head, product development and underwriting, general insurance in Kuala Lumpur

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job details

posted
location
kuala lumpur, wilayah persekutuan
specialism
banking & financial services
job type
permanent
salary
RM 360,000 - RM 480,000 per year
reference number
91M0087618_1522327142
contact
leong kok yuen, randstad
phone
60320366638
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job description

About our client

Our client is a wholly owned subsidiari of a Canada-based general insurance and reinsurance group with offices worldwide. Our client is looking for a General Manager, Product Development and Underwriting who report to the Chief Executive Officer of the company.

About the role

Underwriting

  • Ensure underwriting discipline and risk quality in the acceptance of risks and continuous improvement in technical know-how and portfolio management.
  • Ensure that all regulatory and Company’s underwriting guidelines and practices and treaty scope are being adhered to.
  • Provide marketing and technical support to Business Units / Branches.
  • Ensure all deliverable functions and statistical reporting are delivered with good quality and within the expected timelines.
  • Monitor and review underwriting profitability of the Personal Lines portfolio.
  • Collaborate with Claims and Marketing for effective underwriting strategies and planning.
  • Responsible for developing and implementation of underwriting strategies to support the Company’s underwriting policy and objectives.
  • Responsible for the documentation and issuance of the Underwriting Operation Manual, Underwriting Guidelines, Underwriting Authority Limit Manual, Underwriting Circulars and any other relevant Guidelines/Manual where necessary.
  • Oversee the IT system requirements and implementation for Underwriting modules

Product Development

  • Work with Heads of Product Lines (Commercial Lines, Personal Lines and Medical Lines) and Business Units to develop and execute a Product Strategy for the implementation of all the Company’s new products and product enhancements.
  • Responsible for all functionalities of the Product Development targets from Product Design, Product brochures, Marketing Collaterals, Submission to regulators, IT system requirements and UAT Testing, Communication and all related activities until the final launch of the Product.
  • Ensure that all regulatory and Company’s procedures and guidelines on the new product and product approvals are being adhered.
  • Support customer enquires throughout the life of the product through outstanding product governance and management controls.
  • Ensure there is a proper system for post launch monitoring of the results.
  • Conduct market researches and analyze competitors’ products and industry developments and identifies potential new product opportunities.
  • Establish a implementation timeline to manage and ensure that the processes for product development, product wordings, brochures and other product development deliverables are met.
  • Evaluates the potential and practicality of products in development and relies on extensive experience and judgement to plan and accomplish goals.
  • Lead and focus on product enhancement and spearhead the development of new innovative products to drive growth.
  • Works effectively with other stakeholders i.e. Actuarial, IT, Underwriting, Agency, Claims, Compliance, Risk, Internal Audit, etc. in order to apply contemporary thinking and predictive modeling findings to product design.
  • Prepare review contents of product specifications, illustrations, product marketing, policy wordings, product disclosure sheets and brochures.
  • Prepare all Product Disclosure materials and ensure product transparency and keep up to-date with latest compliance and regulations BNM.
  • Prepare the submission to PIAM for approval of new motor and fire detariff products.
  • Work with IT internally and externally with Vendors to implement the system changes for the Front End system and Back End system.
  • Collaborate with Training Department to prepare training materials and to conduct training on the new product. Any other duties and responsibilities relating to Underwriting (P-Line) and Product Development, as directed by the Chief Executive Officer

About the requirements

  • A bachelor's degree in a related field from accredited institution and/or ACII/AMII qualification.
  • Minimum 15 years’ experience in general insurance industry.
  • Strong expertise in insurance product, underwriting and IT systems both the Front End and Core systems.
  • Market intelligence – competitor analysis and customer segmentation.
  • Well versed with BNM/PIAM and industry guidelines on underwriting, product development and marketing.
  • Knowledge of distribution models.