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Regional Distribution is responsible for
helping Business Units (BUs) to develop their channels.
sharing the best practice to the BUs e.g. agency / general agency / bancasurrance compensation, financing schemes, sales incentive schemes (SIP), training and development
helping BU to design and revamp their channel compensation e.g. agency compensation, telemarketer's compensation
making sure the channel development direction aligns with regional one
work on special projects assigned by senior management
organizing the regional channel functions e.g. Chief Agency Office conference / experience for BU
The accountable areas of this position are working with all BUs to develop the compensation programs which are critical for the Agency channel. This position will require both an actuarial (or financial) background and well understanding of channels' operating and compensation dynamics in order to assist BUs to revamp and / or redesign the compensation schemes. This position will also be required to interface with BU's GM / CFO / Distribution heads and to work closely with the Regional Finance / Risk department to ensure that the compensation programs are driving the desired behaviors the BU anticipates, remain cost efficient and competitive in the market and also guarding design loopholes that may put the BU under potential financial distress. The candidate will also act as a bridge to help various parties understand what channel is trying to achieve in the compensation design revamps in order to facilitate the approvals from relevant parties.
This position will also require assisting the Regional Chief Distribution Officer in dealing with special projects which requires technical knowledge e.g. Sales Incentive Plans, participating in Persistency Management Committee.
Design or Revamp the compensation:
Leading the BU's project team to design the timetable, to select the parties to be involved, to do existing compensation & competitor analysis and to come up with the proposal
Assess the current compensation system in terms of effectiveness to drive the current strategy and recommend changes
Making the presentation on the findings to the project team and management team (Regional Executive / GM / Channel Heads)
Providing constructive inputs to BU and design the new compensation
Leading and facilitating focus group discussions with opinion leaders, e.g. within senior Agency leaders / IT leaders/ Telemarketer Heads
Work with BU pricing actuaries in preparing the costing of the new proposal and work closely with IT team to make the change in compensation schemes
Making the presentation on the new proposal to project team and management team (Regional Executive / GM / Channel Heads)
Get approval from Regional GM / Regional Channel Heads / GM
Deal with BU's CFO to get his approval on the costing
Coordinate with / explain to Regional APRM team to approve it
On top of solid knowledge to channel's compensation, the knowledge on the BU's regulation, BU's channel behavior, competitor's movement, a strong financial sense (cost rebalancing and running cost projection) on the compensation revamp is critical.
Standardization & Governance
Align/Standardize the compensation review and approval framework across Asia Channels
Assist BU management team to design/implement Monthly/Quarterly reporting/meeting to ensure the system works accurately and implemented in the market- variance/overruns to be highlighted regularly
Ongoing enhancements and improvements to the revamped compensation schemes based on experience and to support key channel initiatives
Support internal audit/compliance team - give training to auditors/compliance officers in compensation audits, design compensation audit/compliance review programs as value added services.
Coach and supervise BU teams to help them execute the compensation related standard operation procedures (SOP) properly and understand the compensation changes and help them understand their role to make compensation a differentiator in the market to recruit and retain talent within the budget
Work closely with Channels heads to identify key drivers and initiatives and assist Channel heads to implicate them
Candidate Profile (experience, qualifications and capabilities)
At least 15 years Actuarial experience, a qualified actuary is preferable
Agency Compensation design / agency operational experience is preferable
Apart from Actuarial experience, it is important to have other experience e.g. product design, management support, an all rounded life insurance operations background
Good communication & relationship skill is critical
Negotiating skill is essential
Business Acumen and understanding of the company strategy
Thorough understanding of the channel- hierarchy, roles and contracts.
Leadership & Navigation.
Personal Attributes and Cultural Fit:
Develops, Inspires and motivates others.
Role model of ethics and integrity who builds a culture of respect.
Highly effective change agent who embraces change and leads change management.
Provides courageous advice.
Results-driven; highly focused on accountability.
Ability to handle multiple stakeholders
Demonstrates a commitment to delivering excellent service balanced with appropriate risk management.
Highly collaborative working style.
If you are ready to unleash your potential, it's time to start your career with Manulife/John Hancock.
About Manulife Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of December 31, 2018, we had over $1.1 trillion (US$794 billion) in assets under management and administration, and in the previous 12 months we made $29.0 billion in payments to our customers.
Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
Manulife is committed to supporting a culture of diversity and accessibility across the organization. It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will consult with applicants contacted to participate at any stage of the recruitment process who request an accommodation. Information received regarding the accommodation needs of applicants will be addressed confidentially.
Internal Number: 6558639
About Manulife Hong Kong
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