Generali Life Assurance Philippines, Inc.
JOB DESCRIPTION Actuarial Division
generali.com.ph
Generali Philippines –Job Description 2
Job Description
Job Description
Position Title
: Actuarial Supervisor – IFRS 17 & Prophet
Department
: Actuarial Department
Position Holder
: Reports to : Chief Actuary
Job Scope / Position Summary
Purpose of this Role: The IFRS 17 implementation has been one of the most topical change for the insurance industry with significant change to the habitat on valuation, pricing and disclosures. The incumbent is expected to get heavily involved in managing the development of the IFRS17 project. Main Responsibilities: Description on the main responsibility:
• Support the IFRS 17 implementation project in data, system and process development. • Collaborate with GARO and/or Group Office in establishing IFRS 17 methodology specific for Generali
PH BU • Review the technical model design prepared by the consultant firm and ensure that it is in line with Group
Office requirements • Collaboration with actuarial modelling consultants and ensuring that products were fully migrated to
Prophet work streams • Develop and adapt actuarial reporting tools and modelling from design to implementation and user
acceptance test (UAT) • Coordinate with other project team members on the development of different work streams (Finance, IT,
etc.)
Usual Contacts:
• Finance
• IT
• GARO Actuarial
• IFRS 17 consultant firm
• Chief Actuary
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Qualification and Experience Requirement
Education : Bachelor’s degree in actuarial science, mathematics, statistics, finance or business.
Experience : • At least 5 years working experience in life insurance industry, with at least
3 years Valuation & Reporting experience and 2 years hands on Prophet skills experience.
• Strong knowledge in assurance products and IFRS 17 will be an asset. • Experience in data and system UAT is a plus
License/Certifications
Skills / Competencies : A. Technical Competencies 1. Business Process Know How: Knowledge and undertanding of the insurance market, the basic insurance principles and the ability to apply them; Knows the competitive landscape and industry/market trends; Knows how businesses work; knowledgeable in current and possible future policies, practices, trends, and information affecting his/her business and organization; knows the competition; is aware of how strategies and tactics work in the marketplace. 2. Product & Operations Knowledge: Knowledge and understanding of product features, benefits and exclusions; Familiarity with processes & procedures in group insurance 3. Stakeholder Engagement: Creating and maintaining ongoing, collaborative and effecrtive working relationships with internal and external partners and customers to achieve the goals of the work unit; Able to build relationships of trust by having credible inputs and forward-looking mindset; Able to use technology and social media to drive and create high-performing organization; Influencing or ability to convince others in an honest, respectful and sensitive manner in order to get them to go along with one’s objectives 4. Strategic Thinking: Ability to think conceptually and to "see the big picture". It involves taking calculated risks based on realities or existing issues as they impact the srategic direction of the department and organization 5. Actuarial Accounting (IFRS 17): Ability to assess, identify and record financial transactions in line with IFRS 17 principles, mastering new metrics such as CSM, Risk Adjustment & insurance margin 6. Budgetting & Forecasting: Can perform budget expense variance analyisis; Has knowledge and understanding of the Expense Budgeting Process and Expense Control and Monitoring; Can do financial projection, consolidation, analysis, reporting 7. Capital Management: Ability to manage, in line with company business and asset & liability strategies, the main drivers of assets and liabilities, defining short term & medium/long term financial strategy 8. Ecosystem & Innovation Financial Analysis: Ability to identify how a deal, transaction, new partnership or innovation solution might affect the value of the firm & its ecosystem in terms of financial indicators, eg, ROI, NPV, Breakeven 9. Merger & acquisition: Ability to analyze industry prospects & target companies, preparing financial models, projections & due diligence, in order to assess potential acqusitions from a business, tax & legal point of view 10. Negotiation: Can negotiate skillfully in tough situations with both internal and external groups; can settle differences with minimum noise; can win concessions without damaging relationships; can be both direct and forceful as well as diplomatic; gains trust quickly of other parties to the negotiations; has a good sense of timing.
