Erica Chan
Erica Chan is a consulting actuary in Milliman’s life insurance consulting practice in Hong Kong. In her current role, she assists in various embedded valuation and actuarial due diligence projects.
Erica has 12 years of experience in the life insurance industry and joined the firm in 2010. She started her career in Hong Kong, then moved to the Amsterdam office for two years (2016-2018) to broaden her life and enterprise risk management experience.
She has worked on numerous projects related to mergers and acquisitions, actuarial modelling, and business planning in most of the countries in the Asia-Pacific region, especially Hong Kong, Thailand, and Vietnam.
Experience
Erica provides support on various projects, including appraisal valuations, embedded value reporting, model build/reviews, and Asian market research/entry strategy work.
Her projects include:
- Playing a leading role or acting as a core member on various M&A and IPO projects in the Asia-Pacific region. Tasks include:
- Constructing actuarial models required in various appraisal valuations
- Conducting comprehensive Prophet model reviews
- Providing market benchmarking support, including new business margin / assumptions benchmarking, expense assumptions benchmarking, and assessing product trends
- Performing regular embedded value and value of new business reviews for insurance companies in Hong Kong and Thailand
- Providing support to companies in Thailand relating to enhancing embedded value methodologies and capital management
- Performing purchase GAAP reviews for insurance companies in Hong Kong, Indonesia, and Thailand
- Carrying out business planning for potential joint venture/ bancassurance agreement opportunities in several markets, including Hong Kong, Thailand, and Vietnam
- Assisting a multinational company to build an ALM model for its China JV in order to conduct SAA studies and capital projections under various capital regimes
- Providing Solvency II gap analysis support to an Indian company
- Performing appointed actuary tasks for various Hong Kong and Macau companies, covering review of experience studies, statutory valuations, solvency testing, actuarial model reviews, year-end valuations, product development, business plan projections, asset-liability management, and dividend reviews
- Assisting as a secondment for numerous companies in various roles, including:
- Providing on-site secondment support to a leading multinational company in Hong Kong on business planning projects for all its major business units
- Working with a Belgium company’s IFRS 17 implementation team on its methodology of splitting cashflows meeting contract boundary requirements for universal life with different guarantees and reinsurance modelling for GMM
- Working with an ERM team of a large multinational company in The Netherlands on Solvency II ratio sensitivities analyses, preparing the risk section in the company's Annual Report, and assisting on EIOPA stress testing projects
- Implementing and enhancing actuarial models for the purpose of Solvency II reporting, performing new product SOE analyses, model efficiency improvements, and model standardisations for companies
Professional Designations
- Fellow of the Society of Actuaries
- Fellow of the Actuarial Society of Hong Kong
- Chartered Enterprise Risk Analyst
Education
- Bachelor of Business Administration from the Chinese University of Hong Kong
Publications