Head of Product and Pricing
Salary IDR90000000 - IDR200000000 per month
Consultant Glorya Marie
Date posted 05 April 2017
A Head of Product and Pricing role has just become available with one of the leading life insurance firm based in Jakarta. Reporting directly to the CFO, this individual will lead the actuarial pricing and the strategic marketing teams and ensure that product development and pricing standards are maintained at all time.
About the Head of Product and Pricing, Life Insurance role:
The Head of Product and Pricing will be responsible for leading the strategic development initiatives financial analysis for the group, and for developing and managing a competitive, profitable, and innovative portfolio of products, to support our life insurance partner's strategic objectives. The incumbent will be a member of the Senior Product Steering Committee and a key player in the Product Steering Committee of each partner.
Key responsibilities include:
- Lead the financial analysis of strategic initiatives, including distribution, M&A and similar initiatives, and advise the Group’s Executive Team on financial aspects of strategic initiatives, including their capital implications, and recommend alternate/preferred courses of actions.
- Partner with the distribution channels in articulating their product and compensation strategies, and evaluating the possible impacts (cost/benefits) of those strategies.
- Lead the product development and pricing process, ensuring compliance with the product design and pricing operating guideline, and the product development process
- Develop and maintain the product strategy for Indonesia, including pricing strategy, competitive positioning, and ensuring that the product portfolio provides customers with lifetime financial security
- Lead a research and development team for new product initiatives, including reviewing investment and compensation strategies and product features to improve profitability, and monitoring market development, including competitors new product initiatives and competitors product performance
- Establish best practices in the product pricing and design, and train and develop the group of actuaries on same function
- Ensure that the product profitability targets are met and maintained; recommend and implement action plans to restore profitability as needed, including withdrawing products no longer meeting our strategic or profit objectives
- Partner with the regional office product development and management teams and pricing teams to ensure Indonesia interests are understood and supported and to ensure compliance with formal PDP processes
- Establish parameters for “flagship” products, indicative pricing, and other methods (including local peer reviews) to fast track the product development and improve speed to market
- Negotiate reinsurance treaty rates and terms; review the existing treaties to ensure that they continue to meet group strategic and profitability objectives
- Responsible for product implementation to ensure successful launch within the desired time frame
To succeed in this role, you should have ten to fifteen years' actuarial experience in life insurance. You should also be a fellow of an accredited actuarial society (FCIA/FSA/FIA/FIAA or equivalent). Having experience in product development and pricing is required
- Successful, solid experience in a similar role in a consensus based partnership culture
- Strong leadership and matrix management skills
- Has worked in multinational financial institutions
- Ability to build relationships by communicating, influencing and negotiating effectively with business heads, senior managers, consultants, technical experts across the whole department and business users
- Excellent verbal and oral communication skills in English
This life insurance firm needs no introduction and is recognised as the leader in their field of expertise. The culture is demanding but if you are confident and have a can-do attitude the potential rewards are significant. The securities firm is also very focused on developing and training their people to the highest standards.
If you are driven, determined and want to take the next step in your career, this is the role or you. Great career progression opportunities await the right person in this exciting Head of Product and Pricing role.
Apply today or call me to discuss this new opportunity.