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11. Active Listening: Practices attentive and active listening; has the patience to hear people out; can accurately restate the opinions of others even when he/she disagrees. 12. Data Presentation: Ability to gather and present information using appropriate format, graphical illustrations, etc. to create professional and high quality reports; Can prepare reports to management, minutes of meetings, discussion points with other functional areas, replies to third parties 13. Effective Presentation & Facilitation: Ability to deliver or present ideas to individuals or groups using a variety of media suited to the characteristics and needs of the audience; Ability to transfer or convey thoughts & express ideas effectively, orally or in writing to individual or group 14. Written Communications: Able to write clearly and succinctly in a variety of communication settings and styles; can get messages across that have the desired effect. 15. Customer Experience (CX) / Journey Design: Ability to improve the overall CX (products/ features); to manage and improve all the CX processes/ methods/ capabilities that help develop and improve its design; to tailor experiences to each individual and context through personalized marketing and experiences; Can translate into strategic actions the evolving needs and requirements of customers (internal and external) 16. Customer Experience (CX) / Journey Execution and Implementation: Able to deliver a unique & distinct customer experience; Is dedicated to meeting the expectations and requirements of internal and external customers; gets first-hand customer information and uses it for improvements in products and services; acts with customers in mind; establishes and maintains effective relationships with customers and gains their trust and respect. 17. Customer Insight, Experience & Needs: Ability to determine how to deliver the highest value experiences and ensure a superior brand experience by engaging customers and leveraging segmentation, customer needs, business objectives, behavioral insights and market intelligence 18. Business Intelligence & Data Analytics: Ability to manage enterprise information (data, technology, tools, techniques, people, processes) to support decision-making, predictive analysis, optimization efforts and security analysis through ad-hoc analysis, standard reports, scorecards and dashboards and interactive visualizations 19. Data Architecture: Ability to design, create and manage the organization's data architecture, including data storage and integration within IT systems & applications 20. Data Collection & Interpretation: Ability to identify and collect relevant data, analyze and synthetize them to get insights in order to realize a specific business objective; Conducts scenario analysis; Infers meaningful insights from a collection of data 21. Data Driven Models Design: Knowledge of data driven models key elements in order to support and facilitate the translation of business needs into statistical models 22. Data Management: Ability to deploy data privacy policies, quality measures, storage protocols and governance, aligned to business needs. Identify & resolve data inconsistencies across applications, eliminate issues, and govern master data transforming it into useful/actionable actionable intelligence; manage data life cycle; Can define & document business requirements; Able to manage & safe keep records 23. Data Security: Ability to keep data secure by setting data access and authentication, through security gateways and protocols for both internal data movement & external data ingestion, to encrypt data & prevent snooping of outgoing data 24. Digital Acumen: Basic understanding of digital implications and opportunities: "Digital Mindset”; main Digital transformations, impacts and opportunities; New Technologies and applications (e.g., AI, IoT, Blockchain); new working methods to harness New Technologies opportunities (e.g. DevOps); Social
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Media’s Impact on Customer Relationship; Dark side of Digital, impacts on Security, Privacy, Accountability and Value; Impacts of Digital transformations on Works, Skills and Organizations 25. Artificial Intelligence Development: Ability to use ML/ AI algorithms to provide the new co-workers for the digital age able to perform tasks normally requiring human intelligence (e.g. decision-making, speech recognition, visual perception and translation between languages). Ability to develop algorithms with human like judgement by implementing specific programming languages (e.g. Python, Java, C++) 26. Block chain: Advanced knowledge of Blockchain and Distributed Ledger Technologies (DLT) ecosystem, key trends, impacts on insurance and non insurance market (e.g. Banking, Clearing house, KYC, identity). Ability to design, develop and test Blockchain and DLT applications (e.g. smart contracts) based on specific platforms (e.g. Ethereum, Hyperledger, Corda) and programme languages (e.g. Solidity, C++, Java) 27. Cybersecurity: Ability to deal with the technologies, processes and practices designed to protect networks, computers, programs and data from attacks, damage or unauthorized access; Able to implement basic system security (e.g., system access control, anti-virus implementation, etc.); Familiar with information security concepts 28. Process Automation: Ability to implement and use software to ‘mimic’ the actions that a human user would perform on a PC at scale to automate business processes that are highly repetitive, rule-based and use structured data in different business areas (e.g. sales, management, operations, production chain, Human Resources, and IT); Focuses on quality control and IT process optimization 29. Technology Trend Visioning: Knowledge of the latest technology trends that have impact on the organization in the short / medium / long term and capability to identify right priorities of investment in technological initiatives; Aware of technology trends and applies to organization as necessary 30. Compliance Management: Able to create and implement processes related to compliance; Can conduct due diligence using Risk & Compliance tool (e.x. OFAC Screening; Dow Jones) 31. Corporate Governance: Knowledge of responsibilities, accountabilities, culture and structure of an organization, for effective oversight (corporate governance); Understanding governance principles, the sources of law and regulation relating to the organisation come from, what they require and what impact they have 32. Data Privacy: Ability to adhere to the local, regional & global standards for permissible use of personal data 33. Regulatory Management: Knowledge of the insurance code and Insurance Commission circulars; Knowledge of SEC regulations 34. Tax Compliance: Knowledge of basic & insurance related tax filings & rules; ie, withholding taxes, VAT, premium tax, local tax, income tax, etc 35. Critical Thinking: Ability to identify issues, obtain relevant information, relate and compare data from different sources, and identify alternative solutions; Ability to apply logic and think clearly so as to effectively interpret situations and information before deciding what actions to take; Takes smart decisions and simplifies complexity; Ability to deal with problems involving several variables in standardized situations 36. Ecosystem Development Strategy: Ability to leverage on 3rd parties value chain & customer base, creating a plug-&-play architecture & operating model to enlarge own service portfolio & customer base 37. Innovation & Partnership Scouting: Ability to detect & scout partners & startup that support company's growth & value creation through external technology, knowledge capital, innovative solutions & resources 38. Innovation Strategy: Knowledge of different innovation methods (e.g. Design Thinking, Accelerators, etc.) and of the role played by innovation in the
