SM - Head of Channel Profitability and Pricing Governance

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed Job Scope: This role will lead the channel profitability and oversee the pricing governance with key responsibilities as follow:

• Channel profitability is responsible to analyze and aligning channel distribution spending with financial KPIs, evaluates and optimizes incentives, and identifies risks and opportunities to enhance profitability.
• Pricing Governance collaborates with the pricing team to develop and refine pricing strategies, ensure meeting Group product pricing requirements, and achieving optimized commercial outcome.

Principle Duties & Responsibilities: Channel Profitability Linking Channel Spending with Financial KPIs

• Analyse and correlate channel expenditures with key financial performance indicators to ensure alignment with overall business objectives.
• Develop and maintain models to track and report on the financial impact of channel spending.

Holistic Assessment of Incentives/Compensation

• Conduct comprehensive evaluations of incentive and compensation structures to ensure they are effective and aligned with company goals.
• Provide recommendations for optimizing incentive programs to drive desired behaviours and outcomes.

Early Identification of Risks and Opportunities

• Monitor and analyse data to identify potential risks and opportunities within the channel.
• Develop strategies to mitigate risks and capitalize on opportunities to enhance profitability.

Overall channel TEV variances assessment

• Analyse the channel performance of PEC variance against plan / targets.
• Collaborate with channels to develop strategies to manage the PEC variances.

Pricing Governance Work closely with the pricing team to develop and refine pricing strategies, ensure meeting Group product pricing requirements. Engage in constructive discussions to challenge and refine product pricing models and strategies. Identify and assess potential risks associated with pricing strategies and work with pricing team to develop mitigation strategies to manage identified risks while maintaining profitability. Review the financials on behalf of Chief Actuary and provide healthy challenge to pricing approach and assumptions used. Collaborate with the pricing team to achieve optimized commercial outcome for new product or existing product repricing. Ensure Product Submission Document complies with GPAC requirements with particular focus on Group Actuarial and Group Finance areas Job Specification: Qualification

• Fellow of the local or international actuarial society (FSAI, FSA, FIA, FIAA)
• Strong technical actuarial skills, in-depth knowledge of actuarial principles and pricing strategies.
• Leadership and people management capability
• Ability to drive change and improve processes and resource planning
• Able to provide effective coaching and development for team members
• Broad business sense and understanding
• Excellent stakeholder management skills both locally and with Group
• Experience of operating in Life Insurance business
• Strong analytical skills to understand financial statements and reports
• Strong organizational skills
• Effective communicator (oral and written)
• Fluent in English

Experience

• 12+ years’ experience in actuarial functions with significant experience in channel profitability, product pricing, and Corporate Business.

Knowledge

• Insurance product knowledge
• Actuarial modeling (including Prophet)
• EEV, IFRS17, Economic Capital

Autonomy (Give three examples of any independent decision taken by job holder or action taken where job holder has complete autonomy i.e. without referring to superior for approval). Relationship management with stakeholders in local management and regional office – ensuring understanding of PLA and PSLA’s business and financial results at regional management level. Lead and conduct actuarial analysis to inform management for sound business decisions. Establishes and manages the team within the Chief Actuary function by reference to a well-defined plan and objectives that effectively support the achievement of the Company strategic business objectives Problem Complexity (Give one example of routine problem and two examples of non-routine problems encountered at work, and how the job holder goes about resolving them.) Work effectively with Pricing to provide support and at the same time as an objective assessor to the actuarial results. Work effectively with Channels to deliver actuarial services and manage their financials. Constantly strive to improve the performance and skills of the actuarial team
Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.