Position Summary (Comprehensive summary of what the job exists to accomplish)  - The role ensures that appropriate policyholder's liability (the most critical aspect Life Insurance functioning) is set up to ensure that benefits promised to the policyholders are paid out.   - The role requires the continuous assessment of company solvency vis-a-vis set up adequate policy provisions. This Liability number is the biggest number in the BS and Profitability of the company depends on the appropriate evaluation and certification of the number  Key Accountabilities: (A collection of duties and/or responsibilities assigned)  - Develop, control and implement statutory reporting systems, solvency reporting systems and processes in compliance with GAAP, regulatory requirements, professional guidance notes  - Set up the controls and processes for setting up of actuarial assumptions for statutory valuation and reserve adequacy testing basis understanding of macroeconomic fundamentals, existing asset portfolio, investment mandate and strategy demographics projection, policyholder behavior based company's and industry experience, emerging trends, pricing assumptions  - Set up controls and process for model building, validation of models in assessment of policy holder liability by incorporating developing actuarial techniques and understanding of product complexities  - Continuously analyze, monitor and report critical data errors in the policy records which impact credibility of financial results and ensure corrective measures are put in place  - Supervise submission of various actuarial reports (Actuarial Report & Abstract; Appointed Actuaries Annual Report; Annual Financial Condition Report; Quarterly Solvency Report, ING Reserve Adequacy Testing Report) to the appropriate authorities as per applicable rules and regulations and liaise with the concerned people in closing queries, address concerns of regulator, external and internal auditors  - Supervise continuous support to PoS with product related servicing issues especially on calculation of discretionary policy benefits in line with equitable and fair principles and assist PoS team in responding to customer queries  - Supervise reinsurance costing and ensuring appropriate reinsurance arrangement is in place for each policy as required under product rules- reinsurance outgo is in the range of RS 50 mn on an annual basis  - Supervise annual bonus assessment exercise for 'with profit' business and enable the Appointed Actuary in recommending bonus rate to the Board. This exercise requires consideration of several factors(some of them in conflict with each other) such as Policyholders reasonable expectation, Regulator's requirements, shareholders'' interest , long term financial outlook, company strategy etc. This requires managing a fine balance of different stakeholders  - Supervise analysis of profits by source and analysis of margins to ensure management appreciates need for corrective action and controls  Skills, Knowledge & Qualifications: (Framework required by the position)  - Fully qualified or near qualification  Personal Attributes & Competencies:  - Analytical skills  - Stakeholder Management skills

Bangalore

Vice President - Actuarial 

Vice President - Actuarial  ,Job Description for Vice President - Actuarial  in Spicy Jobs in  Bangalore for (9-15) years of experience. Apply Now!

Job Description for Vice President - Actuarial  in Spicy Jobs in  Bangalore for (9-15) years of experience. Apply Now!