Max Life Insurance - Product Pricing Role - Actuarial

We have a spectrum of positions open in product pricing where we are looking at actuaries to fulfill the following requirements. some positions require managerial experience as well, for leading teams.

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&U and 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

Policy Administration System:

- Play a pivotal role in implementation and testing (review) of new products on policy administration system (INGENIUM) leading to effective launch of new products

- Perform review of UAT of actuaries patch in INGENIUM which mainly includes the testing of charge structure of products, premium rates and policy behavior under various transactions such as lapse, RPU, Revival etc

- Enable rigorous UATs through comprehensive test cases and provide sign offs

Product Life Cycle Management:

- Corrections and testing of defects in policy administration system for in force business

- Resolve queries of agents/customers for existing products

- Annuity desk management

- ALM aspects of non-par guaranteed products including derivatives

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