รีวิวบริษัทที่บอก ‘ชีวิตดี งานดี เงินดี สังคมดี’
บริษัท ไทยกรุ๊ป โฮลดิ้งส์ จำกัด (มหาชน)
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Pricing Actuary Roles and Responsibilities
- The roles and responsibilities of a pricing actuary are wide-ranging.
- The pricing actuary’s job description could include developing and maintaining pricing models, setting insurance rates, analyzing financial models and data, and providing advice to clients on risk management strategies.
The primary responsibilities in the pricing actuary’s job description include:
- Analyzing data: A pricing actuary uses a variety of data sources, including industry reports, demographic data, and claims data, to assess the risk associated with a particular insurance, banking or investment product. For example, a pricing actuary working for an investment management firm, will analyze the number of withdrawals made from an investment fund, the number of times clients switch between investment funds, the average term and investment size of clients. These factors, among others, will impact the profitability of each client to the investment firm.
- Developing models: The pricing actuary uses mathematical models and simulations to estimate the likelihood and financial impact of various risks, including mortality, morbidity, and loss of property or income. In the example of the investment firm, the pricing actuary must model for risks such as clients withdrawing their funds and no longer paying fees, switching their funds to competitors and reducing their monthly contributions among other things.
- Setting pricing: Based on the results of their analysis, the pricing actuary sets the price of an insurance, banking or investment policy. In order to do this, they must take into account the cost of providing the coverage, the likelihood of claims, and the impact of those claims on the insurance company’s financial stability. The pricing actuary working for the investment firm will set the appropriate administration fee for handling the customer’s funds. This fee should be sufficient to cover the investment company’s expenses and pay any future benefits guaranteed to the client.
- Monitoring performance: The pricing actuary regularly reviews the performance of insurance, banking and investment products to ensure that the pricing remains appropriate and that the products are profitable for the insurance company. Returning to the investment pricing actuary, one of their main roles is to perform experience reviews to determine whether the lapses, withdrawals, switches and expenses of the investment company are in line with what was expected when the product was first launched.
- Communicating results: A pricing actuary must be able to effectively communicate their findings and recommendations to stakeholders, including insurance company executives, regulators, and policyholders. For instance, a pricing actuary working on investment products must present profit projections and experience reviews to the company’s board. The pricing actuary’s job description also includes correspondence with regulators to ensure the investment products are priced and designed fairly and protect the customer’s interests.
