in ensuring sound asset liability management and capital management practices-
- Support CFO in driving business planning, forecasting and regular monitoring exercises.-
- Risk and control- Drive experience analyses and ensure appropriate assumption setting and review-
- Conduct stress test exercise for the purpose of ORSA reporting-
- Review and approve channel compensation schemes-
- Formulate reinsurance strategy to ensure sound risk management-
- Implement proper controls and change management processes across all Life Actuarial functions-
- People: develop actuarial talents and maintain a high-performance and stable team

QUALIFICATIONS / EXPERIENCE- 10+ years of actuarial experience covering both life insurance product pricing and financial reporting functions- Fellowship in a recognized international actuarial professional body

KNOWLEDGE, SKILLS & ABILITY- Strong business acumen and communication skill, with proven ability to influence and work with business functions- Strong product development background and good knowledge of the life product landscape in Singapore- Strong knowledge and understanding of Singapore RBC2 and Embedded Value concepts- Strong team management with at least 6 years of supervisory experience- Strong interpersonal skills with the ability to communicate at all levels including senior stakeholders and external stakeholders such as regulators- Strong analytical and problem-solving skills