Max Life Insurance - Manager - Product Pricing

Job Title: Manager - Product Pricing

Reporting To: Corporate Vice President - Products

Department: Product Management

Location: Gurgaon, HO

JOB SUMMARY :

- Product Ideation and Design

- Collaborate in the design of new Products along with other stakeholders and play a pivotal role in product development lifecycle starting from ideation, pricing, internal and regulatory approval

- Strike a right balance between commercial considerations and risk management while recommending product designs

- Together with the product manager, provide designs which are feasible to administer within the Max Life framework

- Adherence to the product launch calendar and supporting the organization through changes

- Product Pricing

- Provide main technical inputs and ensure robustness of pricing models and Illustrations

- Ability to create and review excel models for pricing and profit testing

- Ability to provide insightful summary of the results of various iteration and sensitivities done during pricing

- Comprehensive analysis on various product design aspects in the Pricing Report

- Prepare pricing reports, F&Uand other documents necessary to get internal and IRDA approval

- Active involvement in finalizing the pricing assumptions and take necessary sign offs

- Modeling products in Prophet(actuarial software)

- Product Approval

- Prepare the pricing report and facilitate approval from internal product approval committee and the Appointed Actuary

- Prepare the  File and Use  document and reply to IRDA queries

MEASURES OF SUCCESS:

- Ability to work with minimum supervision and problem solving ability

- Completion of tasks on time and at desired standards including documentation and audit trails

- Accuracy of results and comprehensiveness of the pricing model/reports

LEADERSHIP/DIRECT REPORTS:

Individual contributor: The ideal candidate should be proactive in taking responsibilities and capable of working effectively in a cross functional team.

JOB REQUIREMENTS:

MINIMUM EDUCATION:

- Strong exam progress with at least 9 exams

MINIMUM/SPECIFIC EXPERIENCE:

- Minimum prior experience of 3-7 years working in a life insurance and/or actuarial consultancy is required

- Pricing experience, awareness of competitive landscape in the Indian Life Insurance market and IRDA regulations would be an added advantage

- Experience of pricing of products on excel and on Prophet would be an added advantage

COMPENSATION RANGE: Market competitive and based on previous salary and work experience