At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business thatyoucan shape, an inclusive workplace whereeveryone’sideas are valued and a culture wherewecan thrive together. Our people stay connected and tuned in to what’s happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.
The Pricing Senior Manager plays a leading role in terms of product management by supporting delivery of the Company’s growth strategies through innovative product development, assumption setting, modelling, profit testing, ensuring integrity of the pricing model, meet pricing standards, and ensuring financial integrity within the distribution channel compensation. They are required to lead their team and support the HOP to deliver end to end product pricing inclusive implementation.
Roles and Responsibilities.
1) Product Pricing- Conduct Product Pricing with management of financial and operational risks
• To work as part of Product Implementation Committee (PIC) on the design and development of innovative product with good risk management controls
• To lead the team and assist HOP in setting profitable and sustainable pricing and maintain competitiveness in the market
• To manage PCA and BNM on product submission document/ filing and enquiries.
• To review the team workings and ensure the workings are accurate, complete and submitted on time
• To enhance current pricing process to improve effectiveness and efficiency.
2) Pricing Approach- Maintain and implement sound Pricing Approach/ Model/ Basis
• To review the team workings and ensure the workings are accurate, complete and submitted on time
• To review the current pricing approach to ensure the approach adopted is consistent with requirements set by PCA and BNM
• To review the pricing approach is based on sound actuarial basis.
• To review, develop and maintain pricing model that is consistent with the Company’s takaful model and profitability measures.
• To implement more effective pricing model risk controls/ reconciliations.
• To ensure pricing assumptions and justifications are documented in detail in the PSD and/or Valuation Basis Memo
• To enhance process to improve accuracy, effectiveness and efficiency
3) Product Implementation- To provide timely and effective Product Implementation support
• To review the team workings and ensure the workings are accurate, complete and submitted on time
• To ensure the team has provided actuarial support in terms of product materials, system requirement/ development, sale illustration, UAT, etc.
• To liaise & manage other stakeholders to ensure effective product implementation support.
• To enhance current process to improve effectiveness and efficiency of product implementation job by Actuarial.
4) Retakaful - Cost effective and efficient Retakaful put in place for all new products before launch
• To liaise with Retakaful Operators to obtain competitive retakaful rates as well as supports on pricing and product design, as well as underwriting and claims management.
• To ensure effective retakaful arrangements are put in place for all new products, taking into account risk identified and Company’s risk appetite and Shariah requirements.
• To enhance current process to improve effectiveness and efficiency.
• To ensure relevant filings on RTO are completed
Qualification and Experience:
• Relevant working experience is preferred (Ideally pricing, however valuation also can be considered)
• Degree and/or Professional Qualification in Actuarial Sciences.
• Knowledge of Takaful model and products and the local regulatory framework will be an advantage.
• Good leadership skills.
• Good analytical and problem solving skills
• Good communication skills and well versed in English & Bahasa Malaysia
• Able to work under pressure and deliver within tight deadlines.
• Driven by high desire to acquire knowledge and to deliver results
• Display high level of trust and sense of responsibility
• Competent in actuarial software (ideally Prophet) and Microsoft Office application (Excel, VBA, Word, Power Point) and any other programming language
