Life Insurance Products and Actuarial

1. PRINCIPAL ACCOUNTABILITIES

(List the accountabilities/duties associated with the job and the major activities associated with each accountability. When accountabilities are complete, try if possible to estimate the relative % of time spent on these accountabilities.)

Support the Senior EVP Insurance Products and Actuarial for the Life insurance business (including selected responsibility in respect of actuarial work w.r.t. general insurance business) with

1. Products and Profitability:

2. Evaluating the current product strategy, pricing strategy + process, and product performance methodology

3. Develop/review the framework for product management from launch to closure with technical documentation including profitability projection/management and breakeven analysis

4. Risk and Actuarial

5. Reviewing and updating reserving methodologies in line with best practice

6. Monitoring of reserve booking and management, assumption setting, and true-up process
7. Research global reserving best practices w.r.t. assumption setting, credibility factors, and governance around assumption management
8. Review the technical risk management framework and processes including risk appetite framework

9. Deep dive on the risk capital framework with long term returns and conversation of return on capital with return on equity

10. Underwriting

11. Evaluate the current underwriting framework

12. Creating multi-product pricing and underwriting frameworks including rider attachments

13. Detailed analysis of reinsurance treaties and process around obtaining new treaties, as well as accounting and operations of reinsurance management

14. Capital solutions

15. Identify drivers for Product/Fund capital consumption. Benchmark capital consumption with peers in Indian market. Work with BALIC on potential levers to reach market leading return on capital

16. Research innovative global capital optimization solutions and prepare proposals of applicable/permissible solutions within the Indian regulatory framework

17. MAJOR CHALLENGES

(Describe the major challenges you face on an on-going basis in carrying out your job).

• Data gathering (internal and external) for Industry benchmarking (in india and globally)

• Stakeholder management

• DECISIONS

(Mention the key decisions taken by job holder at his end and the decisions for which the job holder goes to superior with options and recommendations or seek approval).

Decisions made by job holder

Recommendations to or approval by superior

Product approval recommendations

Risk Appetite recommendations

Underwriting recommendations

Pricing and Actuarial recommendations

Capital management solutions

Reserving recommendations and best practices

1. INTERACTIONS

(Describe the job roles that you interact with inside or outside the company to enable you to meet your accountabilities and the key expectations from these interactions. Also mention purpose).

Internal Interactions

Roles you need to interact with inside the organization to enable success in your day to day work

Head of Products, Head of Technical Risk, Head of Underwriting, Head of FP&A

External Interactions

Roles you need to interact with outside the organization to enable success in your day to day work

Consultants with Risk Management software knowhow

1. DIMENSIONS

(List the significant numerical data which will reflect the scope and scale of activities concerning this job).

Financial Dimensions

(These should be quantifiable numerical amounts like annual budgets, project costs, annual revenue, purchase value, no of transactions etc.).

N/A

Other Dimensions

(Indication of some of the significant volumes associated with the job like number in team/ staff handled etc.). -

• Geographies:

• SKILLS AND KNOWLEDGE

(State the minimum acceptable proficiency for this job which best indicates the education and/or experience requirements of this job and not the incumbent).

Educational Qualifications

• Minimum Bachelors of Commerce
• On the path to becoming a qualified insurance actuary with most exams completed
• Additional qualifications in accounting and/or management is a plus

Functional Skills & Behavioral Skills

Relevant and total years of Experience

• 8+ years of Experience
• Life Insurance Industry experience mandatory
• Life insurance capital management experience preferred
• General insurance actuarial experience a plus