At AIA we've started an exciting movement to create a healthier, more sustainable future for everyone. It's about finding new ways to not only better people's lives, but to better the communities and environments we live in. We need great Actuaries who want to be part of something bigger than finance alone. Because the better we can nurture our financial wellbeing as an organisation, the better we can support and make a difference for our customers when they need us most. By ensuring our products are well designed and priced, analysing business performance and ensuring proper management of insurance policies in-force, you're not just safeguarding AIA's financial wellbeing. You're securing a better future for the people and communities we serve - today, tomorrow and for generations to come.
If that interests you, read on. About the Role As a member of the Product Pricing Leadership Team, to support the Head of Product Pricing to drive sustainable and profitable growth of new business in one or multiple product lines.
Roles and Responsibilities: - To take ownership and responsibility of the sustainable profitable growth of new business for one/multiple product line(s).
- To lead the Research and Development, that is relevant to the product line, in collaboration with technical teams to:
- Actively exploring levers and tools to improve the product competitiveness and/or financial outcomes/resilience through enhancing the profit emergence in EV/IFRS 17/HKRBC, the ALM and investment strategy, and the risk management approach
- Keeping abreast of and to uncover the underlying dynamics of the latest claim, policyholder behavior, and expense experience of the product line to identify opportunities and risks and to propose/set assumptions and modelling approaches.
- Preparing for changes in the regulatory frameworks and to lead/participate in projects that shape favorable regulatory outcome for the company.
- Regularly updating Pricing R&D documents for discussion/ endorsement/approval of assumptions, measurement and management approach to enhance the product pricing outcomes of the product line.
- To develop, monitor and evolve product pricing strategy for a product line, in partnering with Head of Product Pricing
- Formulating the product pricing strategy, with the identification of R&D enablers, suitable new products and management actions to compete for and take advantage of market opportunities.
- Monitoring of the new business sales and financial performance as well as the market landscape to identify weakness and opportunities to evolve the product pricing strategy.
- Collaborating with Proposition communities and other functions to develop process and system required to support the product pricing strategy, in particular, the speed to market and agility of the process to react to changing market conditions/landscape.
- Influencing the direction of product development discussion, leveraging on the product pricing strategy, to support effective product development.
- To support the Head of Product Pricing and wider Proposition communities to work collaboratively with channels to develop products, new business campaigns, and product propositions.
- To support the Head of Product Pricing in the preparation of material for management discussions, PDC and LUSEB meetings, and other responsibilities/duties as assigned.
- To provide technical, project and stakeholder management guidance and support to the pricing team heads in their delivery of pricing projects of your product line.
- To align the efforts/resources of the product pricing activities to the economic values they generate and the product pricing strategy.
Minimum Job Requirements: - Qualified Actuary with at least 10 years of progressive experience working in direct life insurer, reinsurer, and/or consultancy.
- Clear understanding of full range of product lines: Par saving, critical illness, medical, universal life, corporate solution, unit link, pension, retirement products, and protection products, with expertise in some of them.
- Deep expertise in the principles and practices in assumption setting, asset/liability cash flow modelling, ALM, investment, capital management, medical business, and valuation.
- Good understanding of the interests, perspectives, and needs of the stakeholders that Product Pricing interacts with or has responsibility for, and able to develop effective professional relationships across an organization.
- Strong influencing and negotiation skills
- Awareness of external factors, e.g. general economy, investment conditions, the commercial environment, regulatory development and public opinion
- Proficient command of spoken and written English. Cantonese/Mandarin a plus
Others: - You are required to obtain relevant license if your job involves in regulated activities.
Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives.
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