Senior Manager/Chief Manager

2 weeks ago

Mumbai, Maharashtra, India ICICI Prudential Life Full time ₹ 20,00,000 - ₹ 25,00,000 per year

Role & responsibilities

1. Pricing Strategy & Execution

  • Develop and implement pricing models for Group Term Life products across various segments (employer-employee, affinity, lender-borrower).
  • Collaborate with distribution, underwriting, and product teams to tailor pricing to customer segment needs while ensuring profitability.
  • Perform risk-based pricing by evaluating mortality assumptions, group demographics, and industry trends.

2. Profitability Management

  • Monitor portfolio-level profitability on a periodic basis (monthly/quarterly).
  • Identify and manage blocks that are underperforming and take corrective pricing or underwriting actions.
  • Develop and track profitability KPIs like loss ratio, expense ratio, renewal persistency, and pricing adequacy.

3. Data Analytics & Modeling

  • Maintain and enhance actuarial pricing models using tools like Prophet, R, Python, or Excel VBA.
  • Conduct sensitivity analysis and scenario testing to support business decisions.
  • Benchmark pricing against competitors and market trends.

4. Stakeholder Collaboration

  • Engage with corporate sales, group underwriting, reinsurance, legal, and finance teams to ensure alignment.
  • Support large deal negotiations by providing pricing insights and risk evaluation.
  • Work with reinsurers for structuring large deals or complex risks.

5. Regulatory & Compliance

  • Ensure adherence to IRDAI pricing regulations and internal actuarial governance policies.
  • Maintain proper documentation of pricing files and assumptions for audit and regulatory review.

6. Innovation & Product Enhancement

  • Propose innovative pricing constructs (e.g., experience-based rating, graded premiums).
  • Analyze customer claims experience and feedback for product improvements.

Key Skills & Competencies

  • Strong knowledge of group insurance products (life, credit life, employee benefits, health)
  • Expertise in actuarial pricing techniques, financial modeling, and risk assessment
  • Proficiency in tools like Excel, R, Python, SQL, or actuarial software
  • Strong business acumen and ability to balance technical rigor with commercial needs
  • Excellent stakeholder management and communication skills

Qualifications & Experience

  • Graduate/Post-graduate in Mathematics, Statistics, Actuarial Science, or related field
  • 7-10 years of experience in actuarial pricing, group insurance, or product management
  • Prior exposure to credit life, bancassurance, or employee benefit pricing is an advantage

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