About the Role
Based in Singapore within the Wealth Planning team, you will be supporting and administering the growth of the Life Insurance business in Asia.
This multifaceted role includes management of external and internal stakeholders on market support; product expertise, as well as operational & administration oversight. You will report locally to the Head of Wealth Planning & Insurance, Asia and functionally to the Head of Insurance in Geneva, and assist the Wealth Planning team in Hong Kong branch, with regular travel required.
Responsibilities
You will have the opportunity to support the below tasks, but not limited to: -
Marketing (Referral basis) Support
- Ensure that insurance activities are compliant with internal directives including all regulations and controls as set by the Bank and external regulatory authorities.
- To work with Relationship Managers (RMs) in achieving the target number of referrals to approved insurance brokers with a view to increasing sales activity and other relevant financial drivers. Coordinate meetings between brokers, RMs and clients and providing on-going support on all insurance cases and capturing cross sell opportunities.
- When liaising with brokers to conduct periodic review on clients portfolios, to Identify and target opportunities for referral to brokers.
- Expected to generate ideas and action plan by working in tandem with in-house Wealth Planners &/or brokers on integrated liquidity & succession planning solutions which may include encompassing structures such as Trusts, Investment Entity, Insurance Wrappers etc.
Management of Products and External Brokers
- Act as the primary point of contact for insurance brokers in Asia.
- Validate insurance products and maintain an insurance product list.
- In terms of new insurance product category/offering to co-ordinate with Functional Head of Insurance/local Head of Wealth Planning & Insurance on working papers to approve new category by internal committee.
- Oversee the approval process for insurers and brokers and, where required, to establish agreements and manage commission structures with the relevant stakeholders. Once approved, to conduct periodic reviews.
- Lead the local Insurance Partner Committee.
Commercial Support (Training & Events)
- To arrange for our panel of brokers to conduct periodic trainings/workshops to upskill our RMs insurance product knowledge. These may include developing &/or reviewing brokers training presentations and materials on products and offerings with a view to sharing trending insurance proposition pitches & ideas.
- Where necessary, to co-ordinate with brokers to organize clients events.
Case Administration and Management
- On cases administration to oversee insurance activities reporting by consolidating, monitoring and updating the progress of all pipeline cases whether with or without financing generating monthly/quarterly reports sales results and reasons for success to local Head of Wealth Planning & Insurance.
- In cases where financing is required - to co-ordinate with brokers to provide due diligence pack for onward transmission to Credit Department for their review and approval.
- To liaise with Credit Department/Functional Head of Insurance to calibrate credit limit requirements for direct/indirect risks by insurance counterparties. To obtain and disseminate Cash Surrender Values.
- Monitor regulatory developments and align processes accordingly.
- Where required and in tandem with functional Head of Insurance in Geneva, to draft local work directives and guidelines.
- Assume any other tasks/projects as and when assigned.
Qualifications
- Bachelor Degree in Banking & Finance or its equivalent with Modules 5, 9, 9A of CMFAS an asset.
Required Skills
- Knowledgeable in life insurance products curated for High Net Worth Individuals
- Minimum 3 5 years of experience in an insurance brokerage firm, insurance company, or a bank in a role related to life insurance business
- Pro-active, self-initiated, hands on with a can do attitude with demonstrated ability to work in a small team
- Highly effective communication skills and presentation skills (written and verbal) ; interpersonal, negotiation and problem-solving skills
- Strong multi-tasking and prioritization skills
- Understanding and observance of control, risk and banking regulations
- Be able to foster a constructive and effective working relationship with all the stakeholders in the Private bank
- As this role requires regular interaction with both English and Mandarin speaking clients and stakeholders, proficiency in both English and Mandarin (written and spoken) is required to fulfil business communication needs and support the client base
