AVP Regional Agency Compensation

  • 36140
  • Life - Actuarial
  • |
  • Hong Kong
  • |
  • Oct 28, 2019
Insurance
RESPONSIBILITIES
  • Leading the BU’s project team to design the timetable, to select the parties to be involved, to do existing compensation & competitor analysis and to come up with the proposal.
  • Assess the current compensation system in terms of effectiveness to drive the current strategy and recommend changes.
  • Making the presentation on the findings to the project team and management team.
  • Providing constructive inputs to BU and design the new compensation.
  • Leading and facilitating focus group discussions with opinion leaders, e.g. within senior Agency leaders / IT leaders/ Telemarketer Heads.
  • Work with BU pricing actuaries in preparing the costing of the new proposal and work closely with IT team to make the change in compensation schemes.
  • Making the presentation on the new proposal to project team and management team.
  • Get approval from Regional GM / Regional Channel Heads / GM.
  • Deal with BU’s CFO to get his approval on the costing.
  • Coordinate with / explain to Regional APRM team to approve it.
  • Align/Standardize the compensation review and approval framework across Asia Channels.
  • Assist BU management team to design/implement Monthly/Quarterly reporting/meeting to ensure the system works accurately and implemented in the market- variance/overruns to be highlighted regularly.
  • Ongoing enhancements and improvements to the revamped compensation schemes based on experience and to support key channel initiatives.
  • Support internal audit/compliance team - give training to auditors/compliance officers in compensation audits, design compensation audit/compliance review programs as value added services.
QUALIFICATIONS
  • At least 15 years’ Actuarial experience, a qualified actuary is preferable.
  • Agency Compensation design / agency operational experience is preferable.
  • Apart from Actuarial experience, it is important to have other experience e.g. product design, management support, an all rounded life insurance operations background.
  • Good communication & relationship skill is critical.
  • Negotiating skill is essential.
  • Business Acumen and understanding of the company strategy.
  • Thorough understanding of the channel- hierarchy, roles and contracts.
  • Communication.
  • Critical Evaluation.
  • Leadership & Navigation.
  • Relationship Management.