Actuary - Life Insurance Entity

Computation of actuarial -related liabilitiesa Assist in thepreparation or review of Technical Provisions report which includes Claimsprovision, Premium provision, and Risk margin as per requirements of SolvencyII.b Actuarialliability estimation and computation of CSM liability for Life insurancebusiness which involves data preparation, data loading to tools, analysis ofliabilities, and presenting results under IFRS 4 / IFRS 17.c Prepare/review actuarialliabilities including reserves for linked business as per generally acceptedactuarial principles and practices, regulatory guidelines, and requirementsunder Indian GAAP/ IFRS 17 / US GAAP (ASC 944).d Prepare/reviewcomputation of additional reserves including Incurred But Not Reported (IBNR),Revival reserve, Look -in reserve, and any other reserves as applicable.e Evaluateprincipal actuarial assumptions such as Interest rate, Expenses, Mortality,Morbidity, Persistency, Bonus rates, etc., and provide recommendations if any.f Assess or reviewthe estimates of probability and likely costs for a given event such as death,natural disaster, or sickness for deriving the insurance liability.g Analyse thehistorical claims data and identify potential issues and trends and report thefindings.h Assist in thecomputation of actuarial liabilities in the event of special circumstances suchas an Initial Public Offering (IPO), merger, demergers, or acquisition of theentity post taking into consideration relevant actuarial practices.i Assist inpreparation/review of Embedded Value and other key metrics such as AnnualisedPremium Equivalent (APE), Value of One Year's New Business (VoNB), New BusinessMargin, and Solvency ratio for an insurance entity. Developing/building of actuarial modelsa 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 (including the CSM modelunder IFRS 17) built by the client and help evaluate the model's performanceand provide recommendations, if necessary, to ensure a successful Go -live.c Assist in thepreparation or review of credit risk modelling for reinsurance recoverable,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 the requirementsof IFRS 17 and provide assistance in facilitating its implementation.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 inpreparing gap report which primarily includes differences between methodologiesunder IFRS 17 vis a vis previous GAAP (Indian GAAP / US GAAP).d Calculate theinsurance liabilities under IFRS 17 (preferably under GMM, VFA, and PAA model)and send the numbers to 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.