Are you looking for a new challenge or opportunity? Pramerica is seeking an actuarial graduate to work with our US based actuarial business partners at Prudential Financial.
On January 1st, 2020, Principles Based Reserving (PBR) will be required for all US insurance companies selling individual life insurance (ILI). This role will provide experience in calculating and understanding the key drivers of ILI PBR reserves through the GGY PBR Excess Reserve Model.
Less than half of US individual life insurance companies have started calculating PBR reserves, so the associate will gain significant experience that most actuaries will value in future years as more products fall under the PBR regime. Although this role is within the valuation area, the associate will gain experience in pricing, assumptions, and modelling for PBR. The associate will develop technical skills using GGY, SQL, and Excel to model PBR reserves and assist in production and analytics.
PBR Quarterly Production: The associate will assist with US Principle Based Reserving quarter end production. This will involve loading inputs to GGY, running the model, and ensuring results are accurate through various production controls/processes.
PBR Assumption Unlocking: Part of the 3Q attribution process involves quantifying the impact of assumption changes. The associate will assist with attribution runs to isolate the separate impacts of these assumptions through model runs in GGY and documenting these changes.
PBR Product UAT: Given that US PBR is still new, new products are still being implemented within the GGY Axis model. The associate will be responsible for assisting with User Acceptance Testing to ensure that new products and product features are implemented correctly in the model through model attribution runs, documentation of testing, and validation of inputs/outputs.
PBR Data Analytics: The PBR team is currently developing tools to assist with analysis of the key drivers of results. The associate will be responsible for investigating material drivers of results and creating visuals to explain quarterly reserve movements. This is a high value project that will be used for quarter end production and will give the associate exposure to GGY, Excel, SQL, and Power BI as well as an understanding of metrics/graphics that senior management values.
Qualifications, Skills & Experience: