Cm / Dcm - Actuarial Pricing

2 weeks ago

Mumbai, India WEN (Women Entrepreneur Network) Full time

**- From Health Insurance, General Insurance, or Life Insurance Background only apply**

**- Mandate: Must have command on data especially GLM (gross Linear Model) and R Software, Python**

**- Know how Actuarial Analytics is necessary.**

**- Knowledge of IFRS**

**- Experience 4 - 5 years**

The role is required to ensure that the products are developed to meet the needs of the company, customers, and distributors. This will involve activities spanning gathering data, framing assumptions, building pricing models, performing calculations, comparisons with competition, performing sensitivity analysis, developing test cases, and UAT of IT system developments.

**Pricing for New Plans**

1. Modelling the utilization pattern of various benefits under the plan.

2. Discussion with various departments on likely costs and take-up rates.

3. Giving feedback on areas where renegotiation can take place.

**Repricing for Existing Plans**

1. Repricing of existing plans to ensure profitability and growth.

2. Suggest a mix of benefits for optimal pricing exercise and benefit combination.

**Framework for Assumptions vs Actual analysis**

1. Work with Finance to design the framework for A vs E analysis.

2. Suggest the required changes and enhancements to the process.

3. Introduce stochastic estimation of utilization and model the likely scenarios.

**Advance Actuarial Analytics (Retail)**

1. Pattern Detection in Retail Customers.

2. Identification of Anti-Selection pockets in various products.

3. Illness Specific / Age Specific analytics.

4. Contribution in Portfolio Ageing Analysis.

**Advance Actuarial Analytics (Group)**

1. Identification of Profitable segments.

2. Running of GLM in Group Member level data.

**Product Design and Pricing**

1. Support in preparation of feasibility report of innovative features in the product design.

2. Coordinate with the experience monitoring team for data required for pricing.

3. Identify the risk and rating factors of the product.

4. Support in framing Pricing assumptions.

5. To build pricing models and derive technical pricing.

6. Developing market intelligence for products and pricing requirements.

7. Support in the preparation of technical justification for the product.

8. Support in the Preparation of pricing documents for IRDAI.

9. Other tasks may be required from time to time as appropriate to the job and needs of the organization.

**Effective Reinsurance management**

1. Support in preparation of reinsurance program for the financial year.

2. Perform stress testing and scenario testing on portfolio Exposures, catastrophes, and other reinsurance covers.

3. To prepare the model for retention limit.

4. Support in preparing IT system development for treaty set-up, calculation of reinsurance premium to be ceded to reinsurers, claims recovery, and calculation of commission.

**Premium adequacy in large corporate deals**

To check the calculation of quotes

Schedule:

- Day shift

Ability to commute/relocate:

- Mumbai, Maharashtra: Reliably commute or planning to relocate before starting work (preferred)

**Experience**:

- total work: 5 years (preferred)

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