Pricing, Consultant

AIA Shared Services; Kuala Lumpur; Hybrid; MYR 180,000 - 240,000; Full time

Job summary

AIA Shared Services is seeking an experienced Actuary to lead product pricing, ensuring sound pricing in line with Group requirements and local regulations. The role includes managing pricing professionals, validating pricing models, and optimizing distribution channel compensation with prudent design.

The candidate will drive value through robust analyses, governance with Group and regulators, and development of the pricing toolkit.

Qualifications

• Bachelor degree in Actuarial Science or similar with strong maths.
• Strong technical, analytical and problem solving skills.
• Excellent oral and written communication skills.

Responsibilities

• Pricing: Lead pricing team and support pricing requests from Products Marketing; assess new campaigns and negotiate reinsurance arrangements.
• Review pricing models to ensure pricing metrics can be produced as required by Group Office.
• Produce analysis to recommend channel compensation, balance attractiveness and prudence; develop dashboards to monitor compensation.
• Support ad-hoc requests from other business functions.
• Streamline analyses and standardize processes; perform additional duties as assigned.
• Develop team capabilities and promote a customer-centric mindset in product development.

Skills

Analytical skills

Communication skills

People management

Actuarial experience

Education

Bachelor degree in Actuarial Science

Job description

At AIA we've started an exciting movement to create a healthier, more sustainable future for everyone. It's about finding new ways to not only better people's lives, but to better the communities and environments we live in. We need great Actuaries who want to be part of something bigger than finance alone. Because the better we can nurture our financial wellbeing as an organisation, the better we can support and make a difference for our customers when they need us most. By ensuring our products are well designed and priced, analysing business performance and ensuring proper management of insurance policies in-force, you're not just safeguarding AIA's financial wellbeing. You're securing a better future for the people and communities we serve - today, tomorrow and for generations to come. If that interests you, read on.

About the Role

Ensure that products pricing are sound and in-line with requirements set by Group and meets all local regulatory requirements. Ensure that distribution channel compensation (i.e. agency, partnership distribution) are sound and aligned to meet business objectives, including reasonable financial impacts.

Roles and Responsibilities

1. Pricing: Provide value to our Stakeholders. Pricing Lead a team of pricing professionals and supports pricing requests from Products Marketing. These includes financial assessment of new campaigns Propose reinsurance arrangement of new products and negotiate with reinsurers. Obtain appropriate approvals from Group and filing to local regulator.
2. Technical Lead Review the accuracy of pricing models to ensure that the pricing team can produce the pricing metrics and analyses required by Group Office Quality assurance manager for pricing templates, pricing tools and sales illustration calculators.
3. Channel Compensation Subject-Matter Expertise Responsible to produce analysis to recommend compensation to distribution channels, balancing contest design attractiveness and prudence (e.g. avoid abuse risk) Produce metrics and dashboards, as required, to monitor and track the compensation matters.
4. Others Support company initiatives and adhoc request from other business functions.
5. Processes improvements - to streamline and standardize analyses Performs other responsibilities and duties periodically assigned by supervisor.
6. Team and Individual Development Support strengthening of team's capabilities and development Encourage/challenge team to have a customer-centric mindset in the product development process (value, design, experience) Encourage attitude to want to learn, and give team the tools to develop their technical and soft-skills knowledge and capabilities. Encourage openness and trust in team, seeking and listening to feedback Improve level of engagement in the team Improve key areas (connection to mission and purpose, company positioning, opinions count, recognition) by linking recognition of good effort and analysis to the value it provides to customers, business decisions.

Minimum Job Requirements

• Bachelor degree in Actuarial Science or other educational background with significant mathematical and analytical courses
• Good technical, analytical and problem solving skills
• Good oral and written communication skills
• Proficiency in people management and development
• At least 6 years of actuarial experience, with at least 3 years in products pricing

Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives.

You must provide all requested information, including Personal Data, to be considered for this career opportunity. Failure to provide such information may influence the processing and outcome of your application. You are responsible for ensuring that the information you submit is accurate and up-to-date.

"Better" starts with people who reimagine what is possible and turn ideas into meaningful action. At AIA, you will contribute in your own way, help shape outcomes that matter and collaborate with colleagues across disciplines, teams, markets and levels. We will support you to broaden your perspective, strengthen your capabilities and grow your impact. Together, we challenge assumptions, learn from one another and find better ways forward. Bring your ambition, experience and ideas to AIA, and help shape what "better" looks like.

Bring your difference to AIA