AF25230 - Senior Vice President - Actuary | Orient

Department: Insurance
Country: United Arab Emirates
Location: Dubai | UAE
Closing Date: 15-Jan-2017
Al-Futtaim

Established in the 1930s as a trading business, Al-Futtaim is one of the most progressive regional business houses headquartered in Dubai, United Arab Emirates.

Al-Futtaim employs in excess of 44,000 people, operates through more than 200 companies and represents more than 225 international brands across industries as diverse as retail and wholesale trading, distribution, real estate development, leisure and hospitality, insurance and financial services. The group has significantly expanded its business operations in recent years through a strategic acquisition plan and has entered a number of new territories, increasing its footprint beyond the GCC and Greater Middle East to encompass Africa, South East and North Asia, Australasia, East Africa and Europe.

Entrepreneurship and rigorous customer focus has enabled Al-Futtaim to grow its business by responding to the changing needs of the customers and societies in which it operates. Al-Futtaim is committed to offering customers an unrivalled choice of the world’s best brands with exceptional standards of customer service and after sales support.

Structured into four operational divisions; automotive, financial services, real estate and retail, Al-Futtaim maintains a decentralised approach, giving individual businesses flexibility and versatility to maintain a competitive stance. This benefits employees, providing a clearly defined work culture where individuals are empowered with authority and responsibility for their work.

The success of Al-Futtaim is attributed to proactively managing change whilst upholding the values of integrity, service and social responsibility. The majority of businesses, built on a portfolio of world leading brands, dominate their sector.

About the business:

Orient Insurance PJSC an Al-Futtaim group company, is a UAE based insurance company headquartered in Dubai. The company is currently present in seven countries in the Middle East and South East Asia.

Orient has an "A" rating from both Standard and Poor's and A.M. Best. The company is also accredited with ISO 9001 Quality Management Certification.  Orient is founded on a well-structured transparent corporate culture, highly professional standards, clear strategy and employee engagement.

About the Job:

Job Description – Actuary

  • Develop and maintain quarterly and annual actuarial and financial risk reporting;
  • Develop and oversee an actuarial pricing function for all lines of business where there is sufficient data to do so;
  • Develop data collection mechanisms to start collecting data necessary to support such function in those lines of business where this is not immediately possible;
  • Participate in the formulation of a development strategy on insurance products. Participate in policy making and decision making;
  • Develop pricing tools as per business requirements;
  • Prepare returns for authority in conjunction with Finance
  • Review systems and prepare suggestions for better risk management, improved data availability and modeling;
  • Solvency calculations and reports – ERM functions (settling risks appetite and limits, creation of financial condition reports, perform stress tests wherever required)
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits;
  • Collaborate with programmers, underwriters, accounts, claims experts and senior management to help the company develop plans for new lines of business or improving existing business
  • Construct profitability tables for events.
  • Responsible for actuarial input into the quarterly reserving process
  • Liaise with external actuaries
  • Development and maintenance of internal capital model that is compliant with current regulatory standards and rating agencies . Maintain relevant documentation. Perform periodic stress tests and ensure model’s reliability at all times
  • Express an opinion on the adequacy and effectiveness of reinsurance arrangements
About you:

    Requirements

 Minimum Qualifications and Knowledge:

Associate or Fellow Member of IAI or Institute of Actuaries, UK , Society of Actuaries, USA or similar

Bachelor’s Degree (Commerce/Science / Arts / Business Administration)    

Preferably Associate of Chartered Insurance Institute, London or equivalent

 Minimum Experience:

6-10 years’ experience in a progressive organization (Including 4-5 years in a similar capacity).

 

Job-Specific Skills:

Both General & Life disciplines

Note: you will be required to attach the following: 1. Resume/CV
 
Al-Futtaim offers highly engaging and supportive work environments in a culture that values, recognises and rewards quality performance.