Location
Boston, MA | United States
Job description
Full job description
We are a leading financial services provider committed to making decisions easier and lives better for our customers and colleagues around the world. From our environmental initiatives to our community investments, we lead with values throughout our business. To help us stand out, we help you step up, because when colleagues are healthy, respected and meaningfully challenged, we all thrive. Discover how you can grow your career, make impact and drive real change with our Winning Team today.
Working Arrangement
Hybrid
Job Description
The opportunity
The Manager of Inforce Pricing is primarily accountable for the pricing, underwriting, strategy, analytics, reporting relating to client retention across Signature, Enterprise & TRS product lines. In addition, provide business support to Strategic Relationship Management (SRM), Product, Pricing Officer and Senior Management related to all product lines (Signature, Enterprise & TRS).
Key Individual Accountabilities
Individual Accountabilities:
- Team Organization, Structure, Strategy and Risk Management – Help set the direction, organization, business plan, vision and strategy for the Inforce Pricing Team in US which aligns to the goals of Manulife, WAM, RPS & Pricing Officer. Ensure all projects and deliverables are being performed with the highest degree of quality within scheduled deadlines. Provide leadership, strategy and creative solutions to sophisticated business problems. Provide oversight and risk management related to all inforce client pricing related processes by ensuring they meet and adhere to all Manulife, US Retirement, Internal Audit, Pricing and EUC standards.
- Talent Development, Leadership & and Risk Management – Foster a workplace environment that cultivates high engagement, provide staff training and coaching required to effectively perform their role. Mentor and take a leadership role in the training of existing and new hires as required. Be responsible for ongoing management of team results and ensure the team is meeting SLA’s and following Pricing Hierarchies. Ensure there are no talent management or employee risks as a result of employee turnover, gaps in knowledge, and single points of failure that could result in the team not meeting SLA’s, sales, client, advisor or any internal partner needs. Create a team dynamic and environment which promotes team and individual performance and accountability to ensure we are meeting the goals and objectives of the broader individual, team and overall goals and objectives.
- Inforce Strategy – Responsible for supporting the role of any new products, pricing initiatives and overall inforce pricing strategy across all products. Support the rollout and training for the relationship manager and internal pricing teams. Provide process and pricing recommendations to help ensure the most efficient processes, minimize any potential financial or operational risks while providing strategic direction to help increase profit margins and help position company to retain business.
- Pricing Concession Risk Management – Oversee, lead, and provide ongoing reporting and analysis on inforce pricing concession budget metrics across all products. Serve as first line of risk management defense to ensure the field is not exceeding annual pricing budget allocation. Provide proactive analysis, recommendations and support to all DVP’s and Pricing Management related to pricing concessions, budget and regional trends. Act in an advisory capacity to help execute on corporate earnings goals by partnering with the organization to achieve annual revenue, sales and retention goals. Act as a key advisor to DVP’s & SRM’s regarding pricing and concession management ensuring that the individual regions, SRMs and DVP’s do not exceed target budget goals. Ensure all pricing recommendations and decisions are following existing processes, product guidelines and pricing hierarchies.
- Pricing, Financial and Profitability Reporting Analytics – Provide plan and product recommendations to help increase profit margins while providing strategic direction to help position JHRPS to retain clients and cross sell new revenue. This includes providing pricing recommendations to all proprietary products. Work with the Data Analytics team to provide ad hoc or ongoing analytics and reporting related to sales, proprietary product and overall products performing against target business plan metrics to the Pricing Officer, DVPs and Senior Management.
- Inforce Plan Analytics and Pricing Modeling – Assist and advise the actuarial team on all business financial planning analytics, forecasting, reporting and financial modeling. Partner with actuarial team and data analytics team to ensure Inforce model assumptions, functionality and are up to date as well as meeting the pricing analyst needs. Provide recommendations on enhancements, improved automation, and support to better improve our overall pricing strategy and support models. Partner with actuarial team to learn, build and maintain fundamental knowledge of all pricing models functional, assumptions, pricing and financial metrics. Understand they the impact the overall US Retirement Business financial plans and long term financials.
- Inforce Team Field Support & New Hire Training – Attend national sales conferences, providing updates on pricing strategy and shared pricing and field successes. Host training for newly hired internal and external relationship manager professionals, educating on the inner-workings of recordkeeping plan pricing mechanisms, processes and standard methodologies as needed.
North American Pricing Management Team Shared Accountabilities:
- Talent Development, Leadership & and Risk Management – Responsible for developing an environment that champions increased employee engagement, provide staff training that will assist with performing their role, provide mentoring and staff career development. Ensure management of team results and tasks are meeting dead dates, SLA’s and Pricing Hierarchies. Ensure there are no talent management or process risks as a result of employee turn over, gaps in knowledge, single points of failure and continued succession planning.
- Inforce Plan and Product Pricing – Assist in the production of pricing reports, including all vital pricing analysis, sensitivity tests and scenario tests for new and existing retirement products as well as product enhancements. Assist in implementing strategy and vision of these products acting in an advisory capacity.