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overall strategy. Ability to align the company's strategic vision with innovation investments to support growth; Driven for continuous learning and knowledge improvement. 39. IoT Business Strategy: Knowledge of IoT platforms and devices/services to mine and process data and ability to develop IoT business models (e.g. activities, processes, resources, channels, costs, etc.) to create value, transform the business and gain competitive advantage 40. Managing Change: Able to make change happen and manage organizational culture; Able and willing to adapt to evolving contexts, take on new tasks and new challenges; Understands the needs and barriers to adopting change; Promotes and champions change; Is able to do impact analysis of changes needed; Responds to market and business changes that affect the project and business; Can effectively cope with change; can shift gears comfortably; can decide and act without having the total picture; isn’t upset when things are up in the air; doesn’t have to finish things before moving on; can comfortably handle risk and uncertainty. 41. Product market trends: Knowledge of market trends concerning new products and services aimed at expanding offerings’ portfolio and fostering business’ continuous improvement 42. Strategic Partnership & Life Cycle Management: Ability to proactively manage the entire relationship lifecycle with strategic partners (data, tools and information) to accelerate the execution of joint activities and ensure coordination of efforts leveraging synergies; Can assist business units use technology to achieve outcomes, improve processes, and define competitive differentiation; 43. Managing & Measuring Work: Clearly assigns responsibility for tasks and decisions; sets clear objectives and measures; monitors process, progress, and results; designs feedback loops into work; reaching agreement on plans for action; keeping a balance between input and output; transferring responsibility to the employee; giving feedback effectively; providing appropriate rewards; Ability to manage activities and projects toward measurable goals and standards, setting these jointly with others so as to develop their understanding and commitment; Able to set stretch goals 44. Managing Projects: Can manage projects; Deliver projects in a timely manner 45. Operation & Team Supervision: Ability to drive day-to-day operations and team performance by providing the guidance necessary to achieve both individual and group goals, ensuring that ll memebrs of the team are productive and that problems are resolved as they arise 46. Personal Learning: Picks up on the need to change personal, interpersonal, and managerial behavior quickly; watches others for their reactions to his/her attempts to influence and perform, and adjusts; seeks feedback; is sensitive to changing personal demands and requirements and changes accordingly. 47. Quality & Timely Completion of Work: Ability to deliver quality results based on data on hand within a specified period of time; Ability to make things happen: Able to prioritize 48. Use of Office Technology: Ability to utilize equipment, office software to effectively perform the job; Knowledge in the use of MS Office application; Can navigate and use the System ( MAS/ Telephony) 49 Work Attitude: Ability to adapt to the working conditions, has serious concern for his job and takes pride in the Company; Makes efficient use of company time: Participates actively in company activities 50. Managing risk: Able to anticipate risk & develop action plans to mitigate risk 51. Agile Delivery: Knowledge of Agile Delivery Method (principles, way of working, ceremonies, tools, etc) in order to develop new products with a fail fast & learn approach, short iterations and continuously incorporating customer feedback 52. Design Thinking : Ability to deliver innovative solutions according to the iterative process of the design thinking methodology, which is defined as a method for practical & creative resolution of problems or issues
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53. Smart Working: Ability to develop new work approach (eg, by objectives, delegation), knowledge of new policies, ability to leverage on main collaboration & communication tools & knowledge of main monitoring tools / dashboard to manage smart working adoption; Understanding of how process function and interact, investigate options for achieving improvement and make recommendations in improving and redesigning the processes currently in operation 54. Work Process Analysis & Improvement: Understanding of how process function and interact, investigare options for achieving improvement and make recommendations in improving and redesigning the processes currently in operation 55. Building Effective Teams: Blends people into teams when needed; creates strong morale and spirit in his/her team; shares wins and successes; fosters open dialogue; lets people finish and be responsible for their work; defines success in terms of the whole team; creates a feeling of belonging in the team; acts "outisde the silo", optimizing diversity & inclusion; Empowers team through delegation & trust; Drives team to excellence; With clear understanding of team objectives 56. Developing People: Ability to develop people through coaching, mentoring & delegating; Able to manage development of people and leaders, and build talent 57. Hiring & Staffing: Has a nose for talent; hires the best people available from inside or outside; is not afraid of selecting strong people; assembles talented staffs. 58. Managing Employee Discipline & Complaints: Able to manage employee discipline; Able to manage & resolve employee complaints & tensions 59. Ethics and Values: Adheres to an appropriate (for the setting) and effective set of core values and beliefs during both good and bad times; acts in line with those values; rewards the right values and disapproves of others; practices what he/she preaches; Operates in a professional and ethical manner with customers and vendors B. Behavioral Competencies Lifetime Partnership Behavior 1. Ownership - An act with proactivity and passion for excellent performance 2. Simplification - Make things simple, adapt quickly and take smart decisions 3. Human Touch - Partner with others, showing empathy and team spirit 4. Innovation - Embrace differences to make innovation happen
Approved by:
Acknowledged by:
Chief Actuary Actuarial Manager – IFRS 17 & Prophet Date: Date: