OneDegree is an InsurTech company, with a virtual insurer license granted by the Hong Kong Insurance Authority in 2020. Since then, we have grown quickly into the leading Hong Kong virtual insurer with an ambition to bring consumers a seamless and instant insurance and claim experience through technology. We currently offer multi-line digital insurance products, including pet, medical, fire and home insurance for individuals, and cyber security and digital asset insurance for enterprise businesses.
Want to join us and make a change? We are looking for an Actuarial Manager in building great General Insurance (for personal lines) and Health Insurance products that protect our customers and their loved ones!
If you love building winning products, come and join our team!
What you will be doing:
This role will have the dual responsibility of supporting the Actuarial function (reporting to a Senior Actuary) in two areas:
Product Development, Pricing and Analytics:
- Develop and/or modify existing pricing methods, assumption development, or profitability measurements as required to keep methodologies relevant in light of changes in regulations, market conditions, capital or accounting standards
- Develop product proposition and create unique product features to capture market opportunities.
- Perform regular claims experience analyses by calculating exposures, incidence rates and loss ratios as well as evaluating the reliability of source information of the in-force businesses.
- Provide pricing support for new distribution deals, new partnership opportunities, or other business development activities.
Valuation and Capital Management:
- Manage reserve and valuation models and assumptions for the General Insurance (P&C) businesses including but not limited to premiums, claims, expenses.. These modelling projections are then applied to compute loss ratios and profit margins under different scenarios, allowing management to evaluate the businesses’ financial status and performance.
- Preparing actuarial-related IFRS 17 deliverables, such as model review, Financial Impact Assessment (FIA), and stress testing of the impact of chosen assumptions and policy choices.
- Present management reporting around new and existing products and recommend corrective actions or opportunities.
- Develop monthly IBNR and claim reserves.
- Advise on Own Risk and Solvency Assessment for required capital and simulate scenario stress testing.
- Coordinate with reinsurers and third-party administrators to design and define the appropriate risk appetite and the optimum level of retention with the objective of reducing volatility.
- Review annual renewal of reinsurance treaties and make recommendations on reinsurance strategy.
