Job Description
Job Description: Main Purpose of Job Scope: Supporting Head of Insurance Risk, Head of Risk Management and Chief Risk Officer on Insurance Risk related topics
Roles & 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 rule 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
About Krungthai-AXA Life Insurance Krungthai-AXA Life Insurance Public Company Limited, created from a solid co-investment partnership between Krungthai Bank PCL. and the AXA Group, global financial protection and asset-management specialists
The trademark of Krungthai-AXA Life Insurance is designed to indicate the combination of the two corporations
Krung Thai Bank PCL. and AXA Group logos are aligned with Thai characters displaying the company name as Krungthai-AXA Life Insurance placed above the red line and the new company signature
Redefining/Life Insurance
Today Krungthai-AXA Life Insurance Public Company Limited is a fast-growing life insurance company with a vision – Ambition AXA
Our Perks and benefits Employee and Family Health Insurance Benefits Life and Accident Insurance Benefits Hybrid Working and Flexible Working Hours Annual Leave & Birthday Leave Salary Increment & Bonus Digital Learning - Self Learning Organization Annual Health Check up Provident Fund