PBTB | Executive, Pricing

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Purpose: The Pricing Executive is required to do the day to day works 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. Organization Context: The role holder is required to use his/ her actuarial knowledge and skills: · To assist in developing innovative product with good risk management controls, price profitable and competitive product while ensuring strict adherence to pricing requirements set by Prudential Group and Bank Negara Malaysia. · To ensure the pricing approach is based on sound actuarial basis · To assist the development of robust pricing model & process with sound actuarial basis and consistency with company takaful model, shariah and profitability requirement. · To provide actuarial support to product implementation committee for timely and effective product implementation · To ensure product pricing and development is compliance to Local business unit and Group policies as well regulator guidelines. · To assist in implementing cost-effective and efficient retakaful arrangements The role holder shall uphold integrity and value of the organization by adhering to company core value, code of conducts and policies. The role holder shall uphold integrity and image of actuarial profession by adhering to actuarial standards of practices and codes of professionalism. Key Accountabilities and Performance Measures Impacted: Product Pricing- Conduct Product Pricing with management of financial and operational risks Product Pricing · Set profitable and sustainable pricing and maintain competitiveness in the market · Support on quotations for tailored group employer scheme · Produce product submission for PCA and BNM and assist on enquiries. · Ensure product pricings complies to requirements set by SOP, PCA and BNM · To ensure product pricing works are accurate, complete and submitted on time Pricing Approach- Maintain and implement sound Pricing Approach/ Model/ Basis · Proper documentation of methodology and bases. · To run pricing model that is consistent with the Company’s takaful model and profitability measures. · Ensure jobs are accurate, complete and submitted on time. Product Implementation- To provide timely and effective Product Implementation support · To perform testing on system as per Pricing UAT SOP and ensure completeness and accuracy. · To provide actuarial support in terms of product materials, system requirement/ development, sale illustration, UAT, etc. · Ensure jobs are accurate, complete and submitted on time. Retakaful - Cost effective and efficient Retakaful put in place for all new products before launch · To support works when liaising with Retakaful Operators to obtain competitive retakaful rates as well as supports on pricing and product design, as well as underwriting and claims management. Working Relationships: Internal Various divisions in the organisation - Product Development - Valuation team - IT - Operations - Agency & Partnership Distribution channels - Finance - Risk Management - Shariah External - Retakaful Operators - Bank Negara Malaysia - PCA - Auditors Qualification and Experience · Degree in Mathematics/Statistics/Actuarial Science or other related course. · Good progress in the Actuarial professional examinations