Actuarial Specialist

2 days ago

Bengaluru, India WNS Full time

Role Overview:

We are seeking a motivated Actuarial Pricing consultant who can focus on algorithm/Model development for engineering insurance products. This role involves reviewing, adjusting, and documenting pricing relativities for existing algorithms (simple and complex tools). You will work closely with cross-functional teams and external vendors to ensure transparent decision-making and enable future review and re-runs of the process.


Key Responsibilities:

  • Propose pricing relativities/rates for existing algorithms, ensuring no new rating factors or external data introducing.
  • Document all decisions, justifications, and processes, from data collection to model adjustments, to ensure traceability and future repeatability.
  • Collaborate with internal and external stakeholders to ensure compliance with Model Management Standards.
  • Provide handover of a documented and repeatable process for future reviews or peer assessments.
  • Front end all project related conversations with business such as (requirement gathering, tools and technology, dependencies, and milestones)
  • Propose potential algorithm improvements (e.g., calculation order, new rating factors) with ability to provide business justifications and improvement gains.


Product Background:

Clients Engineering Insurance product covers the repair or functional replacement of fixed mechanical, pressure, electrical, and electronic equipment due to breakdown. It also covers stock loss, business interruption, and increased costs of working arising from the breakdown. The product applies to a wide range of insureds, from small businesses to large manufacturers, and covers everything from computers to lifts, except natural hazards.


Requirements:

  • Degree in Actuarial Science, Statistics, or a related field.
  • 8+ years of experience in General Insurance Pricing.
  • Experience in algorithm/Model development and pricing tool adjustments.
  • Strong data analysis skills, with hands on experience in tools like Excel, SAS, R, Python and R Shiny etc.
  • Strong documentation and communication skills to justify decision-making processes.
  • Knowledge of engineering insurance products and pricing would be an advantage.


Preferred Skills:

  • Experience with Specialty LOB or similar industries.
  • Familiarity with actuarial standards and Model Management Standards set by CROs.
  • Ability to propose innovative solutions for algorithm improvement.


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