Pricing Strategist for Life Insurance

4 days ago


Hong Kong, Central and Western District, Hong Kong SAR China AIA International Limited. Full time

At AIA International Limited, we're shaping the future of insurance with innovative solutions that prioritize our customers' needs and well-being. Our mission is to empower people to live Healthier, Longer, Better Lives.

About the Role

We're seeking an experienced Pricing Strategist for Life Insurance to join our Product Pricing Leadership Team. In this role, you'll drive sustainable and profitable growth of new business in one or multiple product lines. Your expertise will be instrumental in enhancing the competitiveness and financial outcomes of our products through assumption setting, asset/liability cash flow modelling, ALM, investment, capital management, medical business, and valuation.

Duties and Responsibilities:
  • To take ownership and responsibility of the sustainable profitable growth of new business for one/multiple product line(s).
  • To lead Research and Development, collaborating with technical teams to actively 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.
  • To keep abreast of and uncover underlying dynamics of latest claim, policyholder behavior, and expense experience of the product line to identify opportunities and risks and propose/set assumptions and modelling approaches.
  • To prepare for changes in regulatory frameworks and lead/participate in projects that shape favorable regulatory outcome for the company.
  • To regularly update Pricing R&D documents for discussion/endorsement/approval of assumptions, measurement, and management approach to enhance product pricing outcomes of the product line.
  • To develop, monitor, and evolve product pricing strategy for a product line, partnering with Head of Product Pricing.
  • To formulate product pricing strategy, identifying R&D enablers, suitable new products, and management actions to compete for and take advantage of market opportunities.
  • To monitor new business sales and financial performance as well as the market landscape to identify weakness and opportunities to evolve product pricing strategy.
  • To collaborate with Proposition communities and other functions to develop processes and systems required to support product pricing strategy, particularly speed to market and agility of the process to react to changing market conditions/landscape.
  • To influence direction of product development discussion, leveraging on product pricing strategy, to support effective product development.
  • To support Head of Product Pricing and wider Proposition communities to work collaboratively with channels to develop products, new business campaigns, and product propositions.
  • To support Head of Product Pricing in 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 pricing team heads in their delivery of pricing projects of your product line.
  • To align efforts/resources of product pricing activities to economic values they generate and product pricing strategy.
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 principles and practices in assumption setting, asset/liability cash flow modelling, ALM, investment, capital management, medical business, and valuation.
  • Good understanding of interests, perspectives, and needs of 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, commercial environment, regulatory development, and public opinion.
  • Proficient command of spoken and written English. Cantonese/Mandarin a plus.

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