Actuary, Health Insurance

Munich Re is the world’s largest reinsurer and a leading provider of reinsurance solutions in Asia. Southeast Asia represents one of the most dynamic and high-growth regions globally, offering exciting opportunities for Munich Re’s continued expansion. 

As part of our growth in the Southeast Asia Health team, we are seeking a newly to mid-level qualified Actuary with strong technical expertise and a focus on health insurance products to join our team. 

The Health Team is currently formed of 8 individuals, which includes a Head, three qualified actuaries, two actuarial analysts, an underwriter and a data manager. There is significant opportunity in the Health markets in South East Asia and the team is looking for a technical qualified actuary who can help them leverage these opportunities and grow the Munich Re Health portfolio profitably.

Your Role

Actuarial Analyses

• Pricing / re-pricing of health insurance products for our clients, based on deep statistical analyses of large volumes of experience data and medical, and other, research, in order to build appropriate pricing health assumptions;
• Perform detailed deep-dive portfolio monitoring on a treaty level, based on loss ratios, to ascertain current experience and recent trends. Use of such analyses to identify segments of policyholders with poor experience and idea generation on appropriate remedial actions;
• Develop enhanced and automated actuarial tools to enable scalable portfolio monitoring and more effective pricing, including GLMs;
• Correspond with internal accountants, or clients, on data issues;
• Generate IBNR factors for internal and external requirements.
  
  

Product Development

• Designing of new health insurance products/benefits with consideration of marketability vis-a-vis risk management;
• Work closely with medical underwriters and other experts to ascertain the risk management of product features / new health risks, marketing approach and underwriting questions;
• Participate in research and development work on medical trends in various SEA markets;
  
  

Client Liaising

• Share portfolio monitoring presentation analyses/slides, including mitigation actions where required, with both client managers and clients directly;
• Generate new product ideas and present them internally and to clients;
• Involvement in other client facing responsibilities and managing clients’ requests;
• Provide client managers support in handling product, and other, queries from clients;
  
  

Mentoring

• The individual would be expected to impart their technical knowledge to the rest of the team and guide junior colleagues;
• In due course there could be scope for the individual to take on some management responsibilities. 
  
  

Your Profile

• Newly – mid level Qualified Actuary (FSA, FIA, FIAA) with at least 5 years’ total experience;
• At least 3 years of experience in Pricing or R&D, including building all components of best estimate Health assumptions and carrying out ‘deep dive’ experience analyses, preferably in Health;
• Reinsurance experience, with sound understanding of how reinsurers operate and add value to cedents.
• Experience of incorporating medical opinion and external judgement into Pricing assumptions / basis setting;
• Experience in some of the South East Asian markets, including in Health products, regulation and commercial practices;
• Ability to work with large volumes of data in SQL, Python or an equivalent tool, as well as strong skills in Microsoft Excel (ability to perform complex functions) and Access;  
• Strong statistical analysis abilities, including in Generalised Linear Models or machine learning techniques, combined with sound judgement and commercial awareness;
• Good communication skills with the ability to negotiate, present and share ideas with colleagues and clients;
• Ability to work independently, as well as with the team, take the lead on projects and provide effective training and coaching to more junior team members;
  
  

At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experiences, perspectives and thought. This interaction is our foundation. Of our open culture and spirit of partnership. Of how our teams are built and cultivated. Of how we are supported and developed. And at the center of this interaction is each of us.