Tata AIA Life Insurance - Manager - Actuarial - Product Pricing

Role Summary:

Assists the Senior Manager in leading the pricing and product development team. Interacts with all internal stakeholders to define benefits and pricing of product. Oversees & coordinates all products being submitted for approval to the Appointed Actuary, Regional Actuary & IRDA. Oversees any and all correspondence shared with the IRDA. Oversees all implementation activities in an ongoing basis.

Product Design & Pricing:

- Active involvement in finalizing the design aspects of the product proposed to be priced basis product map finalized by the PC.

- Responsible for the development & finalization of the pricing model & assumptions. Works closely with team & management to ensure consistency across all product categories.

- Active liaison with all relevant teams in drafting the filing documents & relevant collaterals and finalizing the system requirements

Filing the products with the Regulator:

- Prepares /Reviews the File & Use document for all products before going to Appointed Actuary for signing.

- Post approval from the Appointed Actuary and Principal Officer, files all the products with the IRDA

- Prepares/reviews all the responses to queries raised by IRDA

Compliance with the regulations:

- Ensures that the products pricing, contracts, sales literature & illustrations are in line with the Insurance Act, IRDA Regulations/guidelines.

Filing products with AIA and obtaining the approval:

- Responsible for filing products for internal approval from AIA.

- Ensures that the filing complies with internal requirements and helps in obtaining the required sign off /approval on products.

Providing guidance to the team:

- Provides guidance to the team in the day to day activities

- Ensures the team achieve the following objectives:

Meeting the profit criterion

Ensuring results are accurate

Management of products on systems.

Liaison with other Departments :

- Understand the features of the product by interacting with all relevant teams

- Liaises with IT to ensure that the system is enabled to calculate accurate premium & benefits based on the product

Technical Skills:

- Should ideally be a few papers away from qualification

- Good Actuarial technical /communication & team management/leadership skills

- Knowledge of PROPHET desirable, knowledge of MS Excel mandatory

- Ability to handle various departments and their conflicting needs

Qualification:

Essential - Graduate/ Post Graduate in Mathematics/ Statistics and close to qualification.

Desired - Qualified Actuary or Nearing Qualification with ST2 clearance.

Experience:

Essential - over all 6 to 8 years, at least 3-5 years in Actuarial with actuarial pricing work

Desired - At least 6-8 in core actuarial experience with minimum 4 - 5 years in pricing work