Position Objective:

The main objective of the Director, Pricing role is to effectively manage and lead the Pricing function within the organization. This includes overseeing a range of key objectives such as product pricing, product filing to regulatory bodies, in-force management, and compensation, and providing support for new business initiatives. The individual in this position will play a crucial role in ensuring accurate and profitable product pricing, compliance with regulatory requirements, efficient management of existing policies, and support for business growth through strategic analysis of new opportunities.

Responsibilities:

A. Pricing Function:

Conduct product pricing and profitability stress testing for new products as well as annual reviews. Lead the implementation of pricing systems based on product specifications. Perform system scenario testing including User Acceptance Testing (UAT) for products and Benchmarking, Benchmark Quality Assurance Testing (BBQ) for systems. Provide support for system corrections and Phase 2+ system improvements.

B. Product Development:

Internal Deliverables:

Conduct portfolio studies including analysis of age and gender distribution, A/E and loss ratios. Perform risk assessments for new products. Develop product manuals in accordance with Global Chubb's Actuarial Standard of Practice (ASOP). Prepare profitability reports, such as VNB (Value of New Business) and utilize Prophet modelling. Coordinate reinsurance arrangements and collaborate with the Claim Loss Reserve Committee (CLRC).

MOF Filing:

Prepare technical notes, tariff plans, and BBQ-number submissions for filing with the Ministry of Finance (MOF).

C. In-force Management and Compensation:

Analyze and manage in-force block data to support the persistency committee and claim committee. Review and propose changes to the compensation scheme.

D. New Business Support:

Analyze products and provide financial reviews for new sales channel and partner opportunities. Support special projects as assigned.

E. Management and Support:

Lead and manage the Pricing team, taking full responsibility for the Pricing function. Engage with higher management levels to address human resource needs and address significant issues to enhance the Pricing function.

Requirements:

Must have an actuarial background with at least ASA (Associate of the Society of Actuaries) or equivalent diploma.A minimum of 7 years of experience in actuarial roles, with a focus on pricing and product development.Demonstrated expertise and at least 5 years of experience specifically in pricing and product development.Strong analytical skills and attention to detail to ensure accuracy in pricing analysis.Possesses integrity and a sense of responsibility in managing pricing strategies and ensuring compliance with regulations.Proven ability to work effectively in a team environment, collaborating with cross-functional teams.Good communication and interpersonal skills to effectively interact with stakeholders at all levels of the organization.Strong leadership qualities and the ability to manage and mentor a team of pricing professionals.