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06/03 Radhika Khurana
Senior KAM at Impeccable HR Consulting

Views:187 Applications:36 Rec. Actions:Recruiter Actions:9

Assistant Vice President - Pricing - BFSI (7-12 yrs)

Delhi NCR/Gurgaon/Gurugram Job Code: 806014

Role Purpose (overall high-level summary of the role)

- This role involves all tasks relating to product designing and pricing of new products as well as re-designing/re-pricing of existing products.


This includes:


- Developing products suitable to needs of the customers; developing pricing models to optimize profitability, capital usage, commission and customer returns


- Ensure product meets risk appetite of company, identify financial risks and suggest mitigating strategies


- Maintain clear audit trails of all pricing related activities, preparing assumption justification and regulatory filing documents


- Assisting Pricing Head and AA to gain approval of regulator to launch the product; provide support in negotiations with reinsurers, treaty sign-off, and Renova set-up documentation as well as provide support in launch activities including review of marketing literature, creation of BI models / other calculators, systems testing and supporting negotiations with reinsurers.


- The role holder will also be responsible for providing Group Quotes in a controlled manner within agreed TA


- This role requires a sound understanding of actuarial principles, in-depth understanding of the insurance industry and local regulations, ability of interacting with other departments and external stakeholders and ability to contribute in intense environment.

Principal Accountabilities: Key activities and decision making areas Typical Targets and Measures

Impact on the Business / Function [COMPLETE 3-4 AREAS]

- Liaise with external stakeholders (Reinsurers, Group Sales Regional team) in areas relating to product pricing and other relevant areas.

- Review of various parameters associated with existing products (profitability, competitiveness, risks etc) to assess the need for re-design/re-pricing of existing products.

- Optimise product design/pricing taking into account various stakeholders involved.

- Influence on external stakeholders through strong relationships thereby ensuring favorable impact on business.

- Build strong connects in the industry to obtain business insights for newer propositions and implementing best practices.

- Product's metrics remain favorable to the business throughout active re-designing/re-pricing.

- Optimize profitability, capital usage, commission and customer returns; ensure product meets risk appetite of company, identify financial risks and suggest mitigating strategies.

Customers / Stakeholders [COMPLETE 3-4 AREAS]

- Products/Sales teams

- Managing product pricing, filing and approval of the product with IRDA.

- Senior Management Team - Participate in the product designing stage with other business functions including products and sales.

- Provide necessary input provided at the product designing stage through deep understanding of competitor's products, regulations etc.

- Products priced and launched as per the product calendar with all activities (both core actuarial and support) completed within required timescales.

- Optimize profitability, capital usage, commission and customer returns; ensure product meets risk appetite of company, identify financial risks and suggest mitigating strategies.

Leadership & Teamwork [COMPLETE 3-4 AREAS]

- Liaise with and support other areas of the business to ensure that business decisions are robust.

- Provide leadership/support to junior staff in the team and the wider department in both work and study related areas.

- Necessary support provided to process/customer initiatives through attending cross functional meetings, reviewing and providing necessary input into cross functional projects.

- Support provided to junior staff to ensure that they develop both technical and wider business skills.

Operational Effectiveness & Control [COMPLETE 3-4 AREAS]

- Ensure all activities within the pricing team are carried out in a controlled manner with the necessary documentation thereby ensuring that no high risk points are raised in internal/external audits.

- Identify areas of process improvements and drive the necessary changes, with the objective of improving quality and efficiency in the area of product pricing.

- Communications to users of output

- Assist in peer review/audit

- Lead liaison with peer reviewer/auditors

- No high risk or material findings in audit and internal controls reviews.

- Reduction in timescales for carrying out tasks of the pricing team without any compromise in quality.

- This role is expected to build, refine and improve existing models as well as develop new techniques and produce results which are based on sound principles and are actuarially robust.

- Ensure outputs from the team are well understood so that they can be used in the appropriate manner

- No high risk findings, all audit issues are closed in a timely manner.

This job opening was posted long time back. It may not be active. Nor was it removed by the recruiter. Please use your discretion.

Women-friendly workplace:

Maternity and Paternity Benefits

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