Head of Product Pricing (VP level) from a Life Insurer (Thailand)
Responsibilities
1. Product Pricing Strategy & Profitability Management
- Lead product pricing activities across life, health, savings, and rider products.
- Develop pricing strategies aligned with the company’s business objectives, profitability targets, and market positioning.
- Ensure pricing assumptions appropriately reflect mortality, morbidity, lapse, expense, and investment considerations.
- Perform profitability analysis and financial projections for new and existing products.
- Monitor product profitability and recommend repricing or corrective actions where necessary.
2. Pricing Governance & Product Approval
- Establish and maintain pricing governance standards, methodologies, and controls.
- Prepare pricing papers, financial justifications, and management recommendations for product approval committees.
- Ensure pricing models and assumptions are appropriately documented and reviewed.
- Support regulatory product filing submissions in coordination with Compliance and relevant stakeholders.
- Coordinate with OIC and external parties on pricing-related matters where applicable.
3. Product Portfolio Performance Monitoring
- Monitor actual versus expected product performance, including sales, claims, persistency, and profitability trends.
- Provide regular portfolio performance updates and insights to senior management.
- Conduct sensitivity analysis and scenario testing to support management decision-making.
- Identify emerging portfolio risks and recommend mitigation strategies.
4. Reinsurance Management & Optimization
- Lead reinsurance pricing support and treaty management activities.
- Collaborate with reinsurers to optimize risk sharing, product competitiveness, and profit margins.
- Evaluate reinsurance structures and financial impacts across product lines.
- Support negotiations and annual treaty renewals with reinsurance partners.
5. Cross-Functional Collaboration
- Partner with Product Development teams during product design and commercialization phases.
- Collaborate with Distribution and Marketing teams on product positioning, pricing competitiveness, and campaign feasibility.
- Work closely with Underwriting and Claims teams to ensure pricing assumptions align with operational experience and risk management practices.
- Coordinate with Finance, Risk Management, and Compliance teams on financial and regulatory considerations.
6. Leadership & Team Management
- Lead, coach, and develop the Product Pricing team to strengthen technical capability, business acumen, and leadership competencies.
- Foster a high-performance and collaborative working culture.
- Drive continuous improvement in pricing processes, tools, and reporting capabilities.
Qualification
- Bachelor’s or Master’s degree in Actuarial Science, Mathematics, Statistics, Finance, or related fields
- FIA/FSA/FIAA or equivalent actuarial qualification preferred
- Minimum 10–15 years of experience in life insurance pricing, actuarial, or product-related functions
- Strong knowledge of life insurance products, pricing methodology, and profitability management
- Experience in reinsurance negotiations and product filings
- Strong analytical, leadership, and stakeholder management skills
- Familiarity with OIC regulatory requirements and actuarial standards
- Experience with Prophet, RAFM, or other actuarial modeling tools preferred