Actuarial Department Associate

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.
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
 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.