Actuary – General Insurance Entity

Responsibilities: Computation of actuarial -related liabilities:a.   Assist inpreparation or review of run -off triangles (Accident year or Underwriting yearcohort) including analysis of historical claims data and identify potentialissues and trends and report the findings for General lines of business.b.   Assist in thepreparation or review of Technical Provisions report which includes Claimsprovision, Premium provision, and Risk margin as per requirements of SolvencyII.c.    Assist in thepreparation or review of Unearned Premium Reserves (UPR), Unexpired RiskReserves (URR), Incurred Loss ratio, IBNR reserves (Chain Ladder or BornhuetterFerguson or other methods as applicable) for estimation of Premium, Claims severityfor paid or incurred claims including the impact of inflation if any.d.     Actuarialliability estimation for general insurance lines of business which involvesdata preparation, data loading to tools, analysis of liabilities, andpresenting results under IFRS 4 / IFRS 17.e.    Working knowledgeof different loss projection methods and their applications along withfamiliarity of the general line of business.f Assist in thecomputation of actuarial liabilities in the event of special circumstances suchas an Initial Public Offering (IPO), merger, demerger, or acquisition of theentity post taking into consideration relevant actuarial practices. Developing/building of actuarial models:a.    Assist inbuilding or maintaining actuarial models using statistical tools such asR/Python/SPSS/SAS or others, including validation of models as required. Thiscan include the calculation of actuarial reserves under different GAAPs.b.    Assist inperforming User Acceptance testing (UAT) for models built by the client andhelp evaluate the model's performance and provide recommendations, ifnecessary, to ensure a successful Go -live.c.  Assist in thepreparation or review of credit risk modelling for reinsurance recoverables,receivables, and premium receivables and confirm that the models are built -inwith the necessary controls.d.    Perform a currentstate assessment of the client's existing model architecture design and assistthe client in achieving future state design/objectives, including making themodel more comprehensive, increasing efficiency, flexibility, reconciliation ofresults, providing insightful analysis, etc. e.     Assist in modelgovernance to ensure controls built are effective and provide recommendations,if necessary to enhance the robustness of the model. Implementation of different GAAPs:a Understand therequirements of IFRS 17 and provide assistance in facilitating itsimplementation.b.      Review data,methodologies, assumptions, and results along with the ability to analyse thedifference between IFRS 17 and IFRS 4 / Indian GAAP / US GAAP results.c.     Assist in the preparationof gap report which primarily includes differences between methodologies underIFRS 17 vis a vis previous GAAP (Indian GAAP / US GAAP).d.     Calculate theinsurance liabilities under IFRS 17 (preferably under PAA/GMM model) and sharethe respective numbers with the accountants for the preparation of financialstatements.e.     Drive and overseethe end -to -end reporting process and control for Actuarial, including datapreparation (set up of model, model points, and assumptions) in an auditablemanner for IFRS 17 / US GAAP reporting.f.      Lead the work ofstandards interpretation including ad -hoc research under IFRS 17 / US GAAP andtechnical solutions to support and assist with system implementation ifrequired.  Other areas:a Preparation ofreport/memo sent to stakeholders showing results of the analysis.b Stay informed ofcurrent business/economic developments relevant to the insurance industrywithin and outside India. Theabove activities will relate to clients in India and overseas geographies suchas Americas, Europe, Middle East and Asia