Pricing Actuary

3 days ago

Mumbai, Maharashtra, India Kotak Life Full time ₹ 15,00,000 - ₹ 25,00,000 per year

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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