Prudential's purpose is to help people get the most out of life. We will deliver our purpose by creating a culture in which diversity is celebrated and inclusion assured, for our colleagues, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and in exchange, we support our people's career ambitions. We pledge to make Prudential a place where you can Connect, Grow and Succeed.
Responsibilities:
Product Pricing
- Perform initial profitability and risk assessment for any product ideas
- Ensure that the pricing supports key financial KPIs: NBP margin, OFSG, persistency, expense and claims variances
- Derivation of the pricing assumptions used along with the justifications
- Manage, provide guidance and assistance in preparation of spreadsheet and prophet model for pricing and profit testing purpose
- Ensure that all the internal process and regulations are followed in product pricing including completion of all required documentation
- Manage, provide guidance and assistance to complete the product submission document or addendum with comprehensive financial result
- Responsible for engagement with OJK on pricing and reinsurance related issues
- Work closely with related departments for preparing quotation, product specification, product system, marketing materials, etc.
Product Maintenance
- UAT for new or enhancement products
- Assist in system maintenance (Life Asia)
- Review and sign-off for final product specifications
- Answering queries related to technical issues on products
Reinsurance Management
- Communication of requirements to reinsurers and rate negotiation
- Prepare reinsurance selection document that including comparison of rates, benefit and conditions among some reinsurers
- Assist in coordinating signing of reinsurance treaties or addendum
- Regular reporting for reinsurance exposure
- Yearly review of retention limits
Team management
- Ensure development of the pricing team, in line with the career interest and opportunity
Requirements:
Qualifications
- Fellow of PAI, SoA or equivalent actuarial bodies
- Have at least 9 years of actuarial and 5 years of pricing experience
- Good communicator (spoken and written English)
- Team management experience is essential
- Work experience of working on multiple products simultaneously
Knowledge
- Insurance product knowledge and market intelligence
- Indonesia insurance regulations
- Pricing process and negotiation with sales teams
- Reinsurance management and negotiation
Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.