- Inforce Pricing – Provide DVPs and SRMs pricing support through analysis, reporting and consultation. Partner with internal and external sales teams to achieve desired outcomes and retain current clients. Support the SRMs in various other ad hoc services including fee proposals/estimates, custom advisor fee grids, RFP support & consultation and other requests.
- Pricing Concession Management – Active management of the inforce concession budget within the Inforce Pricing Team, training and advising the team on the best strategy to allocate resources to valuable JHRPS prospects. Maintain and improve reporting of budget management pertaining to recordkeeping fee reductions to existing clients, as well as advise on trends or financial risks.
- Process Efficiency & Expense Management – Find opportunities of efficiency and automation, areas to pursue offshore resources, removing lower-value work to enable, engage and create capacity for staff to focus on more high-value work. Create awareness and communicate any internal or external challenges related to any pricing processes. Play key roles in helping drive new insights, efficiencies or solutions to better meet internal pricing team and partner needs.
- Retirement Product knowledge and support – Partners with Product teams to review inforce plan exceptions that have a financial and business risk impact.
- Inforce Client Billing – Partner with Billing, Operations, Onboarding, Legal, Product and internal Pricing Teams to ensure all new clients are set up correctly within the recordkeeping systems, Salesforce and final Service / Fee Agreements. Provide oversight and create awareness of any material deviations from final agreements to fee set-up that could negatively impact projected revenue or long-term profitability.
- Business Support – Find creative solutions to internal clients, and team needs; developing user-friendly tools providing comprehensive information surrounding plan health, value, pricing and financials. Be the subject matter authority and internal source of information pertaining to existing client pricing activities.
- Business Projects – Support the business and internal pricing team in all projects, system enhancements that impact pricing processes, information storage, determination of recordkeeping fees for US Retirement clients.
Job Requirement:
- Bachelor’s degree in Finance, Economics, Mathematics or related business field.
- MBA, MSF or CFA or progress towards preferred.
- A minimum of 5 years within the DC/DB market or related industry.
- Experience with financial reporting, corporate finance, pricing, underwriting or risk analysis, and marketplace analytics.
- Experience communicating and presenting to Sr. Management.
- Expert level Excel, PowerPoint, Word, Access, financial modeling and Data Warehouse Skills.
- SQL and Power BI skills are an asset
Competencies:
- Expert level analytical skills and eye for business.
- Strong written and oral communication skills.
- Ability to manage up, down and across the organization to influence change and desired results.
- Strong organizational skills in leading and developing a team.
- Ability to demonstrate critical thinking and creative strategies to drive business change and results.
- Strong technical skills relating to excel, VBA, and general financial modeling tools and principals.
- Attention to detail, strong situational awareness and proven business/client judgment.
- Organizational, time management and prioritization skills.
- Consistent record of working independently and collaboratively in a team environment.
- Strong work ethic, positive demeanor, fast learner and able to take on new responsibilities.
What can we offer you?
- A competitive salary and benefits packages.
- A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.
- A focus on growing your career path with us.
- Flexible work policies and strong work-life balance.
- Professional development and leadership opportunities.
What motivates you?
- Obsessing about customers, listening, engaging and act for their benefit.
- Thinking big, with curiosity to discover ways to use your agile approach and enable business outcomes.
- You thrive in teams and enjoy getting things done together.
- You take ownership and build solutions, focusing on what matters.
- You do what is right, work with integrity and speak up.
- You share your humanity, helping us build a diverse and inclusive work environment for everyone.
Our commitment to you
- Values-first culture
- We lead with our Values every day and bring them to life together.
- Boundless opportunity
- We create opportunities to learn and grow at every stage of your career!
- Continuous innovation
- We invite you to help redefine the future of financial services.
- Delivering the promise of Diversity, Equity and Inclusion
- We foster an inclusive workplace where everyone thrives.
- Championing Corporate Citizenship
- We build a business that benefits all stakeholders and has a positive social and environmental impact.
About Manulife and John Hancock
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
Manulife is an Equal Opportunity Employer
At Manulife /John Hancock , we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour , ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.
It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process . All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies . To request a reasonable accommodation in the application process, contact [email protected] .
Salary & Benefits
The annual base salary for this role is listed below.
Primary Location
Boston, Massachusetts
Salary range is expected to be between
$86,325.00 USD - $155,385.00 USD
If you are applying for this role outside of the primary location, please contact [email protected] for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.
Manulife/John Hancock offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension/401(k) savings plans and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in the U.S. includes up to 11 paid holidays, 3 personal days, 150 hours of vacation, and 40 hours of sick time (or more where required by law) each year, and we offer the full range of statutory leaves of absence.
Know Your Rights I Family & Medical Leave I Employee Polygraph Protection I Right to Work I E-Verify I Pay Transparency
Company: John Hancock Life Insurance Company (U.S.A.)
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