AVP - Insurance Risk

About the Role

Main Purpose of Job Scope: Supporting Head of Insurance Risk, Head of Risk Management and Chief Risk Officer on Insurance Risk related topics.

Responsibilities

• Product Review on Product Approval Process (PAP): provide risk review and commentary on new and repriced products, proposed risk additional sensitivities, and the annual Local PAP Policy; ensure alignment with AXA Group PAP guidelines and Risk Packs.
• Engage proactively with business lines (Product, Pricing, Product Development) and IMa Risk on the product approval pipeline; review product approval reports for Local Product Management Committee (LPMC) approval; collaborate with Chief Product Officer and Pricing Actuary to identify and highlight key risks of new and repriced products.
• Provide 2nd-eye review on pricing assumptions and monitor changes in OIC regulations; review policy contracts, sales/illustration and training materials to ensure consistency with contract design.
• Risk 2nd Opinion: collaborate with Actuarial, Complaints, Claims on annual customer satisfaction KPI submissions and peer-review proposed risk mitigation actions; provide 2nd opinion on annual product plan, annual assumption review and strategic plan/initiatives from an Insurance and Distribution Risk perspective.
• Review distribution remuneration: provide risk opinion on annual review of distribution compensation (Agency, Bank, Corporate Solution) and challenge studies linking schemes to customer behaviour and persistency.
• Underwriting limits and rules: provide 2nd opinion on underwriting relaxation rules/limits, ensure alignment with AXA Group Underwriting policy and delegations; liaise with Underwriting and Claims and obtain Local Underwriting Committee approval for deviations.
• Risk Monitoring and Analysis: monitor product profitability and sales vs plan; track Health Loss Ratio and Combined Ratio by product; perform in-force monitoring on persistency and denied claims ratios and in-force profitability studies to determine management actions; monitor action plans to close GUO's In-Depth Review (IDR) related to products, health and assumptions.
• Governance & Reporting: prepare and present Insurance Risk reports for the Local Management Risk Committee (LMRC) and Board Risk Management Committee (BRMC); liaise with Finance, Health and Actuarial on reports (e.g., assumption review, reinsurance); attend governance committees as risk representative (Local Product Management Committee, Local Underwriting Committee, In-Force Steering Committee, Health Steering Committee).
• Stakeholder liaison: key stakeholders include Actuarial, Product, Pricing, Compliance and Market Conduct, In-Force, Health, Claims, Underwriting and other risk teams (Financial Risk, Operational Risk, Internal Control).
• Compliance and external forums: ensure compliance with AXA Group Risk Management (GRM) policies related to Insurance Risk; attend TLAA Risk Committee to stay updated on guidelines/methodology relating to Reserve, Solvency, IFRS17 & IFRS9 and ERM/ORSA guidelines.

Qualifications

• University degree in Actuarial, Mathematics, Statistics, Finance, Engineering or 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 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 the Company

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.