Regional Head, Agency Compensation

  • 36721
  • Life - Actuarial
  • |
  • Hong Kong, Hong Kong
  • |
  • Feb 4, 2020
Insurance
RESPONSIBILITIES
  • Design or Revamp the compensation:
  • 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 playbook/s.
  • 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.
  • 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.
  • Ensure compensation drives the appropriate customer centric behaviors.
  • Assess how to measure effectiveness of customer impact including use of NPS in compensation schemes.
  • 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.
  • Coach and supervise BU teams to help them execute the compensation related standard operation procedures properly and understand the compensation changes and help them understand their role to make compensation a differentiator in the market to recruit and retain talent within the budget.
  • Work closely with Channels heads to identify key drivers and initiatives and assist Channel heads to implicate them.
QUALIFICATIONS
  • At least 15 years Actuarial / finance experience, a qualified actuary is preferable.
  • Agency and/or Banca Compensation design / agency operational experience is preferable.
  • Additional experience e.g. distribution, product design, management support, life insurance operations background is useful.
  • Business Acumen and understanding of the company strategy.
  • Thorough understanding of the channel- hierarchy, roles and contracts.
  • Excellent written and spoken communications, active listening, negotiating, influencing & relationship skills.
  • Excellent planning of approach to problems with execution in a timely manner to milestones.
  • Critical evaluation and explanation of technical matters in business impact terms.