Associate Director, Actuarial

4 days ago

Hong Kong, Central and Western District, Hong Kong SAR China AIA Hong Kong and Macau Full time

Associate Director, Actuarial (Product Pricing)

Associate Director, Actuarial (Product Pricing)

Apply locations Hong Kong, HK-AIA Hong Kong & Macau

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, you will support the Head of Product Pricing to drive sustainable and profitable growth of new business in one or multiple product lines.

Roles and Responsibilities:

  • Take ownership and responsibility for the sustainable profitable growth of new business for one/multiple product line(s).
  • Lead the Research and Development relevant to the product line in collaboration with technical teams to:
    • Explore levers and tools to improve product competitiveness and/or financial outcomes/resilience through enhancing profit emergence in EV/IFRS 17/HKRBC, ALM and investment strategy, and risk management approach.
    • Keep abreast of and uncover the underlying dynamics of the latest claim, policyholder behavior, and expense experience of the product line to identify opportunities and risks and propose/set assumptions and modelling approaches.
    • Prepare for changes in regulatory frameworks and lead/participate in projects that shape favorable regulatory outcomes for the company.
    • Regularly update Pricing R&D documents for discussion/endorsement/approval of assumptions, measurement, and management approach to enhance product pricing outcomes.
    • Develop, monitor and evolve product pricing strategy for a product line, in partnership with the Head of Product Pricing.
    • Formulate product pricing strategy, identifying R&D enablers, suitable new products, and management actions to compete for and take advantage of market opportunities.
    • Monitor new business sales and financial performance as well as the market landscape to identify weaknesses and opportunities to evolve product pricing strategy.
    • Collaborate with Proposition communities and other functions to develop processes and systems required to support product pricing strategy, particularly regarding speed to market and agility of the process to react to changing market conditions/landscape.
    • Influence the direction of product development discussions, leveraging product pricing strategy to support effective product development.
    • Support the Head of Product Pricing and wider Proposition communities to work collaboratively with channels to develop products, new business campaigns, and product propositions.
    • Assist the Head of Product Pricing in preparing material for management discussions, PDC and LUSEB meetings, and other responsibilities/duties as assigned.
    • Provide technical, project, and stakeholder management guidance and support to the pricing team heads in their delivery of pricing projects for your product line.
    • Align efforts/resources of 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 a 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 regulated activities.

Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives.

You must provide all requested information, including Personal Data, to be considered for this career opportunity. Failure to provide such information may influence the processing and outcome of your application. You are responsible for ensuring that the information you submit is accurate and up-to-date.

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