Distribution Compensation Specialist

Prudential Services Asia; Singapore; On-site; SGD 110,000 - 160,000; Full time

Job summary

Prudential Services Asia is seeking a Distribution Compensation Specialist to design and review compensation/incentive schemes for Agency and Partnership distributions. You will partner with Distribution, Customer teams and Finance to ensure financial supportability and governance compliance.

The role involves monitoring performance, providing updates to senior management and performing post-implementation reviews to optimise outcomes.

Qualifications

• Strong financial understanding of compensation and incentives.
• Insight into insurance industry dynamics and trends.
• Meticulous and detail-oriented with data accuracy focus.
• Analytical mindset to assess cost, impact and governance.

Responsibilities

• Design, review and modify agency/partnership distribution compensation and incentives.
• Obtain approvals for compensation changes ensuring governance compliance.
• Monitor performance against business cases and report to senior management.
• Lead post-implementation reviews on approved compensation schemes.
• Support recruitment and implementation of distribution strategies and analytics.

Skills

Financial acumen

Insurance knowledge

Analytical thinking

Attention to detail

Autonomy

Communication skills

Business sense

Curiosity

Education

Degree in Actuarial or Finance

Job description

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Reporting to the Head of DCA, the Distribution Compensation Specialist will assist in the review and performance of business cases, compensation and tracking of incentive spent. The role partners closely with Agency Distribution, Partnership Distribution and Customer Team to design, cost and holistically evaluate the effectiveness of all incentives and distribution compensation.

Job Description: Compensation and Incentive Schemes Work with Agency Distribution/Partnerships Distribution/Customer to design, review and recommend changes to Agency Distribution/Partnerships Distribution compensation and incentives to achieve business objectives and ensure financial supportability Obtain relevant approval for compensation changes in compliance with governance Ensure performance is monitored relative to business case and support in providing senior management with regular updates. Where necessary, recommend changes to management together with distribution Perform post implementation review on approved business cases

Agency Recruitment Schemes Support agency recruitment by developing the effective means to achieving recruitment targets and objectives. Review the effectiveness of various recruitment schemes and work with Agency Recruitment to implement further improvements

Business Strategies and Special Projects Review and support the implementation of Distribution Strategies, especially from product and compensation analytics perspective. Understand the impact and implication of such initiatives and provide coordination within Finance and Actuarial where appropriate Build DCA knowledge of the organization, processes and customers

Agency Appeals Manage Agency appeals, carrying out an assessment of reasonableness, business needs and financial costs, while ensuring timely resolution and adherence to governance standards.

Who we are looking for:

Competencies & Personal Traits

Good technical financial knowledge Good understanding of insurance industry issues and trends Detailed and Meticulous Strong analytics skills Ability to work autonomously Good communication skills Business acumen Inquisitive and ability to think out of the box and look beyond existing solutions and own area to define/resolve issues

Working Experience At least 7 years of relevant experience in finance or actuarial roles or positions Agency experience is a plus

Education Degree in Actuarial or Finance

Language English

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements. We are Prudential. For every life, we are partners. For every future, we are protectors. Prudential plc provides life and health insurance and asset management to 17 million customers across 20 markets in Asia and Africa. We are headquartered in Hong Kong and have dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange. We are focused on four strategic regions: Greater China, ASEAN, India and Africa. Our customers are served by around 55,000 agents and more than 200 bank partners. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom. Find out more at www.prudentialplc.com Follow us on LinkedIn