General Accountability :
The position assists the Head of Asia Product Risk Management in overseeing product risk management activities for Asia Division.
In particular the candidate will be responsible for the review of new product initiatives of a few designated business units assessing the initiatives in the context of the Division’s risk appetite statements and business strategies.
The role plays a key part in the delivery of new business plan, product approvals and in depth reviews of the business units.
Product range will include all insurance related products such as protection, investment linked, participating / with-profits, annuity, and variable annuity.
Review for WAM products will not be in the scope of this role. Furthermore, IASB has published new accounting standard for insurance contracts, IFRS 17.
The position will assist business units in performing impact analysis and work with various areas to assess the implications to future new business.
The level of involvement from the Asia Product Risk Management varies by business unit. For mature operations that have the resources and capability to carry out risk management activities independently, the incumbent provides the necessary check and balance to the business unit product development team.
For operations with less scale, the incumbent will provide mentorship and support to assist them in achieving a similar level of independence over time.
For the designated business units :
Provide independent review on products, ensure that practices in Asia Division meet our policies and standards and are consistent with established risk appetite and limits.
Be a regional expert in the local business product portfolios and plans.
Manage the product & insurance risk review and approval process to ensure it is appropriate and responsive i.e. it is in accordance with the Global framework, leverages CROs of business units where possible, and meets Asia Division and global product review service standards.
Ensure that all elements of product design and pricing meet our Corporate Pricing Standards consistent with Manulife risk taking philosophy and limits.
Work with businesses to understand and shape their strategy and the impact of sales on the Division’s ongoing key performance indicators and risk profile, and effectively communicate implications to Divisional and Group management.
Support Asia business units in performing IFRS 17 impact analysis specifically implications to product strategy.
Participate in the annual NB planning process and in particular independently review the new business plan submissions from business units to provide insights from broader risk perspective.
For Asia Product and Insurance Risk Management :
Assist the Head of Asia Product Risk Management in the execution of his / her duties as they pertain to product and insurance risks.
Work collaboratively with Group Product & Insurance Risk Management and local business units to improve existing reporting / product review process.
Support Group Product Risk Management on special risk projects includes Group program on developing a risk technology framework.
Knowledge / Skills / Competencies / Education :
Fellow of an internationally recognized actuarial organization
At least 10 years of experience in life insurance industry preferably product and / or pricing experience
Good understanding of technical aspects of insurance product design
Strong analytical and decision making skills
Cultural sensitivity and ability to work collaboratively in various cultures
Ability to work independently on multiple projects and lead broad change initiatives
Excellent verbal and written communication skills
Able to build long distance relationships
Experience of Asian markets is an advantage
Candidates with less experience may be considered for an Associate Director position)