Assistant Vice President, Group Proposition

About FWD Group

FWD Group is a pan-Asian life and health insurance business with more than 12 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on changing the way people feel about insurance. FWD’s customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.

For more information, please visit www.fwd.com

PURPOSE

This position is primarily responsible for supporting all proposition projects for assigned countries. This would include saving/investment/retirement & protection product proposition innovations, new customer segments and the offerings, with multi-channel distribution to support the growth ambition of the assigned countries in both APE and VNB. Specifically
 

Act as the country product champion for the assigned countries, being the first point of contact, fully accountable for all the product-related matters:

1) First line of defense on new product design review before submission for new product approval to the next level

2) Facilitate new product approvals, campaign approvals and investment fund addition/deletion approvals with GO Actuarial to align with Group Product Strategy, development and operational readiness

3) Devise and propose remedial action if new product sales are not meeting plan

4) Benchmark and share innovative product ideas and best practices

5) Provide insights, advice and drive the discussion of country product strategy

6) Review & monitor product performance and profitability to align with FWD vision

Ensure strategic and channel fit of new propositions as well as fair customer value.

• Customer: It provides relevant & unique solutions to address customers’ need

• Consistency: It aligns what we offer with what we promise, both from a vision and brand promise

• Collaboration: It enhances our efficiency to bring new innovative products to markets through collaborative partnership with the relevant stakeholders from the countries and the Regional Office.

Be the first point of contact for product-related matters:

• HNW, Investment-Linked and Universal Life

• Traditional Savings, Takaful

• Strengthen subject matter expertise in the aforementioned product categories

• Stay up-to-date on latest trends and developments

• Prepare necessary analysis for internal purposes

KEY ACCOUNTAIBILITIES

Champion the deployment of innovative saving/investment/retirement & protection product propositions offering in the assigned countries via an agile approach to test/learn and execute
 

1) Identify the white space in saving/investment/retirement & protection areas

2) Partner with the local Product Positioning Team to conduct customer insights to help shape up relevant and innovative solutions and propositions

3) Explore & identify new areas to increase protection element in saving/investment/retirement theme

4) Initiate & lead discussions with the countries and generate viable solutions to address any concern in order to secure their buy-in

5) Design a framework and project plan to support country launch

Engage other key stakeholders to support the execution at country level

Create a monitoring report to gauge the KPIs and success of the product

Lead, drive & facilitate the discussions with GO Actuarial relating new products in the assigned countries

1) Identify, anticipate and address risk factors

2) Develop a viable solution to address potential risk factors before proceeding to the next approval

3) Drive a balance between innovation and risk

Lead, drive & facilitate the discussions with GO Distribution (Agency & IFA, Partnerships and Digital Commerce) relating to new products in the assigned countries

1) Review channel needs and requirements in collaboration with distribution teams

2) Balance customer value and channel needs

3) Translate group proposition priorities in respective channels

Advise and work closely with other members of the Group Proposition team in terms of management information, reporting, group-wide analysis, interpreting the customer insights for new propositions to ensure a well-designed product range which is market relevant to the target segment.

QUALIFICATIONS / EXPERIENCE

• Over 15 years product development/marketing experience working with multi-channel distribution

• Professional actuarial qualifications such as FSA, FIA or equivalent is desirable

• Insurance experience is preferable

• Demonstrated experience working across cultures at a group level

• Experience in leading Group & country initiatives in Asia

KNOWLEDGE & TECHNICAL SKILLS

• Strong business acumen and analytical skills, excellent communication skills

• Ability to demonstrate the creativity and disruption in creating strong & unique product propositions based on customer insights

• Ability to manage multi-tasking

• Highly Resourceful

• Excellent people & leadership skills to provide effective products and sales & distribution marketing partnership

• Ability to work with a highly entrepreneurial and rapidly growing business for multi-channel distribution

• High level of organizational skills and ability to balance multiple priorities and conflicting deadlines

• Willingness to travel to support country initiatives whenever needed

• Value-added technical and financial acumen skills

• Knowledgeable with Risk Management framework