The Health Pricing Officer is responsible for the technical pricing of health insurance products under the group and individual lines of business of the Company. He is required to exercise actuarial expertise in ensuring that the Company's health product offerings are competitive and relevant, and at the same time compliant with the Company's standards for internal profitability and sustainability. He will collaborate closely with the Product Development and Marketing teams of the Company in conceptualizing complete health propositions that deliver the most customer value. He will also liaise with the local insurance regulator for product filings and securing product approvals.
JOB TITLE: Health Pricing Officer
JOB LEVEL: Asst. Manager
REPORTS TO: Pricing Director
KEY RESULTS AREA:
- Technical pricing of health insurance products under the individual and group lines of business.
- Product development and implementation, in collaboration with the Product Development and Management Team.
- Improvement of existing, or introduction of new, pricing processes.
DUTIES AND RESPONSIBILITIES : (for each KRA above, list down 2-3 responsibilities or tasks)
a) Pricing and profitability analysis of health insurance products using the Company's frameworks, strategies and internal profitability metrics, including preparation of internal pricing reports for approval of local and regional Product Approval Committees
b) Liaising with reinsurers to secure optimal product / pricing support.
c) Preparation and submission of required documents to the local regulator for product approval
a) Collaboration with the Product Development & Management and Group Administration & Sales Teams in identifying target markets and specific solutions to those markets' health needs, including monitoring and analysis of market trends along with existing Company offers that could lead to new pricing solutions
b) Provision of technical support to campaigns and other product initiatives
c) Plan set-up and involvement in product implementation process
a) Development & maintenance of internal pricing models that are aligned with the Company's standards for excellence, simplicity & efficiency
b) Documentation of existing work flow, assumptions and product submissions
c) Management and mentoring of direct reports / junior staff members
TECHNICAL AND JOB SPECIFIC REQUIREMENTS :
- Has a bachelor's degree in actuarial science, mathematics, statistics or a related discipline
- With at least 3 years’ experience in pricing health products, with the rank / position
- commensurate to the incumbent's / candidate's experience
- At least an Associate of the Actuarial Society of the Philippines, or equivalent, working towards attaining Fellowship of the Actuarial Society of the Philippines, or equivalent
- Collaborative and able to manage expectations, schedules and deadlines, even with changing demands, from different stakeholders
- Has strong problem-solving skills, and a keen eye for detail
- Proficient in MS Excel and other MS Office applications and with a good working knowledge of GGY Axis or Sungard Prophet, or other actuarial software
- Has excellent written & verbal communication skills
- Willing to learn, is internally driven to perform, and open to supervising and mentoring junior team members