Head of Product & Pricing

Sun Life Malaysia Assurance Berhad; Kuala Lumpur; On-site; MYR 180,000 - 300,000; Full time

Job summary

Sun Life Malaysia Assurance Berhad is seeking a senior Product Pricing leader to oversee pricing strategy across conventional and takaful products, ensuring profitability and regulatory compliance while coordinating with actuarial, distribution, and operations teams.

You will lead a 30-40 person team (3-4 direct reports), coach staff, and drive pricing initiatives, product launches, and profitability analysis for Management and Regional reviews across multiple distribution channels.

Qualifications

• Bachelor’s degree or above in Actuarial Science / Statistics or relevant.
• A fellow member of an actuarial society, or near to qualification.
• At least 10 years of related working experience.
• Strong managerial experience, with ability to manage senior members.
• Being able to manage the team to deliver quality work within designated timeline.
• Being able to communicate effectively with external parties such as the other team leads, auditors, regulators, Management, and partners.
• Possesses strong knowledge on business and fundamental actuarial principles to provide analysis and recommendation from the results generated.
• Familiar with Malaysian regulatory framework.

Responsibilities

• Manage end-to-end Product Pricing/Re-pricing Initiatives.
• Work with all internal stakeholders including marketing and operations in all stages of product development and advice on feasibility from product design and pricing perspective.
• Engage and influence to reach an optimal arrangement for product pricing and launch.
• Ensure the team proposes sound and reasonable product design and assumptions, and also balanced pricing that meets profitability and client value.
• Assess reinsurance arrangements, including negotiating with the reinsurers to obtain competitive quotes.
• Ensure the team delivers full product pricing and profitability analysis for Management approval and Regional Office Peer Review team review, in compliance to internal and regulatory guidelines and requirements.
• Ensure regulatory compliance for product design, fee and charges, and valuation basis.
• Ensure high standards and structure of documentation for reference and audit.
• Oversee and manage the team to bring their maximum capability.
• Provide coaching and guidance to the team, help to develop necessary skills, including technical actuarial skills and soft skills.
• Periodically assess staff performance and communicate with them to improve the performance.
• Evaluate business case for new distribution channel / partner and assess potential profitability / drawbacks.
• Participate in projects that elevate and optimize the company's profitability, such as reinsurance optimization.
• Participate in projects that bring additional value to the team and the company, such as automation projects that optimize work/results.
• Work with internal stakeholders to obtain financial measures for product monitoring.
• Perform timely analysis and monitoring, and elevate if product fails to perform.
• Suggest changes to product if it does not perform as expected.

Skills

Strong managerial experience

Communication with external parties

Actuarial knowledge

Education

Bachelor’s degree or above in Actuarial Science / Statistics or relevant

Job description

This role will oversee and manage the product pricing of all products at Sun Life Malaysia, ensuring that products meet all targets, from financial to strategy standpoint. Main objectives include leading a team of product and pricing staff in the pricing of new products and the re-pricing of existing products as well as to support the distribution and operations teams on business case, production issues, and quotations. The role is responsible to engage various stakeholders, both actuarial and non-actuarial, internal and external, and including the Management team and distribution partners, to reason and influence them in order to facilitate a successful product launch, while ensuring regulatory compliance.

The position will manage projects under both conventional and takaful, across different distribution channels such as bancassurance, agency, telemarketing, and others. The role will also manage a team of total 30-40 persons, with 3-4 direct report, and is responsible for coaching and developing these individuals in their respective roles.

Responsibilities

Manage end-to-end Product Pricing/Re-pricing Initiatives

• Work with all internal stakeholders including marketing and operations in all stages of product development and advice on feasibility from product design and pricing perspective.
• Engage and influence to reach an optimal arrangement for product pricing and launch.
• Ensure the team proposes sound and reasonable product design and assumptions, and also balanced pricing that meets both profitability of the company and meeting fair client value. Suggest solutions to overcome hurdles and maintain/increase value to the company.
• Assess reinsurance arrangements, including negotiating with the reinsurers to obtain competitive quotes. Propose and execute the most optimal reinsurance arrangement for a particular product.
• Ensure the team delivers full product pricing and profitability analysis for Management approval and Regional Office Peer Review team review, in compliance to both the internal and regulatory guidelines and requirements.
• Ensure regulatory compliance for product design, fee and charges, and valuation basis.
• Ensure high standards and structure of documentation for reference and audit.

Staff Development

• Oversee and manage the team to bring their maximum capability
• Provide coaching and guidance to the team, help to develop necessary skills, including technical actuarial skills and soft skills.
• Periodically assess staff performance and communicate with them to improve the performance.

Support relevant project, primarily from the financial viewpoint. Examples:

• Evaluate business case for new distribution channel / partner and assess potential profitability / drawbacks.
• Participate in projects that elevate and optimize the company's profitability, such as reinsurance optimization.
• Participate in projects that bring additional value to the team and the company, such as automation projects that optimize work/results.

Product performance monitoring and reporting

• Work with internal stakeholders to obtain financial measures for product monitoring
• Perform timely analysis and monitoring, and elevate if product fails to perform
• Suggest changes to product if it does not perform as expected

Requirements

• Bachelor’s degree or above in Actuarial Science / Statistic or relevant
• A fellow member of an actuarial society, or near to qualification
• At least 10 years of related working experience.
• Strong managerial experience, with ability to manage senior members.
• Being able to manage the team to deliver quality work within designated timeline
• Being able to communicate effectively with external parties such as the other team leads, auditors, regulators,Management, and partners
• Possesses strong knowledge on business and fundamental actuarial principles to provide analysis and recommendation from the results generated
• Familiar with Malaysian regulatory framework