Job purpose
The Head of Actuary plays a crucial role in ensuring the company&039;s financial stability, compliance with regulatory requirements and providing valuable insights for strategic decision making, while managing and effectively mitigate risks by balancing risk and financial considerations to ensure the long- term sustainability of the company in a dynamic and competitive insurance business market environment in Vietnam.
Accountabilities
Risk Assessment and Management:
Develop and implement risk models, analyze the potential impact of various risks on the company&039;s financial health, and work on strategies to mitigate and manage these risks effectively.
Assess and manage risks associated with insurance products and policies.
Collaborate with other departments to identify and address emerging risks.
Premium Rate Setting and Reserving:
Use actuarial principles to set fair and competitive premium rates that cover the risks involved. Establish and manage reserves to ensure the company can meet its future obligations, particularly in terms of potential claims.
Determine appropriate premium rates for insurance policies and establish reserves.
Financial Planning and Reporting:
Monitor closely the company’s statutory and internal reporting financial position and advise management on major financial issues.
Provide financial forecasts and contribute to the development of strategies that enhance the company&039;s overall financial strength.
Provide actuarial input for financial planning, budgeting, and forecasting.
Prepare and present actuarial reports for internal management and external regulators.
Compliance and Regulatory Affairs:
Implement and oversee processes to meet statutory reporting obligations.
Work with regulatory authorities to address inquiries and provide necessary documentation.
Stay informed about changes in regulatory standards and communicate their impact.
Ensure compliance with local and international regulatory requirements.
Strategic Decision- Making and Business Collaboration:
Work with senior management to align actuarial strategies with overall business goals. Collaborate with product development, underwriting, and other departments to support the company&039;s growth and development initiatives.
Team development
Build and develop an actuarial team, set up systems and procedures, and manage actuarial projects to ensure quality and enhance business growth.
Manage the day- to- day activities of staff members, providing instructions and guidance on work related matters, and managing their performance to agreed standards
