Life Actuary- Economic Capital (EC)
Kalos Consulting, Inc.
- Baltimore, MD
• Very well established company thats been around over 150 years.
• One of the world's largest insurance and investment management companies with assets are over $1 trillion worldwide.
• Company was certified as a “great place to work” which was based off of a survey from over 350 employees which over 90% said they take pride in their work and feel good about the company’s contribution to the community.
• Health, Dental, Vision, Life, Group Term, spending accounts, disability, 401k.
• "floating" holidays, personal leave, health leave, bereavement, military.
• Tuition reimbursement, study program, seminars, industry committees,associations, societies.
• Sponsor sports teams, host family picnics, offer days off PTO yearly for volunteer work.
• Greater Baltimore and D.C. area
• One of the most affordable and livable cities on the east coast!
• Low crime area.
• Highly educated local population, great public schools.
• High quality dining, hiking, and other lifestyle opportunities, great place for active outdoor lovers!
Role you will play:
Member of Economic Capital (EC) and Solvency II (SII) reporting team, responsible for EC and SII modeling, implementation and analysis entities and all associated reinsurance deals or reinsurance entities.
- Responsible for EC and SII plan projection tasks. This includes all plan projection requests from Group (or related reinsurance entities), Finance, and Management. Be able to understand each task’s requirements, establish work plan, write up approach document, build/run models for different scenarios/sensitivities, automate workbooks, produce reasonable results, finish tasks/meet requirements on time, answer questions from various parties and write up results reports independently. Keep close communications with manager regarding planned activities and progress.
- After reading plan projection task requirements (or receive requests), proactively discuss with managers and negotiate the work scope and dates with Group. This could include the scope of scenarios and point-in-time sensitivities. Also confirm the understanding of requirements with Group. Ensure all involved parties (manager, Group, Finance & 2nd line) are on the same page.
- Fully understand EC and SII reporting requirements (including quarterly reporting and plan projection) to write up sensible approach document, build or enhance the plan projection work/model. Strong capability of building a model, automating or enhancing existing work.
- The EC and SII reporting (quarterly and plan projection) include the build-up of EC/SII balance sheet (based on IFRS balance sheet with technical provision of BEL and Risk Margin), income statement, economic capital requirement (ECR)/solvency capital requirement (SCR), capital requirement attributed to risks and Analysis of Change of surplus attributed to different level of the results. Given a valuation date and data, be able to calculate BEL/Risk Margin, build EC/SII balance sheet/ income statement on a market-consistent basis, derive ECR/SCR (based on Algo biting/assumptions and model runs) plus attributed to risks and build Analysis of Change for different components. Develop and prepare reconciliation between reporting basis and attribution analysis from one period to another. Be able to understand results/drivers for movements and present/explain results to manager, 2ndline, Group committee and other stakeholders.
- Represent the team to attend meetings related to plan projections, answer questions in the meeting, be able to create additional analysis to help the audience to understand results or modify current results to meet different reporting purposes.
- Fully understand Group ORSA and NAIC ORSA requirements. Be able to write up the assigned part, create templates/tables and coordinate with various parties to finish the reports timely, understanding that the audience is senior management, board and regulators. Be able to provide prompt responses to any questions from the audience.
- Be able to develop plan projection for a new product line, a new reinsurance deal, new legal entity or a what-if scenario. Keep up-to-date with company information, Group guidance and regulations. Modify plan projection with updated information.
- Ensure appropriate controls/validations are in place, adhered to and documented. Professional, clear, consistent, transparent and easy-to-check documentations. Always provide written commentary along with presented results. Keep high-standard integrity in all the work and documentations. Identify opportunities for continued improvement to processes.
- Take ownership of assigned tasks. Always keep open conversation with manager and involved stakeholders. Take informed risks to make progress, indentify emerging issues and provide status updates.
- Develop and provide training for the team, department and other management on EC/SII methodology and modeling.
- Strong with actuarial software (especially with MG-ALFA, GGY Axis). Knowledge with Algo engine and BondEdge.
- Strong in communications and technical/analysis skills. Be a strong team player and flexible to perform/support all different types of work. Actively learn/explore other team tasks in non-busy time and be willing to learn from others. For team associated reporting tasks, be readily capable of filling in any tasks upon request. This includes but not limited to quarterly reporting for different product lines/legal entities, calibration analysis/paper, Algo inputs (e.g. formula fitting/static values), Algo outputs validation, model runs, D&A application support, associated analysis/validations, Group templates, SII governance documentations and miscellaneous requests/questions from Group, 2ndline, management, regulators and other teams.
Friday, December 28, 2018