Pricing Actuary

4 weeks ago

Mumbai India Kotak Life Full time

Job Description

Role: Individual Pricing Lead

Designation: Assistant Vice President

Work Experience: 7 years +

Education: Graduate / Post Graduate

Work Location: Goregaon (East), Mumbai

OBJECTIVE OF THE ROLE

Kotak Life Insurance is seeking a dynamic and experienced Mid-Level Actuarial Pricing Manager to join our growing team. The successful candidate will lead a team of few actuaries, overseeing all aspects of product design, feasibility analysis, regulatory compliance, and product filing and approvals. The role will also involve cross-functional collaboration, providing technical support to other departments for system setups and product launches.

KEY RESPONSIBILITIES

- Lead and mentor a team of few actuarial professionals, fostering a collaborative and high-performing work environment.
- Manage and drive the end-to-end process of new product design, including ideation, actuarial modelling, risk assessment, and pricing strategies.
- Conduct thorough feasibility studies for new and existing products, ensuring alignment with company objectives and market trends.
- Ensure all products meet regulatory requirements by preparing and submitting necessary documentation for product filings and securing approvals from relevant authorities.
- Act as a key liaison with regulatory bodies, addressing queries and ensuring timely product approvals.
- Support other teams, such as IT, Operations, and Distribution, with system setups, product launches, and implementation activities, ensuring smooth and efficient roll-outs.
- Stay abreast of changes in actuarial standards, regulations, and industry best practices, ensuring compliance and continuous improvement in pricing methodologies.
- Prepare and present reports, analyses, and recommendations to senior management and other stakeholders.

REQUIRED QUALIFICATION AND SKILLS

Educational Qualifications: Preferred Fellow Actuary or candidates close to achieving Fellowship from IFOA or IAI.

Work Experience: Minimum of 7 years of relevant actuarial work experience, with at least 5 years in the Life Insurance industry.

Other skill set:

- Strong technical knowledge of actuarial pricing, product development, and regulatory requirements within the life insurance sector.
- Demonstrated leadership and team management experience, preferably having led small teams in a similar capacity.
- Excellent analytical, problem-solving, and communication skills.
- Ability to manage multiple projects and stakeholders in a fast-paced environment.
- Proficiency in actuarial software (e.g., Prophet) and advanced Excel skills.
- Strong understanding of the Indian life insurance market and regulatory landscape.
- Experience in product filing and handling regulatory queries.
- Adaptability and willingness to engage in cross-functional projects.
- Results-driven, with a keen eye for detail and accuracy.

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