Position Overview

This person will be responsible for carrying out all activities involved in reinsurance quotation in day-to-day pricing function in (THE FIRM) Japan, covering quantitative and qualitative risk analysis, providing financial quantification, and assisting senior Pricing Actuaries in providing final actuarial recommendation to management related to the quote opportunity. He / she is also expected to contribute to improvement of risk understanding in (THE FIRM) Japan through Pricing Basis development, other R&D activities and risk monitoring.

Reporting Structure:

• Reporting line to Pricing Manager / Pricing Director, Japan
• Key relationships with the Business Development and Product Development, Japan
• Key relationships with Asia Regional Pricing

Responsibilities

Pricing Process and Compliance

• Participate in pricing process from beginning to end on assigned quotes
• Contribute to the design of reinsurance treaty terms by providing pricing and risk analysis to support actuarial recommendation
• Apply judgement to propose pricing methodology to be applied and agree with Pricing Manager / Pricing Director / Chief Pricing Actuary (CPA)
• Build or amend pricing models for new business treaties or re-pricing exercises for in-force treaties in accordance with the standard pricing model template approved for (THE FIRM) Regional. Any significant changes are to be agreed with the Pricing Manager / Pricing Director / CPA
• Work with Pricing Manager / Pricing Director / CPA to ensure assumptions to be used are in line with current approved Pricing Bases. Carry out appropriate experience studies and propose adjustments and new assumptions where needed
• Peer and technical review of pricing quotes lead by other pricing actuaries
• Prepare pricing summaries, proposals and pricing memos, obtaining underwriting and claims summaries
• Assist the Pricing Manager / Pricing Director / CPA with escalation to Regional Pricing for approvals as necessary for assigned quotes
• Review treaty for consistency with pricing and proposal
• Understand and act on new Corporate or Regional procedures and guidelines following discussion with Pricing Manager / Pricing Director / CPA
• Ensure proper filing (and backup) of all quotation files, pricing procedures and pricing bases with due respect to internal policies

Pricing Bases

• Participate in Pricing Basis development initiatives from beginning to end
• Assist in assessment of various data sources for development of Pricing Basis
• Analysis of data required for the derivation of Pricing Bases for each risk to be priced
• Seek Underwriting, Claims and Medical subject matter expert opinions on these risks and factor in these insights in the assumption setting and risk parameterisation
• Assist in the obtaining Pricing Basis approval from Regional where needed

Research and Development

• Analysis of data required for the purpose of new product development
• Assist with specific R & D projects as specified by Pricing Manager / Pricing Director / CPA, working with other functions where needed

Pricing Software

• Maintenance of the (THE FIRM)Japan pricing model template to be used in all quotes
• Ensure model compliance with RGA best practice and guidelines
• Development of new model for any additional business included in the RGA Japan

Other

• Prepare management reports as requested
• Participate in staff training as both trainer and trainee as occasion requires
• Build and maintaining positive working relationships with (THE FIRM) Japan Business Development, Underwriting, Claims, Valuation, Finance, and Admin teams
• Build and maintaining positive working relationships within (THE FIRM) across Asia, Regional and Corporate
• Support for any special projects for Corporate, Regional and (THE FIRM) Japan

Requirements

• Bachelor’s degree in Mathematics, Statistics, Actuarial Science or a related field
• Planning to, near or just completed Fellowship through IAJ or similar
• 2-5 years life insurance experience
• Advanced Excel Skills. Experience with modeling is an advantage
• Knowledge of Japanese life insurance products is an advantage
• Familiarity with reinsurance or life insurance pricing is an advantage
• Fluency in Japanese language
• English language skills (written and verbal) is a plus or being willing to learn on-job
• Ability to work independently and show strong motivation and initiative
• Open, honest and a cooperative mindset; ability to effectively participate in, and help foster, a team-based work environment
• Logical approach to solve commercial problem with numerical analysis
• Exception candidates with no working experience would also be considered