Manager - actuarial pricing
3 weeks ago
Job Title: Actuarial Pricing Manager Location: Vikhroli, Mumbai Experience: Minimum 8 years in Life Insurance (at least 5 years in pricing) Industry: Insurance Qualification: Nearly Qualified Actuary (Minimum 8-10 Actuarial Papers) Grade: M4/M5 Contact Person : Divya 022 40697705 , 9137265848 Roles & Responsibilities: Strategic Product Pricing: Lead the new business value proposition by optimizing growth and profit margins according to strategic plans, influencing business metrics, and developing impactful product pricing strategies.
Product Mix Optimization: Steer life insurance product offerings towards more profitable lines, balancing market demand with the Group's international and regional strategic objectives.
Product Development: Collaborate with product teams to develop or modify products based on new ideas, market demand, or team requests.
Propose new products, riders, or product modifications aligned with regulatory standards.
Reporting & Compliance: Ensure product pricing and reporting in accordance with IFRS17/MCEV standards for the Regional Office and traditional basis reporting for IRDAI.
Handle queries from both IRDAI and the Regional Office.
Model Calibration: Perform recalibrations of claims models and implicit guarantees, along with assumption settings for pricing.
Group Life Pricing: Manage pricing quotations for Group Credit Life and Group Term policies.
Reinsurance Strategy: Drive the impact of reinsurance on product development and pricing decisions to enhance overall profitability.
Cross-functional Coordination: Collaborate with other departments for product management activities, including sign-offs on benefit illustrations, life department documents, and other relevant processes.
Product Success Monitoring: Monitor the success of newly launched products through experience tracking and feedback mechanisms, and apply learnings for continuous improvement.
User Acceptance Testing (UAT): Review and provide sign-offs for UAT results, ensuring alignment with product pricing strategies.
Audit & Regulatory Compliance: Respond to audit queries and ensure compliance with all regulatory standards.
Partnership Evaluations: Evaluate embedded value (EV), appraisal value, and partnership opportunities based on bespoke product offerings.
Regulatory Knowledge: Maintain a good understanding of ALSM regulations and relevant product regulations.
Competencies: Strong knowledge of life insurance product regulations and actuarial standards.
Competent in spoken and written English, with excellent communication and interpersonal skills.
Self-motivated, patient, and positive attitude towards challenges.
Ability to work independently and collaboratively within teams.
Technical Skills: Actuarial Knowledge: Extensive experience in product pricing and nearly qualified as an Actuary with 8-10 Actuarial papers completed.
Software Proficiency: Advanced MS Excel skills; knowledge of VBA will be considered an advantage.
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