Vice President, Head of Pricing (succession plan for Chief Actuary within 18 months)

Role Purpose:

• This is a unique opportunity to join a premier multinational insurance organization and be part of a carefully curated succession plan for our next Chief Actuary. We are looking for a technically strong, ambitious and highly motivated individual to place into our Chief Actuary’s succession plan.
• Initially, the candidate’s key responsibility will be to lead the Pricing team to ensure efficient insurance product ideation and development, with sound product financials, while ensuring that stakeholder requirements are met, including those of local management, Group Head Office and the insurance regulator.
• Over time, we expect that the role will expand to provide support to the Chief Actuary in the review of Corporate Actuarial activities, such as financial reporting and in-force business management. This is to provide the role holder with a broadened overview of the Actuarial activities of the business and to facilitate a smooth ultimate transition to become the next Chief Actuary of ** Thailand.
• Depending on the candidate’s past experience, it may be possible to focus on Corporate Actuarial activities first before expansion into Pricing ones later. Exact transition plans can be discussed with the Chief Actuary during the interview process.

Organization Context:

• The Head of Pricing role can support company sales growth by developing products that align with the company’s commercial objectives and suit each market segment and channel. There will be a very close interaction with the Product Solutions and the individual Distribution Channels under our Commercial team. The role holder will also ensure that growth is financially sustainable towards the company’s financial objectives and in line with the company’s risk appetite.
• The role interacts frequently with our Group Office in terms of product approvals, while the Pricing team provides key deliverables for ensuring smooth product approval from the Thai insurance regulator. It will also involve partnering with the local Investment team to find business solutions which relate to the asset choices, e.g. strategic asset allocations and fund target indices.
• With regards to the succession plan for the Chief Actuary, we expect the individual to demonstrate sound stakeholder management of other business functional leaders, including participation with the local Executive Committee, as well as key Group Finance stakeholders. 

Key Accountabilities:

• To collaborate with the Product Solutions team to ideate, and develop, exciting new insurance products that meet commercial objectives. Work with

Distribution channels on refining product features and compensation schemes while ensuring products financial viability

•  To lead the Pricing team to price new insurance products ensuring that premiums are fair to customers, whilst company financial outcomes can be met
• To ensure industry best practice is applied in pricing approaches and methodology undertaken by the Pricing team. Develop the technical capability of subordinates to build a strong and capable team of part qualified actuaries.
• To ensure key stakeholders are well managed throughout the product approval process, including the Chief Actuary, CFO, as well as the Group Head Office and the local insurance regulator. To recommend and assess changes over time to **’s product governance
• To provide the Chief Actuary with insights and peer review in Corporate Actuarial activities outside of pricing. Support the Chief Actuary in addressing specific business issues such as the financial outcomes of possible strategic and commercial decisions, introduction of new regulations, actuarial model changes etc
• To deputise for the Chief Actuary, with the empowerment for delegated decision making
• To work with Pricing team managers, and their peers across Corporate Actuarial, to develop the actuarial talents of the ** actuarial team with clear development plans and coaching
• Support the company’s future finance transformation programme to ensure processes and procedures are fit for the future to help unlock the best potential from our staff 

Performance measures

•  Meeting key milestones of the agreed new product pipeline
•  Turnaround time for Group Office and insurance regulator product approvals
•  Optimisation of product financial outcomes that meet, or exceed, the company’s financial plan
•  Effective business relationships with internal and external stakeholders. In particular, feedback from the local commercial teams and our Group Office
•  Pricing team autonomy to produce good quality pricing reports and documentation
•  Ongoing enhancements to capabilities and independency of more junior team members
• Ability to multi-task key work projects and to provide the Chief Actuary insights on non-Pricing subject matter areas

Minimum requirements: (Qualifications and Experience)

• At least 15 years of insurance company experience, with fellowship of an international actuarial association
• Strong commercial background with relevant experience in pricing
• Previous valuation and reporting experience, preferably with international metrics such as Embedded Value and IFRS17
• Experience with Regional/Group Office of a multi-national insurer
• Experience dealing with insurance regulators and a good sense of international actuarial best practices
• Articulate communicator, with excellent ability to interpret actuarial results
• Strong technical and analytical skills
• Experience of team management and a passion for developing more junior members’ capabilities