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About the Role
Corporate Solutions (CS) is a key component of AIA's protection offering, providing Group Life and Group Medical insurance coverage as part of Employee Benefits for millions of employees and other Group members throughout Asia.
Group Corporate Solutions (GCS), based at AIA Group Office (GO), oversees Corporate Solutions performance across the regions and supports local market CS business development and growth initiatives.
The Senior Manager, Portfolio Management and Business Development, is responsible for the application of actuarial expertise to drive Corporate Solutions financial KPIs, including TWPI, OPBT and VONB. As part of the Inforce Renewal Growth (IFRG) team, the role involves close collaboration with AIA Local Business Units (LBUs), including AIA Regional Solutions (AIA RS) reinsured business, to identify opportunities where actuarial insights can enhance the growth of profitable and scalable CS business.
Key responsibilities include conducting actuarial analyses such as experience studies and portfolio profitability monitoring as well as providing critical analytical services. Under the guidance of the Director of the IFRG team, the role also involves reviewing pricing methodology, assumption and developing new pricing models when applicable to improve competitiveness and maximize total value to AIA.
The position ensures compliance with regulatory requirements and AIA's risk management framework, including IFRS 17 reporting. The role shall also support new product assessment and the development of methodology and assumption setting. In addition, the role involves close collaboration with LBUs and AIA RS to perform actuarial analyses and ensures that the financial reporting meets both internal and external audit standards.
The position is integral to Group Corporate Solutions, leveraging best practices from mature markets and innovations from growing markets. Ultimately, this contributes to stronger growth and improved profitability of the CS portfolio, as well as enhancing the CS Individual Voluntary Solutions (IVS) opportunity.
Roles & Responsibilities
This role encompasses six areas of responsibility, three focused on spearheading business initiatives and driving financial performance, one dedicated to centre of excellence (COE) and thought leadership, one focused on leveraging big data analytics to drive healthcare business growth and one covering other specific projects and priorities as they arise.
1. Contribute to the development of the Corporate Solutions business and enable growth by providing actuarial support and advice to LBUs, AIA RS and IVS functions:
- Engage with AIA LBUs to identify areas that can expand business size and improve portfolio profitability.
- Conduct actuarial analysis and development of business case for pricing proposals as needed.
- Coordinate between LBU stakeholders (Local Actuarial, Finance, Operations, etc.) and GCS and GO stakeholders to facilitate approval and implementation.
- Provide expert technical support to LBUs and AIA RS to drive innovation and strategic priorities to drive growth and profitability.
2. Support portfolio and profitability management to facilitate overall Corporate Solutions KPIs achievement:
- Review monthly financial performance and identify areas of improvement.
- Engage with LBUs and other GO functions to identify factors affecting premium, claims and expense, impacting OPBT performance.
- Propose to the IFRG Director actions and initiatives to address underperformance.
- Support the IFRG Director as the COE to enhance technical capabilities of LBUs and AIA RS ability to achieve KPIs including CS IVS ambition.
3. Support CS strategic priorities and provide technical and training support to help realize planned business impact:
- Understand the commercial challenges and contribute to the development of strategic initiatives to grow the business.
- Review and support initiatives to address gaps, including the automation and digitalization of daily processes to achieve the necessary standards and enhanced efficiency.
- Support and monitor management action plans to address deficiencies and achieve KPIs.
- Review progress of strategic initiatives and escalate where additional support from other functions is required.
4. As part of the COE, contribute to the financial discipline on technical standard / risk controls and business development objectives by enabling sharing of best practices amongst all LBUs and other GO functions:
- Assist LBUs in interpretation of Underwriting Standards and ensure production of quotations consistent with Commercial Decision framework and other GO guidelines.
- Support the review of underwriting guidelines where required to meet market specific challenges.
- Share best practices and successful initiatives across markets to drive the overall performance.
5. Adopt and apply analytical techniques to evaluate risks and opportunities, big data analytics, risk and predictive modelling to support the business growth:
- Optimize growth in AIA's key healthcare markets and assist to develop predictive insights and greater granularity to drive business forecasting.
- Develop a deep understanding of healthcare plans, policy terms and conditions and benefit design to improve profitability.
- Support LBUs to perform experience studies to understand and monitor the claims trend.
6. Perform other responsibilities and duties periodically assigned by the IFRG Director to meet operational and/or other strategic business requirements such as:
- Support LBUs to review CS reserving methodology to ensure proper CS financial performance reporting.
- Strengthen regional financial reporting and profitability monitoring frameworks.
- Enhance portfolio monitoring process to enable timely, account-level performance tracking.
Minimum Job Requirements
- Minimum 8 years of experience in actuarial field - prior experience in regional offices or employee benefit businesses is a strong advantage.
- Fellowship of Internationally recognized Actuarial association (SOA, IAAust, IFoA, etc) or equivalent skills from experience within actuarial functions.
- Education - Degree in Actuarial or other highly numerate focus (Statistics, Mathematics, etc).
- Relevant working experience in actuarial valuation, experience studies and pricing for employee benefit. Knowledge/experience in data analytics is a must.
- Good business acumen, teamwork and leadership qualities.
- Strong communication skills, able to manage priorities for different projects under pressure and tight timeline.
- Attention to details plus strong analytical and problem-solving skills.
- Excellent communication skills in English, Chinese Mandarin and Cantonese, written and verbal.
- Candidates with less experience will be considered as Manager.
