Vice President, Insurance Product & Operations Control

Mandatory Reference Checking Scheme (“MRC”) for Hong Kong

The Mandatory Reference Checking Scheme is a framework to facilitate Authorized Institutions (“AIs”) to bilaterally obtain reference information during their recruitment process for certain positions, such that misconduct information in an individual’s previous employments can be provided to AIs to inform their employment decisions.

For information related to MRC Scheme, “Frequently Asked Questions for In Scope Individuals” is published by HKAB/Industry Guidelines (https://www.hkab.org.hk/en/home) or further information will be available upon request, if it is applicable to the position(s) applied.

Country of Location:

Job Responsibilities:

• Collaborate with insurance partners to drive insurance distribution and marketing plan to increase revenue and productivity.
• Coordinate the internal departments and external parties on product development, including sales process, training and product launch plan.
• Prepare and issue all product manuals, forms and communications with stakeholders includes but not limited to PO/BOR/Compliance during the ad hoc review on regulatory requirements, GBP / RMG on new insurance products and premium financing approval necessary to ensure the timely execution of product plans, according to established procedures and budgets.
• Evaluate all marketing efforts on products, and provide recommendations for future strategies and plans.
• Monitoring product range and streamline the sales process to ensure product competitiveness in the market
• Review the products and workflow when necessary to identify compliance issues and provide advice or training.
• Support all life insurance operation on checking and gatekeeping new application to ensure the quality of sales fully complies with internal, external & supervision authority requirements.
• Support in all documentation work including insurance company and product due diligence, premium financing product approval paper in an ongoing manner.
• Co-work with different stakeholders as well as system vendor on infrastructure system development and daily administrative tasks.
• Conduct regular and ad hoc review on procedure manual etc, and assist in other ad hoc tasks as required.
• Train, coach & develop junior supporting staff in order to provide the support and services to all stakeholders.
• Supervising the operation team to perform operation / administrative duties in a timely and accurate manner, including documents filing, policy records keeping, etc
• Perform duties in full compliance with Insurance Authority & CIBL’s Operations guidelines & requirements as well as the Regulatory Bodies’ Legal & Compliance Rules.
• Liaise with NPG for new product approval or signifant change review
• Ensure the accuracy of CIBL financial reports together with FMG regularly
• Perform annual review of high risk / unsuitable customers timely.
• Ensure compliance with CDD and KYC requirements for insurance policy applicants and policyholders.
• Implement actions on insurance products / services, related to the regulatory changes.
• Support frontline and adhere to anti-money laundering and counter terrorist financing controls in accordance with regulatory standards and CNCBI policies.

Requirements:

• Preferably a Degree holder in Business or related disciplines

• Minimum 6 years of relevant experience in insurance products & operation procedure and control

• Experience in operations and control functions are is also preferable

• Preferably possess qualifications for relevant insurance licenses registration

• Sound knowledge of insurance products, operation procedure and control.

• Knowledge of insurance sales procedure and guideline.

• Up-to-date knowledge on regulatory requirement, policy and ordinance.