Manager, Life Insurance and Inclusive Insurance | Financial Development and Innovation (FDI)

Bank Negara Malaysia; Kuala Lumpur; On-site; MYR 80,000 - 120,000; Full time

Job summary

A central bank is looking for a Manager for Life Insurance and Inclusive Insurance to formulate and execute policies for the financial services industry. The ideal candidate will promote sustainability and efficiency within the insurance sector while managing a team effectively. Applicants should possess a relevant bachelor’s degree and have at least 5 years of experience in finance, economics, or insurance, particularly in central banking functions.

Qualifications

• 5+ years of experience in finance, economics or insurance.
• Strong understanding of central bank functions, particularly in the insurance sector.

Responsibilities

• Formulate policies for financial institutions and technology players in insurance.
• Lead research efforts for insurance market development.
• Manage and develop an effective team.

Skills

Financial analysis

Policy formulation

Team management

Stakeholder collaboration

Education

Bachelor’s Degree in relevant fields

Job description

Manager, Life Insurance and Inclusive Insurance | Financial Development and Innovation (FDI)

Manage the formulation and execution of policies, strategies and solutions for the orderly development of the financial services industry, particularly life insurance sector, in line with the needs of the economy and financial stability objectives.

Bank Negara Malaysia (the Central Bank of Malaysia), is a statutory body which started operations on 26 January 1959. Bank Negara Malaysia is governed by the Central Bank of Malaysia Act 2009. The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.

Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara Malaysia is also responsible for financial system stability. This is achieved by developing a sound, resilient, progressive and diversified financial sector which serves to support the sectors of the real economy. It also plays an important function in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.

Bank Negara Malaysia has played a significant developmental role in developing the financial system infrastructure in advancing the financial inclusion agenda. This is to ensure all economic sectors and segments of the society have access to financial services. In addition, Bank Negara Malaysia also oversees the nation’s payment systems infrastructure which emphasize on the efficiency and security of the financial systems.

As the banker and adviser to the Government, Bank Negara Malaysia provides advice on macroeconomic policies and the management of public debt. Bank Negara Malaysia is also the sole authority in issuing the national currency and in managing the country's international reserves.

• Formulate, recommend and execute policies, strategies and solutions relating to the development of existing and new financial institutions, intermediaries and technology players (including those that may not be currently directly supervised by the Bank), delivery channels, infrastructure and systems to improve efficiency and effectiveness of the insurance sector and its long‑term development in line with the changing needs of the economy and financial stability objectives.
• Formulate, recommend and execute policies, strategies and solutions to promote inclusive insurance (including enhancing insurance penetration) and sustainability of the financial services industry.
• Lead the monitoring and assessment of domestic and global trends and insurance market development to guide the formulation of policies for the insurance sector in Malaysia.
• Lead research efforts to provide subject matter expertise and to serve as a credible voice on new and emerging areas relating to insurance sector development, including key technological enablers, enhanced product designs and sustainability of existing and new products.
• Lead, direct, influence, supervise and monitor efforts initiated/jointly initiated with the industry to address developmental concerns and promote a more orderly and efficient systems and market infrastructure.
• Collaborate with internal as well as external stakeholders to support the Government in achieving its socio‑economic objectives in the areas such as healthcare and pensions or to undertake initiatives to elevate the effectiveness or efficiency of financial services.
• Manage and develop a cohesive and effective team, including by providing direction, guidance and feedback to staff, delegating responsibilities effectively and initiating staff development plans.

• Academic Qualifications: Bachelor’s Degree or professional qualification in accounting, economics, banking, risk management, law, actuarial science, computer science or finance.
• Experience: Preferably 5 years of working experience in finance, economics or insurance with good understanding of central bank functions and specifically the insurance sector.