Actuarial - Senior Manager / Manager - Actuarial ( Valuation )

3 weeks ago

Gurugram, India Pramerica Life Insurance Full time

A. Position Summary

Required candidates with around 5-6 years of working experience preferably in the valuation function of a life insurance company, having cleared at least 5 actuarial exams. The candidate is expected to perform monthly valuation work to comply with Indian GAAP and IRDAI regulatory requirements. Alongside, the candidate is also expected to support the implementation of IFRS 17.

B. Key Responsibilities

  • Perform monthly valuation work per Indian Statutory requirements, prepare necessary summary reports of the monthly valuation results and explain movements in reserves.
  • Perform monthly and quarterly solvency margin calculations in accordance with IRDAI requirements.
  • Identify Individual and group life policy data issues and work with IT/Admin team to fix them.
  • Maintenance of DCS tool and valuation data along with necessary compliance controls and audit checks.
  • Prepare various quarterly and annual IRDAI submissions including ARA, AAAR, Actuarial Forms, BAP submission, and public disclosures.
  • Perform asset share roll-forward to manage profitability and reserves of Par business.
  • Perform declared bonus calculations and assist in handling requirements of the WPC committee of the Company.
  • Assist in handling queries from Peer Reviewer, Statutory Auditor & IRDAI on sufficiency of reserves and solvency positions.
  • Conduct annual review of best estimate valuation assumptions and update documentation based on experience and analysis results.
  • Review assumptions used in the model and reconcile model-generated cash flows by replicating them in spreadsheets.
  • Standardize and document all analysis processes.
  • Work on implementation of IFRS 17.

C. Job Specifications

  • A bachelors degree with minimum 5 actuarial exams.
  • At least 4-6 years of working experience, preferably in the valuation function of a life insurance company.
  • Sound knowledge of advanced MS Excel, VBA, and R programming.
  • Knowledge of Actuarial software like Prophet, DCS, etc.
  • Prior knowledge of IFRS 17 will be preferred.
  • Conceptual thinker with strong analytical and data management skills, attention to detail, and ability to manage multiple projects simultaneously.
  • Good communication and business skills to contribute to business results.

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