Senior Manager, Pricing

Job Purpose

This role will assist the Head of Pricing to oversee and manage the product pricing of all products at Sun Life Malaysia, ensuring that products meet all financial targets. Main objectives include leading a team of pricing staff in the pricing of new products and the re-pricing of existing products as well as to support the distribution and operations teams on business case, production issues, and quotations. The role is responsible to engage various stakeholders, both actuarial and non-actuarial, internal and external, and including the Management team and distribution partners when needed, to reason and influence them to facilitate a successful product launch from a Pricing standpoint.

The position will manage projects under both conventional and takaful, across different distribution channels such as bancassurance, telemarketing, and others. The role will also manage a sub-team of 3-4 persons and is responsible for coaching and developing these individuals in their respective roles. This role will also participate in the product development process from product ideation through implementation and monitoring.

Major Accountabilities

Manage end-to-end Product Pricing/Re-pricing Initiatives

Work with all internal stakeholders including marketing and operations in all stages of product development and advice on feasibility from pricing perspective. Engage and influence to reach an optimal arrangement for product pricing and launch.

Ensure the team proposes sound and reasonable assumptions, and also balanced pricing that meets both profitability of the company and meeting fair client value. Suggest solutions to overcome hurdles and maintain/increase value to the company.

Assess reinsurance arrangements, including negotiating with the reinsurers to obtain competitive quotes. Propose and execute the most optimal reinsurance arrangement for a particular product.

Ensure the team delivers full product pricing and profitability analysis for Management approval and Regional Office Peer Review team review, in compliance to both the internal and regulatory guidelines and requirements.

Ensure high standards and structure of documentation for reference and audit.

Staff Development

Oversee and review the work carried out by the team

Provide guidance to the team, help to develop necessary skills, including technical actuarial skills and soft skills.

Periodically assess staff performance and communicate with them to improve the performance.

Support relevant project, primarily from the financial viewpoint. Examples:

Evaluate business case for new distribution channel / partner and assess potential profitability / drawbacks.

Participate in projects that elevate and optimize the company's profitability, such as reinsurance optimization.

Participate in projects that bring additional value to the team and the company, such as automation projects that optimize work/results.

Product performance monitoring and reporting

Work with internal stakeholders to obtain financial measures for product monitoring

Perform timely analysis and monitoring, and escalate if product fails to perform

Suggest changes to product if it does not perform as expected

Group Quotation / Operations Support

Lead / provide guidance to the Group Quotations and/or the Operations Support team.

Review the rates and assumptions used on the group quotation and provide reasonable feedback for all queries/issues raised on group quotation.

Support the operations team in handling system issues and customer complaints, including providing manual worksheets as workaround to production issues

Skills

Being able to manage the team to deliver quality work within designated timeline

Being able to communicate effectively with internal teams as well as with external parties such as the other team leads, auditors, regulators, Management (when needed), and partners (when needed).

Possesses strong knowledge on fundamental actuarial principles to provide analysis and recommendation from the results generated

Familiar with Malaysian regulatory framework

Familiar with Microsoft Excel and Actuarial-related software such as Prophet

Qualification

A Degree in Actuarial Science, with good progress in actuarial exams.

Experiences

At least 8-10 years of related working experience.

Experience managing a team is a must.