Deputy Head-Actuarial

4 weeks ago

india XpertReach Full time
Job Description

Responsible for carrying out the regular reporting to IRDA, shareholders and Institute of Actuaries of India; production of the statutory valuation of liabilities as at year end; monthly valuation of liabilities for internal management and shareholders, the production of annual actuarial returns for IRDA and conducting the review of the actuarial assumptions 

Supporting the peer reviewer in carrying out the peer review.

Financial reporting of the Company from the current Indian GAAP to IFRS 17 as required by the Regulations

Calculating quarterly solvency ratio of the Company and reporting the same to the Regulator.

Evaluating the impact of any regulatory changes on the company’s profitability and solvency position

Interact with a range of internal stakeholders (middle management to senior management from other departments such as Finance, Investments, Operations, IT etc.)

 

KRA

Statutory valuation of liabilities at the year end 

Carrying out monthly valuation of liabilities including the statutory reporting for the year end.

Providing insights to the SMT on the drivers of profits and guide Sales to sell more profit driven business

Carrying out to the necessary reportings to IRDA (including year-end actuarial reports and other ad hoc reportings) and Institute of Actuaries of India (including AA compliance certificates). 

Provide support for the transition into IFRS 17 for all the financial reporting of the Company

Carrying out the sources of profits/losses through monthly analysis of profit exercise and presenting the same to the Financial Controller / CFO

Completion of annual year end statutory valuation and all required reporting to IRDA.

Support provided to peer reviewer of year end results to ensure successful completion of the year end peer review.

Timely submission of compliance certification for AA to IAI.


Requirements

1. In-depth understanding of Indian & statutory regulations & practices and Group Insurance’s strategies

2.     Knowledgeable of actuarial principles including limited knowledge of investment & portfolio management and financial & business modelling.

3.     Ensure completion of tasks on time, accurately and with desired standards, including producing necessary documentation and audit trails.

4.     Ability to perform with minimal oversight in an environment where process and methodologies are constantly changing and production of results may be accompanied by a significant amount of investigation.

5.     Liasoning with senior members of other departments and closing discussions with them independently.

6.     Ensure adequate support is provided to cross functional projects so as to ensure that all the business decisions are actuarially sound.

7.     Education of stakeholders on dynamics and risks inherent in insurance business.


Requirements
1. In-depth understanding of Indian & statutory regulations & practices and Group Insurance’s strategies 2. Knowledgeable of actuarial principles including limited knowledge of investment & portfolio management and financial & business modelling. 3. Ensure completion of tasks on time, accurately and with desired standards, including producing necessary documentation and audit trails. 4. Ability to perform with minimal oversight in an environment where process and methodologies are constantly changing and production of results may be accompanied by a significant amount of investigation. 5. Liasoning with senior members of other departments and closing discussions with them independently. 6. Ensure adequate support is provided to cross functional projects so as to ensure that all the business decisions are actuarially sound. 7. Education of stakeholders on dynamics and risks inherent in insurance business.

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