AVP- Insurance Risk from a Life Insurer (Thailand)
About the job
Main Purpose of Job Scope: Supporting Head of Insurance Risk and Chief Risk Officer on the in terms of Product and Distribution Risk.
Role and Responsibilities:
(1) Product Review on Product Approval Process (PAP)
• Provide risk review and commentary on new and repriced products and proposed risk additional sensitivities to ensure the new product launch and repriced products are robust.
• Regularly updated and knowledgeable in Group Product Approval Process (PAP) guidelines and Risk Packs on product approvals. Ensure the new product launches and repriced products aligned with the latest Group guidelines and Risk Packs.
• Active involvement in the 1st and 2nd line activities within the most current Group Product Approval Process and Guidelines.
• Closely involved with Product Development and actively updated on the company’s product roadmap and product simplifications, before they are launched and review product approval report for Local Product Management Committee (LPMC) approval.
• Liaise with underwriting and claims departments to provide risk opinion to ensure the underwriting rules for new / repriced products are aligned with the Group Underwriting guideline and provide rationale and obtained approval from Local Underwriting Committee should the rules deviates from the standard underwriting rules.
• Collaborate closely with Chief Product Officer, Pricing Actuary and Product Development team on identifying and highlighting key risks of new and repriced products.
• Provide a 2nd eye review on pricing of product by building independent pricing spreadsheet and understand changes in OIC regulations especially for new products.
• Provide risk review on the policy contracts, sales materials/ illustration and training materials, ensuring the new product designed are consistent with the contracts.
(2) Risk 2nd Opinion
• Product Tree Annual Exercise and Customer Value Management : Collaborate with 1st line actuarial on the annual submission of the product tree to Group and peer review the reasonableness of the results (profitability, payback period, economic combined ratio, customer value, etc.)
• Product Plan and Product Simplification : Closely involved with Product team on the local Annual Product Plan to be submitted to the Group Product Forum (GPF)
• Annual Assumption Review: Provide 2nd opinion risk review on the annual assumption review performed by 1st line actuarial and recommendations/improvements to the experience study. Review the best estimate assumptions proposed by 1st line and reasonableness of financial impacts
• Annual Strategic Plan Review: Involved closely with Strategic Team and Actuarial in the process of annual Strategic Plan/Initiatives. Provide 2nd opinion on Strategic Plan from Insurance and Distribution Risk perspective.
• Annual Review of Distribution Remuneration: Provide risk opinion on the annual review of distribution compensation (Agency, Bank and Corporate Solution) and challenge the studies on distribution scheme (more specifically link with customer behavior, driving persistency).
(3) Risk Monitoring and Analysis
• Product’s profitability and sales volume against plan.
• Health Loss Ratio, Combined Ratio and Covid 19 monitoring claims.
• In-Force monitoring on persistency and denied claims ratio. Performed in-force profitability studies to determine in-force management actions.
• Action plan required to close the Group Risk Management’s In-Depth Review (IDR) and Technical Review.
• Distribution Risk: performed data analytics on customer complaints – linked with improving customer value.
(4) Risk Appetite Framework (Health)
• to lead the developing on setting Health Risk Appetite as part of managing company’s Risk Appetite in accordance with the Group Standards. Collaborate closely with 1st line team (Health, Pricing, Actuarial and In-Force) as part of the Technical Task Force for Health Business.
(5) Local Risk Management Committee and Board Risk Management Committee
• Prepare and present related Insurance Risk reports for the Local Management Risk Committee (LMRC) and Board of Risk Management Committee (BRMC)
• Liaising with Finance and Actuarial in providing related reports and slides for LMRC (e.g. assumption review, reinsurance, etc).
(6) Internal Stakeholders
• Attend other governance Committees as risk representative (e.g. Local Product Management Committee, Local Underwriting Committee, In-Force Steering Committee, Health Steering Committee). Key stakeholders for Insurance Risk to liaise closely are Actuarial, Product, Pricing, Compliance and Market Conduct, In-Force, Health, Claims, Underwriting and other risk teams (Financial Risk, Operational Risk, Internal Control).
(7) Compliance with Group Risk Management (GRM) policies related to Insurance Risk area
Qualifications:
• University degree in Actuarial, Mathematics, Statistics, Finance, Engineering or any relevant field.
• At least 7 years of actuarial experience in life insurance companies
• Experience in Product Pricing & Product Approvals and Actuarial Experience Studies.
• Actively sitting and passing SOA/IoA or other international actuarial exams. Advantage if close to completion of actuarial exams and few papers away to FSA or FIA actuarial qualification.
• Excellent both writing and presenting in English.
• Computer Skills : MS Excel (including VBA), MS Powerpoint, MS Word, MS Outlook. Advantage if have Prophet and SQL.