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Actuarial Analyst

Applications are invited from suitably qualified persons to fill the permanent position of Actuarial Analyst in the Technical Underwriting Business Unit. This position is at the level of Grade 4 in the Company’s compensation structure and will report to the Actuary.   

Major Areas of Responsibility

 

Product Development, Pricing and Performance Management

  • Supports actuarial team’s product development function with data collation, actuarial analysis, and project execution guidance within agreed deadlines across all company product portfolios as follows:
    • Assists with pricing and profit testing for alternative design prototypes (utilizing the AXIS software as appropriate) and formulating final product design.
    • Develops the business case and prepares draft pricing reports, pricing certificates and product briefs for the Board of Directors.
    • Assists with documentation for regulatory filings and product approvals.
    • Prepares detailed product specifications and rate templates, and support of administrative system testing.
    • Reviews marketing and administrative procedures and training materials including mock-ups.
    • Provides actuarial support for administrative system implementations and upgrade(s).
    • Assists with competitive analyses in all markets.
    • Reviews marketing material to ensure that promises made are consistent with pricing assumptions.
    • Provides ad-hoc pricing support for special quotations across the Life and Health product suite.
  • Assists with the pricing and performance management functions of the team by supporting:
    • In-force and new business reviews of product premiums, guaranteed cash surrender values, options and charges and making suggestions for re-price and/or re-design of products if profit targets are not met.
    • Assessments of root causes of sub-optimal performance and assessment of financial feasibility of strategies designed to improve performance.
    • Reviews and design/redesign of sales compensation structures.

Financial Reporting

  • Supports the team’s actuarial valuation function for in-force individual life policies and individual life annuities, as necessary for the production of actuarial reports including:
    • Monthly/quarterly and year-end valuations.
    • Annual year-end valuation reports including assumptions determination and implementation of basis changes.
    • Statutory actuarial filings, year-end notes to the financials and audit requirements.
  • Assists with the preparation of the in-force and new business movement analysis for the Life and Health lines of business.
  • Assists with the preparation of new business reinsurance reports for Life and Health lines of business.
  • Supports the financial reporting of P&C business, as required.
  • Provides technical support for the following customer service calculation requests:
    • Accumulation annuity projections;
    • Universal life projections;
    • Cash/maturity value verification;
    • Paid up values computations.
  • Ensures correctness and quality of actuarial analyses by:
    • Assessing the reasonableness and reliability/quality of input data
    • Maintaining adequate documentation and audit trail;
    • Ensuring that reports clearly communicate the business issues and recommendations are adequately supported.
  • Contributes to increasing the efficiency of the team through the development and implementation of new and improved tools, approaches, and analytical techniques.
  • Performs other related duties assigned and necessary for the development of the Insurance Corporation of Barbados Limited.

Qualifications, Experience and Skills

  • A Bachelor’s degree in Actuarial Science or a strong background in Mathematics including Calculus, Probability and Statistics.
  • Progressing towards a professional designation, at least two (2) of the professional actuarial examinations.
  • Minimum of 2 years of working experience in the financial industry.
  • Strong problem solving, mathematical and analytical skills.
  • Excellent customer service and communication skills that demonstrate professionalism.
  • Excellent interpersonal and organizational skills with the ability to multi-task and work autonomously.
  • Demonstrated ability to multi-task and work independently as well as within a team.
  • A high level of proficiency in the use of Microsoft Office Suite and in particular, Microsoft Excel.
  • Proficiency in the use of any actuarial modelling software; experience in the use of AXIS would be considered an asset.
  • Experience with the IFRS-17 reporting framework would be considered an asset.

 

Compensation  

A competitive remuneration package will be offered in accordance with qualifications and experience.

Deadline Date for Applications

September 23, 2022