Insurance companies have to submit reports to the CIRC every year to prove that the company is financially sound and can cope with the possible amount of compensation and the risks it can bear, so the calculation work falls on it. Therefore, each insurance company will employ several employees according to its size.
Or an insurance product designer, you must have a certain market awareness. In recent years, medical insurance has become a hot topic. Facing the new trend, insurance companies hope to share a piece of the market. Our task is to help the company develop new medical products and gain market share.
Chen Weisen, Chairman of the Education Committee of the Actuarial Society of Hong Kong, pointed out that in the future, government agencies, investment banks, consulting companies and even accounting firms will be gradually hired to calculate investment risks and conduct effective financial analysis.
"It is not easy to find a suitable actuarial talent now." Fu Anping, known as "the first actuary in China", lamented to our reporter on the phone. Fu Anping is the first graduate student majoring in actuarial science in Nankai University and the first batch in China. Later, he became one of the initiators and organizers of the examination, so he was awarded the title of "China No.1 Actuary".
Fu Anping, who moved from Beijing Insurance Regulatory Bureau to China PICC Life Insurance Company (hereinafter referred to as PICC Life Insurance) as the deputy general manager, has been very busy recently. In addition to being busy with all kinds of preparatory affairs, I have now made a guest appearance as a personnel manager and personally advertised online for actuarial talents.
It is understood that after more than half a year of preparation, PICC Life Insurance has been officially approved by relevant parties recently. If it goes well, it will officially open around August. There is always a vacancy waiting.
Although the vacancy is near, the overall position is still vacant, so Fu Anping is in no hurry. Fu Anping introduced that there are quite a few applicants, even overseas actuaries, and even his teacher is recommending talents for them.
At present, many domestic insurance companies are from overseas, and Fu Anping also said that the company has considered introducing overseas talents, but has not found a suitable one. According to reports, the actuarial system in foreign countries is very mature, and the post division of large insurance companies is very fine, and each has its own duties, often for one post for ten or twenty years. "Our practical experience is very important. What is lacking now is comprehensive talents who has practical experience in all aspects. " Fu Anping said.
In addition, because it is the most sought-after and scarce talent at present, the market is rising all the way in the "seller's market", and salary negotiation has become a difficult factor for PICC Life.
Standard & Poor's pointed out in China Insurance Credit Outlook from 2005 to 2006 that the lack of actuarial and professional management teams in China insurance industry is one of several structural problems. Some experts predict that there will be an urgent need for 5,000 people in China in the next 10 year, but at present, only about 50 people in China are qualified, only 164 people are qualified, and only 100 people meet the requirements of actuarial responsible persons recognized by the CIRC. On the other hand, there are many insurance companies.
I don't know if it's a coincidence that the recruitment notice of Mingde Actuarial Consulting Co., Ltd. was put together with the recruitment notice of online Fu Anping. Mingde Actuarial Consulting Company was once employed by PICC P&C Insurance Company, and now it has set up a branch in Beijing. It is also recruiting consultants in life insurance, property insurance, accident insurance and health protection plans, and promises to become partners in the future. It is understood that in Britain, about 37% people work for such consulting companies. With the emergence of such actuarial consulting companies and the development of annuity business, they will serve areas other than insurance companies, and the demand gap may further expand. Asset matching actuarial science is paid attention to.
Fu Anping introduced that PICC Life Insurance has set up a risk management department under the Actuarial Department, which is responsible for the actuarial matching of assets and liabilities. "The company's leadership attaches great importance to asset matching and risk management and control, and hopes to strengthen the actuarial strength in this area." Fu Anping said.
With the reform of interest rate marketization, the expansion of investment channels and the transformation of supervision to solvency, asset-liability matching management has been paid more and more attention. In addition to product design and financial management, asset-liability matching is an important part of actuarial work. The actuarial technology of asset-liability matching management is conducive to ensuring the safety, liquidity and profitability of assets.
However, insiders pointed out that due to the lack of effective risk control mechanism, some insurance companies can not fully consider the factors such as term, income, interest rate and possible changes in future exchange rate when pricing products, resulting in a serious mismatch of assets and liabilities.
At present, the six components of the actuarial report mainly focus on the actuarial aspects such as product pricing, reserve and liability provision, and less on the actuarial requirements and contents of asset-liability matching management.
"Strengthening the actuarial matching of assets and liabilities should be a development direction in the future, but it needs to be strengthened now." Fu Anping said. However, he also said that actuarial talents who are good at asset-liability matching are particularly rare compared with talents in product design and reserve withdrawal. The general system still has a long way to go.
Earlier, Ethan, director of the Development and Reform Department of the China Insurance Regulatory Commission, suggested at the "Seminar on Insurance Company Governance" that a general system should be established to make it responsible to the board of directors, the regulatory authorities and independent of the management.
It is understood that the CIRC is currently working on the construction of the general system. In the Guiding Opinions on the Governance of Insurance Companies (Draft for Comment), it is proposed to establish a general system in life insurance companies, whose responsibilities involve risk management, product development, investment, solvency and asset-liability matching of insurance companies.
In Britain, Australia, Canada, Japan, Singapore and other countries, there are quite perfect chief (or appointment) systems to help the government supervise the product pricing, financial status and solvency of insurance companies.
At present, there is no appointment system in China. As a transitional system, the current actuarial responsible person system can only partially perform general responsibilities. Some insiders believe that there is still a long way to go to establish the general engineer system or appointment system in China.
But "the general system is the future development direction", Fu Anping thinks.