Meet a professional : Soo Cheng Soon
Mr. Soo Cheng Soon is the Head of Pricing, Portfolio Analytics, and Reinsurance at Tune Protect, where he specializes in developing strategic pricing models and leveraging data analytics to optimize insurance portfolios. With extensive experience in actuarial pricing, risk assessment, and statistical modeling, he plays a key role in ensuring insurers make data-driven and profitable pricing decisions. Passionate about innovation in the insurance industry, Mr. Soo continuously works on enhancing pricing strategies to align with evolving market trends.
February, 2025
The APU Actuarial Science Club (ASC) is honored to have Mr. Soo Cheng Soon from Tune Protect share his expertise on fundamental pricing concepts, actuarial pricing methods, and data-driven decision-making at the "Price It Right!: Strategic Pricing Workshop." on 22nd of February 2025.
Featured Questions & Answers with Mr. Soo:
Interviewee: Soo Cheng Soon
Interviewer: Ngiam Ker Jean & Nurul Nabihah Binti Muhamad Raduan
Edited by: Leong Jing Xuan
1. What are the differences between pricing and valuation?
Well, pricing and valuation might sound similar, but they actually serve different purposes. Pricing is all about figuring out how much to charge for an insurance product. We look at risk factors, market trends, and profitability to set the right price. Valuation, on the other hand, is more about checking if the company has enough reserves to meet its future liabilities. Pricing is forward-looking, while valuation is more about ensuring financial stability based on past and current data.
2. Modelling tools and machine learning (current trend):
Right now, machine learning and advanced modeling tools are making a big impact in the actuarial world. They help us process huge amounts of data quickly and improve accuracy in risk assessment. But at the end of the day, these models still need human oversight. Actuaries play a key role in validating results, setting assumptions, and making sure the numbers actually make sense in a business context.
3. How automation is improving processes—where does human actuarial judgment still play a critical role?
Automation has definitely made our lives easier. A lot of repetitive tasks, like data processing and reporting, can now be done much faster. But human judgment is still critical—especially when it comes to interpreting results, adjusting for market changes, and making strategic decisions. There will always be cases where experience and intuition matter more than just what the model predicts.
4. What do you think an intern can take part in helping the pricing department in building their models?
Interns can actually contribute a lot! They can help with data preparation, running basic analyses, and testing different assumptions in pricing models. Even simple tasks like data cleaning or automating reports can give them a solid understanding of how things work. Plus, asking questions and being curious will go a long way in helping them learn faster.
5. What’s one piece of advice you would give to an intern wanting to transition into a full-time actuarial role?
Be proactive! Don’t just stick to what you’re assigned—go out of your way to learn more. Ask questions, understand the reasoning behind pricing decisions, and try to get hands-on with different tools. Also, technical skills are becoming more important, so learning tools like Excel, Python, or R will definitely help in the long run.
6. Can you share a memorable pricing case study? What challenges did you face?
One case that stands out was pricing a brand-new insurance product where we had very little historical data. That was tough because we had to make a lot of assumptions while keeping the product competitive and profitable. As more data came in, we had to keep refining our models and adjusting our approach. It really showed how pricing isn’t just about crunching numbers—it’s about balancing risk, business strategy, and market trends
7. What’s one thing you wish you knew about actuarial pricing when you first started?
Honestly, I wish I had realized earlier how important communication is. It’s not just about building models and doing calculations—you also need to explain your assumptions and results clearly to different people, whether it’s senior management, underwriters, or clients. The ability to break down complex actuarial concepts in a simple way is a skill that takes time to develop.
8. Experience taking the papers… learning while working
Juggling work and actuarial exams is tough, no doubt about it. But one thing I realized is that studying while working actually helps a lot. When you apply what you learn in real-life situations, the concepts make way more sense. Time management is key, though—you have to be disciplined and consistent if you want to pass the exams while keeping up with work.
Meet a professional : Jan Wong
Jan is an entrepreneur, youth advocate, and founder of OpenMinds; a data-driven martech company based in KL, Singapore and Hong Kong. Starting at the age of 17, he has ventured into eight businesses. He is also a regional keynote and TEDx speaker and listed on Forbes 30 Under 30 Asia 2017.
January, 2021
APU ASC was honoured to invite Jan for giving us a session titled ‘How to Multiply Your Time’ on 8th of January 2021!
Featured Questions & Answers with Jan:
Interviewee: Jan Wong Joon Kit
Interviewer and edited by: Liew Soon Yee
1.How many goals should I set for every aspect in a day?
Well, to be honest there is no specific number of goals that you can set. It is always dependent on the bigger goal that you wish to achieve. Ask yourself a question: What is your next major goal within 6 months/1 year or longer? It can be learning a skill, launching a book etc. And that’s when you plan what you should do from now on by setting up mini goals to be achieved, be it one day, two days or even in 1 week. Therefore, the number of goals set in every period of time are entirely up to you as it all comes down to your major goal!
2.What advice can you give to students who are struggling to deal with both work projects and studies simultaneously?
Two things to consider, where firstly is to prioritise, while the priorities depend on each situation. If you would like to prioritise your studies, you may set certain plans and discuss with your employers, on the time you may need for studies and also make promises to complete your work tasks within certain given times. Next is to visualise your time by looking at your calendars, control and plan your time in a brutal way.
3.What suggestions would you give to someone who does not have the courage to quit doing something that takes up too much of their time? or say NO to it?
Firstly, I would like to say you are definitely not alone so don’t worry! One thing to ask yourself: Is the thing you’re doing now really worth your time? People tend to be fearful of saying no mostly due to lack of bigger and preferable goals. This could be solved if you could figure something better to do in place of this activity. Find the motivation which will inspire you and thus say NO to something that’s not!
4.How do you usually handle stress when feeling overwhelmed with work or study?
What I find helpful for me is I will find something which helps me focusing on my work and keeps myself going and motivated, for instance work out is my usual go-to! If the stress level reaches a higher and intermediate level, I tend to do things that have no relation to my work, for example reading books about work unrelated topics or doing something out of job scope. If the stress level reaches an extreme level, I believe the best way for me is to disconnect, where I don’t check my phone/laptop and solely focusing on myself. However, I believe everyone has different stress points and different relieve methods, thus it is important to figure out your best recovering method in terms of stress management.
5.Any advice you would like to give to all the young, aspiring students?
Taking action is the key, and one quote that I believe in and would like to share to all - “Your mindset determines the size of the life game you play!”