Actuarial Department Associate

ACTUARIAL DEPARTMENT ASSOCIATE
JOB LEVEL : ASSOCIATE
BASIC SALARY : PHP 35,000.00 to PHP 50,000.00
BENEFITS : This will be discussed during the initial interview.
WORK SET UP : Upon commencement of employment, all new hires are expected
to work on-site for the initial six-month period to facilitate seamless
integration into the company culture and ensure effective
collaboration within teams. Following this probationary period,
employees may opt for a work-from-home arrangement for one day
per week, subject to immediate head approval and in alignment with
business needs and responsibilities.
JOB SUMMARY : The position is responsible for providing support in the
implementation of the different actuarial functions for the Association such as Reinsurance,
Actuarial Services, Valuation of Legal Reserve Liabilities and other items, Experience Studies,
Product Development, Product Viability, Surplus Distribution and prepares reports on Legal
Reserve Liabilities and Experience Studies.
STATEMENT OF DUTIES
1. Reinsurance
 Reviews and checks the reinsurance work of Actuarial Staff/Assistant.
 Recommends payment of reinsurance premiums due reinsurers.
 Recommends sending of transmittal letter to reinsure to make a recovery of any
death claim.
2. BC-related Actuarial Services
 Reviews and checks BC-related Actuarial work of Actuarial Staff/Assistant.
 Signs off the adjustment in face value due to misstatement of age.
 Signs off RPU and ETI quotes.
 Signs off single pay quotes or other limited pay schemes.
 Signs off special proposals for FBG.
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3. Valuation of Legal Reserve Liabilities & other Actuarial Items
 Reviews and checks reserve values and other actuarial items determined by Actuarial
Assistant.
 Drafts memo/letter stating the monthly computed values and other actuarial items for
signing of Consulting Actuary – reserves, IBNR, due and uncollected contributions.
 Answers and addresses queries from external auditors.
 Prepares notes to the Audited Financial Statements.
 Prepares actuarial schedules and exhibits need in the preparation of Annual
Statement.
4. Experience Studies
 Reviews and checks actuarial studies report prepared by Actuarial Assistant.
 Endorses the experience reports to the VP-Actuarial.
5. Product Development
 Requests from the VP-Actuarial the pricing assumptions – investment yield, mortality rate,
persistency rates, and unit expense factors.
 Computes trial contribution rates and projected policy reserves of proposed new insurance
products requested by the Fraternal Benefits Group.
 Analyses the viability and competitiveness of the computed contribution rates by comparing
these computed rates in a product test model.
 Consults VP-Actuarial for revision of assumptions to meet desired profit objective.
 Computes final contribution rates, policy reserves, projected dividends and non-forfeiture
values of proposed new insurance products requested by the Management.
 Prepares the draft product report and attachments for submission to the Consulting
Actuary/Management for their evaluation and approval – product notes, general contract
provisions, supplementary benefit contracts or riders.
 Once approved by VP-Actuarial, prepares all supporting product documents for submission to
the Insurance Commission (IC).
 Makes regular follow-ups to the Insurance Commission re: approval of new product.
 Provides MIS a copy of all relevant data of recently IC-approved product values for
uploading to the valuation file program.
 Conducts product orientations for HO staff, assists FBG in preparing product
brochures, sales kits and other marketing materials.
 Prepares product proposal system for new product.
 Keeps a copy of all working files re: new product for documentation.
6. Product Viability Tests
 Conducts regular viability tests of selected products using actual in-force BC data.
 Recommends to VP-Actuarial any product for possible shelving if product fails profit
objectives or re-pricing to make it viable.
7. Surplus Distribution
 Secures from Management the excess of revenues over expenses for BC holder’s
participation based on audited financial statements.
 Updates the dividend guideline to incorporate relevant items for newly approved
products.
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 Randomly checks the computed dividend values assigned to each BC holder based
on dividend formula.
8. Departmental Budget and Corporate Accounts
 Prepares the departmental budget for the year – supplies, overtime, transportation
expense, product-related expense
 Computes and prepares the corporate account budget for the year, including
increases in reserves, deaths, hospitalization, disability waivers, payor’s benefit
expenses, and auto RPU (ARPU) expenses.
QUALIFICATIONS :
1. A graduate of a 4-year course. A Bachelor of Science degree with a concentration in
Actuarial Science is advantageous. A graduate of BS Math can also be considered.
2. Computer literate at expert level in Microsoft Office (MS Word and MS Excel).
3. With at least three to five (3-5) years of work experience in a life insurance company