Director, Insurance Advisory and Due Diligence

Employer
Standard Chartered Bank
Location
Singapore, Singapore
Salary
Competitive
Posted
14 Jan 2023
Closes
13 Feb 2023
Ref
18449218
Job Function
Wealth Management
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
The Role Responsibilities
The position is responsible for managing Insurance provider and product due diligence process. The role involves supporting all relevant stakeholders in the implementation of the Insurance provider and broker due diligence process. The role also involves conducting Product due diligence to ensure that that the product offered by the bank are "best in class" in the respective markets. The position is also responsible for continuously enhancing the processes to make the process efficient and effective while further strengthening the governance framework.
Key Tasks and Responsibilities
Provider / Broker Governance
  • Support in design and oversee the implementation of the provider and broker due diligence for the Bank's new and strategic partnerships with bancassurance providers and brokers across all markets.
  • Review provider and broker evaluations and make recommendations for approval, as appropriate.
  • Maintain Provider and broker relationships across the franchise.
Product Management
Fairness to clients in all insurance products sold by the bank by:
  • Ensuring that the product is suitable for the target client segment and matches the needs of such clients. Review the pricing and features of the product to ensure suitability and affordability with the target client segment.
  • Ensuring that the product offered by the bank are 'best in class' in the market they are offered. Conduct detailed analysis of the product against similar products from other providers to ensure the product is competitive in the market.
  • The sales process is well defined and all relevant product disclosure tools and documents are in place and presented to client at the time of sale.
  • Ensure that the products stay competitive by conducting a regular benchmarking exercise of key products, complete review of all existing products every 3 years and review of any changes made to any existing products.
  • Ensure that Insurance products sold also add value to the bank. Review the pricing and commission of each product and ensure that the bank is remunerated appropriately without losing the pricing competitiveness of the product.
Engage with several group stakeholders for product approvals related approvals:
  • Liaise with Group WM Risk for getting LTV limits approved for lending against insurance products.
  • Liaise with Group Compliance for onboarding offshore products (for Private Banking) to ensure the product meets all required guidelines.
Liaise with Group Banca life insurance team to
  • Engage with Group Banca Life Insurance team and Country Banca teams for yearly roadmap of new products and agree on a product calendar to ensure timely launch of new products in each market.
  • Engage the Country Banca Team as well as the product providers to streamline product structure, processes and documentation to ensure the product is aligned with the overall bancassurance strategy and requirements.
  • Identify product gaps and overlaps in each country by developing and maintaining inventory of all insurance products sold in each market across GCNA, ASA and AME.
  • Oversee the reporting of insurance metrices on products.
Process
  • Continuously improve on current processes and standards where appropriate.
  • Maintain and update the Group Bancassurance Manual, Insurance Product Program Guide (PPG) and ensure that Country Addendums are maintained and comply with the PPG.
  • Identify any deviations from approved sales or operational processes in country and ensure that such deviation is either duly regulated and approved or is remediated.
  • Work with control functions / COO teams and compliance to ensure strict adherence to standards and requirements while onboarding new provider and products.
  • Support rollout of ERMF, including BANCA ORF agendas.
Group Strategic Initiatives
  • Support the Bank's digital strategy of launching insurance online. Provide support to countries as Product Owner and lead the team to launch life insurance products to be sold online.
  • Provide support to other strategic initiatives driven at the group level as and when required.
Governance
  • Identify and analyse the implication of emerging themes of the Insurance industry, including regulatory requirements and significant events affecting products, providers and/or brokers.
  • Ensure business and product related processes are fit for purpose.
  • Work with Legal, Compliance, Risk and other related control functions to ensure adherence to regulatory as well as internal standards and requirements.
  • Support ongoing control monitoring across the BANCA network.
  • Continuous improvement of the operational effectiveness of processes to improve business efficiency.
Others
  • Support Global BANCA Head and COO PvB & WM to establish optimal control and operating infrastructure aligned to business objectives.
  • Work with COO team / control functions to comply with the highest standards of conduct and compliance standards as defined by internal and external requirements. Embed Group Conduct Management Framework in BANCA across the Global and Country BANCA teams.
  • Support and strengthen first line operational risk management in BANCA.
  • Support audit readiness and support zero audit overdue findings and maintenance of Advanced or Established MCA ratings for all Bancassurance audits.
Key stakeholders
Partner and stakeholder management:
  • To manage and promote partners towards achieving annual performance targets, with special focus on preferred/exclusive partners.
  • To manage key internal stakeholders like Channel and Segment Heads, Group Banca, Risk and Compliance, Technology and Operations etc.
  • Health eco-system partners.
  • Manage key stakeholders across Insurance partners.
  • Manage key internal stakeholders like finance, country business teams, analytics teams, risk, compliance, etc.
Other Responsibilities
  • Track record of successful implementation of product variants and innovative customer offerings.
  • Ability to successfully manage various stakeholders.
  • Track record of successfully managing key third party business providers.
  • Ability to successfully manage complex projects.
  • Extensive knowledge on insurance products and services.
  • Demonstrated ability in business planning relating to sales, distribution and service.
  • Strong communication and negotiation skills with the ability to influence outcomes.
  • Ability to manage and implement change initiatives by taking ownership and working with all stakeholders.
  • Strong inter-personal skills and leadership ability, which encourages and promotes enthusiasm and team spirit.
Our Ideal Candidate
  • 5+ years of experience in Bancassurance / Insurance domain
  • Relevant experience in managing and assessing Insurance products and providers in a Bancassurance setup
  • Prior experience in managing complex projects
  • Experience in planning and executing process improvements
  • Strong analytical mind.
  • Excellent presentation, communication, and stakeholder management skills.
  • Self-starter and should be comfortable operating independently.
  • An ability to apply strong leadership, and assertiveness to deliver projects on time and within stakeholder expectations.
Role Specific Technical Competencies
  • Strong analytical mind
  • Good Knowledge about Insurance business
  • Expert level product knowledge
  • Expertise on user centred design - Preferrable.
  • Good knowledge of Excel/PowerPoint/ Confluence/ Trello/ Jira/ Mural.
About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 160 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion. Together we:
  • Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
  • Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
  • Be better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
  • Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations
  • Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum
  • Flexible working options based around home and office locations, with flexible working patterns
  • Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
  • A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning
  • Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
Recruitment assessments - some of our roles use assessments to help us understand how suitable you are for the role you've applied to. If you are invited to take an assessment, this is great news. It means your application has progressed to an important stage of our recruitment process.
Visit our careers website www.sc.com/careers