Deputy Manager /AVP - Pricing - Actuarial - upto 30 L - Life Insurance

Job Description

CTC 10,00,000 -30,0000 depends on Experience & No. of Actuarial papers cleared.Send your CV to: appliedzone.2011@gmail.com This role involves all tasks relating to product designing and pricing of new products as well as redesigning/ repricing of existing productsThis includes: assisting in developing products suitable to needs of the customers; developing pricing models to optimize profitability, capital usage, commission and customer returns; ensure product meets risk appetite of company, assist in getting customer value framework approved by Group Insurance and regulatory filing; and assist in launch activities including preparation of benefit illustration models, premium calculators, systems testing and negotiations with reinsurers. This role may involve generating quotations for group business as wellRoles and ResponsibilitiesThis role involves all tasks relating to product designing and pricing of new products as well as redesigning/ repricing of existing products. This includes: assisting in developing products suitable to needs of the customers; developing pricing models to optimize profitability, capital usage, commission and customer returns; ensure product meets risk appetite of company, assist in getting customer value framework approved by Group Insurance and regulatory filing; and assist in launch activities including preparation of benefit illustration models, premium calculators, systems testing and negotiations with reinsurers. This role may involve generating quotations for group business as well. These activities to be carried out in a timely, accurate manner with adequate audit trails.This role requires a sound understanding of actuarial principles and a reasonable understanding of the insurance industry with good knowledge of local regulations.This role requires ability of interacting with other departments and external stakeholders and ability to contribute in intense environment.Principal Accountabilities: Key activities and decision making areasTypical Targets and MeasuresImpact on the Business / Function
• Assist in suitable product design/pricing.
• Assist in liaison with external stakeholders (Reinsurers, Group Insurance team, Group Sales Team, Products, UW & Claims Teams) in areas relating to product pricing and other relevant areas.
• Optimize profitability, capital usage, commission and customer returns;
• Support provided to AVP/SM Pricing in carrying out various analysis which helps develop strong relationships thereby ensuring favorable impact on business
Customers / Stakeholders
• Active participation in the product design and pricing
• Build models for carrying product pricing and profitability analysis and preparation of File & Use documents for IRDA approval process VFM reports for INAH approval process
• Participate in the product designing stage with other business functions including products and sales
• Assist in benchmark global (in particular HSBC) and competitor product developments in order to develop proactivity in product conceptualization.
• Products priced and launched as per the product calendar with all activities (both core actuarial and support) completed within required timescales.
Leadership & Teamwork
• Supporting the members of the team in all areas and activities by working together as team
• Liaise with and support other areas of the business to ensure that business decisions are actuarially robust.
• Maintaining healthy working relationship with all members of the team including helping them with relevant information as and when required.
• Assist SM/AVP Pricing in providing necessary support to process/customer initiatives through providing necessary input into cross functional projects.
Operational Effectiveness & Control
• Ensure all activities are carried out in a controlled manner with the necessary documentation thereby ensuring that no high risk points are raised in internal/external audits.
• Communications to users of output
• No high risk or material findings in audit and internal controls reviews.
• Ensure outputs from the team are well understood so that they can be used in the appropriate manner
Major Challenges (The challenges inherent in the role that require a continual test of the role holders abilities)The most significant challenges of the role will be:1. Working collaboratively with other departments and external stakeholders, to ensure that products designed are commercially sound and do not jeopardize the profitability or sound risk management of the company.2. Ensure completion of tasks on time accurately and with desired standards, including producing necessary documentation and audit trails.3. Ensure adequate support is provided to cross functional projects so as to ensure that all the business decisions are actuarially sound.Role Context1. Assist SM/AVP Pricing to carry out pricing of new products/ making changes to existing pricing structures/product designs as well as highlighting areas of concern with respect to the risks associated with the proposed structure.2. Assist SM/AVP Pricing in liaising with internal stakeholders to ensure that business decisions are actuarially sound and liaising with external stakeholders to ensure decisions made are favorable to the business.Jobholder must operate within the framework of the risk appetite set by the Board and context of regulatory requirements laid down by the IRDA.Management & Leadership of Regulatory, Compliance & Operational Risk (Operational Risk / FIM requirements)Assist in Regulatory & Compliance matters in design and pricing of products. Maintain awareness of operational risk and minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting in relevant forum.Observation of Internal Controls (Compliance Policy / FIM requirements)Maintain and observe company s internal control standards, implement and observe Company s Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement Compliance Policy by managing compliance risk in liaison with the Compliance, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulators.Desired Candidate ProfileActuarial papers cleared. Should have experience in Life Insurance Experience 1 -15 yeras Perks and BenefitsCTC 10,00,000 -30,0000 depends on Experience & No. of Actuarial papers cleared.,

Keyskills :
miscustomer servicedocumentationfinanceinsuranceenvironmental impact assessmentgroup saleslife insuranceproduct designcustomer valuerisk managementproduct pricinggroup insuranceoperational riskinternal controlcustomer returnsapproval proce