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Role Purpose :
To be the country manager to manage the product approval process in PCA for a number of LBUs. The responsibility includes review of actuarial assumptions and product financial and risk reviews on products under various reporting (including EEV, Solvency II basis) and be the coordinator in the product approval process.
The role will include assessing, measuring and monitoring insurance risk elements for several business units in Asia. The role will include risk oversight activities related to the introduction and roll out of insurance risk policies, monitoring compliance against these policies, providing risk oversight for the internal attestation to Group Governance, Solvency II, Economic Capital.
Other project based activities within the Regional Risk function may arise from time to time.
Organisation Context :
Role requires a good understanding of the PCA businesses and involves cross functional interaction with LBU product, actuarial and risk teams;
regional insurance, capital, finance and actuarial teams and Group risk and Solvency II teams. As a reviewer of new product proposals and other insurance risks this is a crucial gatekeeping role requiring a balance between pragmatic risk taking and reward.
Risk review of new product proposals including product features, assumptions, financial performance, risk exposure / appetite and the capital implications.
Liaise, influence and propose to the key stakeholders in business units and regional teams, any possible changes in the product design or policyholder communication to achieve a better risk and return trade-off.
The main categories of products to be covered include participating, unit-linked and health & protection products.
Identify, monitor and report Insurance risks (persistency, morbidity, mortality, expense etc.) across select Asian business units in conjunction with the local risk teams.
Manage the risk register for Insurance risks including tracking MI for the select business units and follow up on action items for reporting to the Regional Risk Committees.
Participate in the PCA annual risk identification exercise to identify and assess the key risks in Asia and support the various Committees to oversee the Solvency II Internal Model in line with Group policies and operating standards.
Support Risk based decision making for key activities like Product development, reinsurance, business planning and M&A deals
Contribute to the delivery of the Group Risk Development plan. Areas of input include development and implementation of a risk appetite framework, embedding Solvency II Use test with emphasis on economic way of doing business.
Participate in tailoring the group level plan to be fit for purpose for PCA businesses.
Support the implementation and compliance of the Asia Financial Risk Management framework, policies and guidance, consistent with Group frameworks and policies
Conduct thematic insurance risk deep dives
Lead and coordinate the Group Risk Appetite exercises, including the projection in the business planning cycle, and the continuous monitoring throughout the year