ACTUARIAL DEPARTMENT ASSISTANT
JOB LEVEL : ASSISTANT
BASIC SALARY : PHP 25,000.00 to PHP 32,000.00
BENEFITS : This will be discussed during the initial interview.
WORK SET UP : Upon commencement of employment, all new hires are expected
to work on-site for the initial six-month period to facilitate seamless
integration into the company culture and ensure effective
collaboration within teams. Following this probationary period,
employees may opt for a work-from-home arrangement for one day
per week, subject to immediate head approval and in alignment with
business needs and responsibilities.
JOB SUMMARY : The position is responsible for providing support in the
implementation of the different actuarial functions for the Association, such as Reinsurance and
Actuarial Services, and prepares reports on Legal Reserve Liabilities and Experience Studies.
STATEMENT OF DUTIES
1. Reinsurance
? Performs reinsurance functions and duties in the absence of the Actuarial Staff.
2. BC-related Actuarial Services
? Performs BC-related Actuarial functions and duties in the absence of the Actuarial
Staff.
3. Reportorial Requirements on Reserves
? Runs the valuation file program to estimate the monthly reserve liabilities. Checks the
completeness of output files especially the reserve summary file.
? Runs the monthly Incurred But Not Reported (IBNR) extract program to generate
monthly IBNR estimates – Individual and Group business.
? Updates or appends the current reserve summary output into the reserve worksheet.
? Computes all benefit reserves not available from the valuation file – group reserves, group
personal accident reserves, reinsurance reserves
? Manually computes reserves for those found with zero reserves.
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? Inspects and filters the IBNR output. Computes the reserve values of BCs prior to the death of
the Assured. Removes from the list of BCs whose date of death is within the current valuation
month. Summarizes the net amount at risk of all remaining BCs.
? Summarizes all reserve liabilities, due and uncollected contributions, incurred but not
reported claims and other actuarial items.
? Prepares the movement of reserves worksheet required by Financial Management
and Accounting Services (FMAS) and external auditors from the reserve summary.
? Prepares the actuarial reports for Consulting Actuary's review and approval.
? Analyzes the findings of External Auditors in previous year's audit report and submits a report
of recommendations.
? Drafts the actuarial exhibits and schedules of the Association's yearend business inforce and reserve liabilities.
4. Reportorial Requirements on Experience Studies
? Runs the experience study programs, transforms output into a format to generate
Mortality and Persistency reports.
? Prepares/revises the spreadsheets used in generating quarterly Mortality and
Persistency rates of the BCs
? Drafts an experience study report for use of Management and/or external auditor but
not limited to comparing the actual and expected mortality/persistency rates.
QUALIFICATIONS :
1. A graduate of a 4-year course. A Bachelor of Science degree with a concentration in
Actuarial Science is advantageous. A graduate of BS Math can also be considered.
2. Computer literate at expert level in Microsoft Office (MS Word and MS Excel).
3. With at least one to two years of work experience, preferably in a life insurance company.
