Joint Vice President

AB Sun Life Insurance Co Ltd

Joint Vice President

Location: Vaman Centre, Mumbai, Maharashtra

1) Job Purpose

To conduct and manage the group pricing actuarial function and group products. To comply with various IRDAI regulations as applicable for the line of business.

2) Dimensions

What are the areas (in quantitative terms) the job has an impact on?

Dimension

Remarks

Manpower

Direct: 5

Indirect: NIL

2.

Group Term Life Quotes

New Business quotes per annum: 4200

Renewal Business quotes per annum: 1500

Total quotes per annum: 5700

Traditional Funds Interest Rates declaration

Number of traditional products to declared interest rates: 3

Names of these products: CAT, Cap Secure, Cap Secure Pension

Group Products

Work on new products / Modifications as per company requirements.

Expected number of such products: 4-5 per annum

Experience Monitoring

Monitoring of GTL book of business on key metrics like profitability, persistency, etc.

3) Job Context & Major Challenges

(What are the specific aspects of the job that provide a challenge to the jobholder in the context of the Unit/Zone?

Key Challenges for the role –

Maintaining a balance between profitability and marketability of the product

Retention / Persistency of renewal book

Keep updated with latest offerings in the market and be at the forefront of new product offerings

4) Principal Accountabilities

Accountability

Supporting Actions

Group Term Life Quotation Pricing

Ensuring to set the pricing strategy / assumptions / methodology for the group term life line of business

Pricing model updates from time to time

Managing stakeholder expectations in terms of premium rates and profitability

Managing reinsurers & reinsurance solutions for this line of business

Group Products Management

Review the business requirements for group products both new products as well as modifications

Developing, pricing, preparing product documentation, conducting Product Managing Committee meeting, filing with IRDAI, launching products, etc.

Managing end to end product lifecycle

Group Funds

Evaluating the profitability of funds on quarterly / annual basis

Declaration of interest rates for traditional products on monthly/quarterly / annual basis, as per product design

Analysis of business

Analyzing profitability of the GTL book on regular basis to take relevant decisions on group business

Analysing the ceded experience to make sure we get competitive reinsurance terms from the reinsurer

Performing experience studies for Group Term Life business, thereby recommending suitable actionables based on the outcome

Reinsurance

All the reinsurance treaties, risk retention limit and other terms and conditions are regularly reviewed.

Ensure reinsurance terms are competitive and effective.

Reinsurance risk is diversified.

Reviewing of treaties and driving the signing process

Automation

Driving automation in all aspects of work

5) Job Purpose of Direct Reports

6) Relationships (If Applicable)

Internal

Frequency

Nature

Sales Team

Operation

Marketing

Investment Team

IT Team

Legal and Compliance

Regular

Occasional

Occasional

Regular

Regular

Regular

Getting information needed to price schemes. Product intel.

Getting data required for quotation pricing as well as analysis of business

Launching of products

Declaration of interest rates for Traditional Fund Products

Product related system developments / any automation needed

Review of reinsurance treaties / legal documents / Interpretation of regulations

Minimum Experience Level

9 - 10 years

Job Qualifications

MBA