Job Title: AVP – Insurance Risk
Main Purpose of Job Scope: Supporting Head of Insurance Risk, Head of Risk Management and Chief Risk Officer on Insurance Risk related topics.
Role and Responsibilities:
Product Review on Product Approval Process (PAP)
- Provide risk review and commentary on new and repriced products and proposed risk additional sensitivities to ensure the new product launch and repriced products are robust.
- Provide risk review on the annual Local PAP Policy and regularly updated and knowledgeable in AXA and IMa Product Approval Process (PAP) guidelines and governance on product approvals. Ensure the new product launches and repriced products aligned with the latest AXA Group PAP guidelines and Risk Packs.
- Pro-Active involvement with business lines (product and pricing) on the product approval pipeline and liaised closely with IMa Risk to provide regular product updates.
- Closely involved with Product Development and actively updated on the company's product roadmap and product simplifications, before they are launched and review product approval report for Local Product Management Committee (LPMC) approval.
- Collaborate closely with Chief Product Officer, Pricing Actuary and Product Development team on identifying and highlighting key risks of new and repriced products.
- Provide a 2nd eye review on the pricing assumptions and and understand changes in OIC regulations especially for new products.
- Provide risk review on the policy contracts, sales materials/ illustration and training materials, ensuring the new product designed are consistent with the contracts.
Risk 2nd Opinion
- Customer Satisfaction KPI : Collaborate with various business lines (Actuarial, Complaints, Claims) on the annual submission of the customer satisfaction KPIs to Group and peer review the reasonableness of the results and proposed risk mitigation action plans for areas of deterioration (persistency, complaint ratio, denied claim ratio).
- Annual Product Plan: To provide 2nd opinion risk review on the proposed annual product plan and review from strategic rationale perspective with justification and rationale of the product launch whilst closely involved with business lines (Product & Pricing team).
- Annual Assumption Review: Provide 2nd opinion risk review on the annual assumption review performed by 1st line actuarial and recommendations/improvements to the experience study. Review the best estimate assumptions proposed by 1st line and reasonableness of financial impacts.
- Annual Strategic Plan Review: Involved closely with Strategic Team and Actuarial in the process of annual Strategic Plan/Initiatives. Provide 2nd opinion on Strategic Plan from Insurance and Distribution Risk perspective.
- Annual Review of Distribution Remuneration: Provide risk opinion on the annual review of distribution compensation (Agency, Bank and Corporate Solution) and challenge the studies on distribution scheme (more specifically link with customer behaviour, driving persistency).
- Underwriting limit and rules: Provide 2nd opinion risk review on underwriting relaxation rules or limits, ensuring the policy limits are within the AXA Group Underwriting policy/guidelines and delegations of underwriting authority. Liaise with underwriting and claims departments to provide risk opinion to ensure the underwriting rules for new / repriced products are aligned with the AXA Group Underwriting guideline and provide rationale and obtained approval from Local Underwriting Committee should the rules deviates from the standard underwriting rules.
Risk Monitoring and Analysis
- Product's profitability and sales volume against plan.
- Health Loss Ratio and Combined Ratio by product level.
- In-Force monitoring on persistency and denied claims ratio. Performed in-force profitability studies to determine in-force management actions.
- Monitor the action plan required to close the GUO's In-Depth Review (IDR) related to products, health and assumptions.
Local Risk Management Committee and Board Risk Management Committee
- Prepare and present related Insurance Risk reports for the Local Management Risk Committee (LMRC) and Board of Risk Management Committee (BRMC)
- Liaising with Finance, Health and Actuarial in providing related reports and slides for LMRC (e.g. assumption review, reinsurance, etc).
Internal Stakeholders: Attend other governance Committees as risk representative (e.g. Local Product Management Committee, Local Underwriting Committee, In-Force Steering Committee, Health Steering Committee). Key stakeholders for Insurance Risk to liaise closely are Actuarial, Product, Pricing, Compliance and Market Conduct, In-Force, Health, Claims, Underwriting and other risk teams (Financial Risk, Operational Risk, Internal Control).
Compliance with AXA Group Risk Management (GRM) policies related to Insurance Risk area
TLAA and OIC: Attend TLAA Risk Committee as representative to regularly updated in new guidelines/methodology relating to Reserve, Solvency, IFRS17 & IFRS9 and products, ERM/ORSA guidelines
Qualifications:
- University degree in Actuarial, Mathematics, Statistics, Finance, Engineering or any relevant field.
- At least 5 years of actuarial experience in life insurance companies
- Experience in Product Pricing & Product Approvals and Actuarial Experience Studies.
- Actively sitting and passing SOA/IoA or other international actuarial exams. Minimum pass of at least 2-3 actuarial exams (P, FM, MLC). Advantage if candidate is ASA level or close to completion of actuarial exams to FSA or FIA actuarial qualification.
- Excellent both writing and presenting in English.
- Computer Skills : MS Excel (including VBA), MS Powerpoint, MS Word, MS Outlook. Advantage if have Prophet and SQL.
