Assistant Manager, Pricing (Life Insurance)

Summary:

• Lead and manage the Pricing Executives.
• Responsible for the development of sound premium rates that is in alignment with the product pricing strategy and adhering to company’s internal requirements and comply with BNM’s regulations.
• To ensure that the products’ profitability and capital needs meet the company’s objectives.

Key Accountabilities:

Product Pricing Strategy

• Devise pricing strategy to ensure that they are in alignment with the product proposition to achieve business targets and meet the products’ profitability and capital needs of the company.
• Review, build, update or enhance existing pricing model.
• Preview, test and utilize competitor products and seek necessary mandate from the Product Development Team.
• Review or prepare pricing analysis and seek necessary mandate from Product Development Team for quotation.
• Work with reinsurer to gain access to product knowledge and risk pricing knowledge. Also establish relationship with reinsurer to ensure timely product support.
• Review or preparing financial studies in Pricing Report to seek product approval from the relevant stakeholders.
• Collaborate with Product Development Team to ensure that product is approved by relevant stakeholders, prior to seeking Regional/Group approval (if required), and filing to BNM.
• Partner with Product Development Team to prepare the needed document for timely submission of product filling for BNM’s product approval and responding to BNM's queries.
• Provides support in Employee Benefit business in ensuring sound pricing practice.

Product Implementation

• Work with IT on developing, testing, and integrating systems.
• Review and resolve Day 1 issues before product launch and to follow up on Day 2 issues to ensure completion.
• Review or develop and maintain Excel Planner template and Inforce SI.

Special Projects Related to Pricing

• Manage project timeline with the engagement of project manager.
• Ensure timeliness of the project completion.

Ad Hoc Requests

• Respond accurately to ad hoc requests from various stakeholders in timely manner.

Requirements:

• Education: Degree in Actuarial Studies who is active in exam progress from recognised actuarial examination body.

• Experience: More than 6 years of Actuarial or Pricing experience. Understanding of insurance products and marketplace conditions and how they impact financial models and results.

• Skills:

• Strong technical skill and logical thinking.

• Strong problem-solving skill and critical thinking.

• Communication & inter-relation skills.

• Leadership and Motivational skills.

• Team building and collaboration skills.