Job ref no.: 2200021926
Standard Chartered Bank

Director & Head, Life Insurance Product, Bancassurance, Wealth Management

Standard Chartered Bank

Role Responsibilities

Strategy

  • Align with Global Head, Bancassurance, and Regional Head of Wealth Management GCNA and HK, and HK Head of Bancassurance to develop and implement a country wide Life insurance product strategy for profitable growth covering Life products and services that the Bank wish to pursue. Entails the integration of Life products and services across all segments and platforms in country.
  • Develop & execute an overall HK Business Plan covering all Life insurance activities based on business targets in alignment with namely Prudential, our exclusive partner, or any other Insurance Partners and global strategy.
  • Have thorough understanding of business dynamics to leverage on multiple needs of Bank customers to better position Life Insurance as a key part of a truly valuable, and FAIR, customer proposition/offer.
  • Spearhead Product Distribution Strategy focusing on Life Insurance across segments, value streams and platforms.
  • Be the Centre of Expertise, provide direction, guidance and input to country insurance product managers on the development of long-term strategy, marketing and operational effectiveness in order to sustain the Life insurance growth opportunities within the country.

Business

  • Drive Product Management and Delivery – Ensure Bancassurance product delivery and execution of the product’s route to market across all channels, in line with the overall business plan and revenue targets.
  • Ensure compliance with Regulations, the Group Insurance Manual and the relevant Group Procedure and Product Governance committees.
  • Active management of overall Life Insurance P&L through establishing close working relationships with all key stakeholders to deliver customer, business, revenue and profit targets for the country by driving insurance products activities across all segments and channels.
  • Active management of relationships with all Insurance partners to ensure smooth running of the distribution channels in delivering targets.
  • Determine, agree & monitor achievement of sales & service KPIs (including the appropriate number of staff for each and allocation of sales & service targets) with Insurance partner and Customer Experience.
  • Ensure appropriate operational procedures in place to uphold and monitor activities to ensure compliance with Branding policies and standards.
  • Develop a sustainable and material digital and remote sales platform.
  • Support the Global Wealth Advisory Platform from a Bancassurance Execution Tribe basis.
  • Support the Greater Bay Area initiative via Insurance Connect etc.

Processes

  • To define, analyse and re-engineer key business processes and procedures in line with customer, frontline and internal governance feedback.
  • Lead the design of innovative processes that support delivery of differentiated customer experience.
  • Improve current processes using Agile approach across Life and GI functions and drive continuous improvement discipline through standard work and adopt a New Way of Working.
  • Assist various channels in resolution of specific business or procedural issues across departments.
  • Liaise with various departments to ensure that processes are integrated across the business and adopted correctly.
  • To prepare and train functional work groups to ensure that they are competent with the business process flows, placing focus on quality customer service, control and cost containment.
  • To track the progress and KPIs for Service Level Agreements, Turnaround time, productivity and accuracy measures on a regular basis.
  • Align with Group Bancassurance Manuals and its various CAs and PPGs.

People and Talent

  • Build a strong local talent pipeline for future business growth and continuity.
  • Coach direct reports/matrix reports and key talents to deliver on individual performance.
  • Manage employee engagement, motivation and attrition issues.
  • Be an effective agent of change and a role model for talented managers throughout the Bank.

Risk Management

  • Ensure a robust risk management, compliance and conduct model for the Insurance business according to local regulations and internal policies.
  • Ensure all Insurance-related staff and activities are compliant with local and Group policies/standards/controls.
  • Responsible for any necessary reporting as required by local country Insurance authorities and regulators. WM heads and Group Insurance must be informed of all external communications to regulators.
  • Ensure various risk control measures are reviewed and updated, and mitigate newly identified risks in a timely manner, in collaboration with internal risk and compliance stakeholders.
  • Work closely with BORM, Compliance and Conduct on all regulatory, risk and conduct related updates.

Governance

  • Provide the Governance, Compliance and Risk Management oversight on both Product, Processes and Conduct of the banca business and ensure a culture of being Fair to the customer.
  • Local Steering committee meeting for both life and GI partners will be arranged periodically for all the product, process and project governance.
  • Monthly meeting with life partner/s is also arranged as a PWC for market update, business momentum monitoring and initiatives discussion.
  • All new initiatives have to be reviewed by risk and compliance before submitting to PAC approval.
  • Maintain the HK NISP manual.

Regulatory & Business Conduct

  • Display exemplary conduct and live by the Group’s Values and Code of Conduct.
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
  • Lead the HK Product, Bancassurance to achieve the outcomes set out in the Bank’s Conduct Principles.
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key Stakeholders
External

  • Government bodies (HKMA and IA)
  • Alliances & partners (Prudential, Brokers etc)
  • Counterparts in other Banks/Financial Institutions

Internal

  • All function heads in Retail Banking
  • Sales heads of PvB/ ME
  • Marketing/ Retail Analytics
  • Credit Risk
  • Operational Risk
  • Legal & Compliance
  • Finance
  • Audit
  • HR
  • Corporate Affairs 

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