Senior KAM at Impeccable HR Consulting
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Assistant Vice President - Pricing - BFSI (7-12 yrs)
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.
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