Actuarial Pricing Role - Insurance

Actuarial Pricing

- From Health Insurance and General Insurance only

- Must have command on data especially GLM and R Software/Python

- Minimum 4-5 actuarial papers

- CA background candidate will also work

1) Job Purpose:

- The role is required to ensure that the products developed meet the needs of the company, customer and distributors.

- This will involve activities spanning gathering data, framing assumptions, building pricing models, performing calculations, comparisons with competition, performing sensitivity analysis, developing test cases and UAT of IT system developments.

Required:

- Good understanding of data and analytical skill

- Working knowledge of Excel, GLM & R/ Python

Preference: Knowledge of IFRS

4) Key Result Areas for Pricing and experience monitoring

Key Result Areas Supporting Actions:

Pricing for New Plans:

1. Modelling the utilization pattern of various benefits under the plan

2. Frame assumptions

3. Discussion with various departments on likely costs and take up rates

4. Giving feedback on areas where re negotiation can take place

Repricing for Existing Plans:

1. Repricing of existing plans to ensure profitability and growth

2. Suggest mix of benefit for optimal pricing exercise and benefit combination

Framework for Assumptions vs Actual analysis:

1. Work with internal stakeholders to design the framework for A vs E analysis

2. Run GLM and suggest feasible recommendations to manage health portfolio

Advance Actuarial Analytics:

1. Pattern Detection in Retail Customers

2. Identification of Anti-Selection pockets in various products

3. Run portfolio analysis considering all relevant risk and rating factors

Product Design & Pricing:

1. Support in preparation of feasibility report of innovative features in the product design

2. Coordinate with Experience monitoring team for data required for pricing

3. Identify risk and rating factors of the product

4. Support in framing Pricing assumptions

5. To build pricing models and derive technical pricing

6. Support in preparation of Technical justification for the product

7. Support in Preparation of pricing documents for IRDAI

8. Other tasks may be required from time to time as appropriate to the job and need of the organization.

Effective Reinsurance management:

1. Support in preparation of reinsurance program for the financial year

2. Perform stress testing and scenario testing on portfolio Exposures, catastrophe and other reinsurance covers

3. To prepare model for retention limit.

4. Support in preparing IT system development for treaty set-up, calculation of reinsurance premium to be ceded to reinsurers, claims recovery and calculation of commission

Premium adequacy in large corporate deals:

1. To check premium adequacy in large deals