Manager HR at Canara HSBC OBC Life Insurance
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Canara HSBC OBC Life Insurance - Senior Manager/Assistant Vice President - Actuarial Pricing (8-13 yrs)
Senior Manager/Assistant Vice President - Actuarial Pricing
Role Purpose :
- This role involves leading and providing all Group Business Quotations in a controlled manner within agreed TATs, active engagement with sales team to understand the nature of the group specifications and client requirements and thereby determining the associated risk, maintaining clear audit trails of all group quote pricing related activities in line with product's F&U document as well as applicable rules and regulations, active engagement with reinsurers in order to obtain favorable and business oriented reinsurance rates and terms, ensuring that the group business portfolio remains profitable and competitive as well as optimizes capital usage and is within the risk appetite of the Company, keeping abreast with market developments in the group business and propose modifications to F&U document in order to make the group products more competitive and client friendly.
- This role would also involve providing support in designing and pricing of group products. This includes: developing pricing mechanism to ensure product is competitive & profitable, optimizing capital usage and ensuring that the product meets risk appetite of the Company, finding suitable reinsurance partner for the product, signing of the reinsurance treaty, preparing renova set-up documentation.
- This role requires a sound understanding of actuarial principles, in depth understanding of the insurance industry in respect of group business and local regulations, ability of interacting with other departments and external stakeholders and ability to contribute in an intense and a TAT oriented environment.
Principal Accountabilities : Key activities and decision making areas
Impact on the Business / Function :
- Responsible for providing Group Quotes
- Liaise with stakeholders (in particular Reinsurers, Group Sales) in areas relating to providing group quotes.
- Review of various parameters associated with existing group 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.
Typical Targets and Measures :
- Provide Group Quotes in a controlled manner within agreed TATs.
- Ensure that the group business portfolio remains profitable and competitive.
- Influence on external stakeholders through strong relationships thereby ensuring favorable impact on business.
- Build strong connects in the industry to obtain business insights for generating competitive group quotes, implementing pricing approaches which are competitive and within the risk appetite of the Company.
- Product's metrics remain favorable to the business through active re-designing/re-pricing.
- Optimize profitability, capital usage, commission and client requirements; ensure product meets risk appetite of company, identify financial risks and suggest mitigating strategies.
Customers / Stakeholders :
- Products/Sales teams
- Managing product pricing, filing and approval of the product with IRDA.
- Senior Management Team
Typical Targets and Measures :
- Provide necessary input at the product designing stage through deep understanding of competitor's products, pricing mechanism, regulations etc.
- Products is priced and launched as per the product calendar, completed within required timescales.
- Optimize profitability, capital usage, commission and client requirements; ensure product meets risk appetite of the Company, identify financial risks and suggest mitigating strategies.
Leadership & Teamwork :
- 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.
Typical Targets and Measures :
- Necessary support provided to process/customer initiatives through attending cross functional meetings, reviewing and providing necessary input into cross functional projects.
- Keeping self abreast with market developments in the group business space to produce competitive and profitable business.
- Support provided to junior staff to ensure that they develop both technical and wider business skills.
Operational Effectiveness & Control :
- Ensure all activities within the group quote 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 / group quote pricing.
- Communications to users of output
- Assist in peer review/audit
Typical Targets and Measures :
- No high risk or material findings in audit and internal controls reviews.
- Reduction in timescales for carrying out tasks of the team without any compromise in quality.
- This role is expected to build, refine and improve existing models / processes 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.
Major Challenges :
The most significant challenges of the role will be :
1. Keeping self abreast with market developments in the group business space to produce competitive quotes that do not jeopardize profitability and / or sound risk management of the Company.
2. Providing Group Quotes in a controlled manner within agreed TATs, along with maintaining adequate audit trail of pricing related work within bounds of applicable rules and regulations.
3. In-depth understanding of Regulations & Industry practices
4. Ability to perform with minimal oversight in an environment where market dynamics are constantly changing and require constant innovation, in particular newer pricing mechanisms, ways to implement these within the boundary of being objectively defined and being actuarially sound.
5. Ability to interact/communicate with stakeholders/colleagues from a wide variety of backgrounds.
6. Assist Pricing Head in ensuring adequate resources are available to carry out a particular responsibility in a timely and controlled manner, planning and re-prioritizing to meet business objectives.
7. Assist Pricing Head in education of stakeholders on dynamics of group business pricing/capital management.
8. Negotiations with variety of stakeholders with often conflicting requirements, including reinsurers, distributors, clients, IRDAI and shareholders.
9. Build and nurture strong connects in the industry to obtain business insights for newer propositions, pricing mechanisms and implementing best practices.
Role Context (The environment and operating conditions of the role including the extent of guidance and authority) :
1. Evaluating group quote proposition with respect to the risks associated with it and produce the quote subject to being within the risk appetite of the Company, keeping the overall group business portfolio profitable.
2. Liaising with internal stakeholders to ensure that business decisions are actuarially sound and liaising with external stakeholders to ensure decisions made are favorable to the business.
Job holder must operate within the framework of the risk appetite set by the Board and context of regulatory requirements laid down by IRDAI.
Management & Leadership of Regulatory, Compliance & Operational Risk :
- Demonstrate high priority and commitment on Regulatory & Compliance matters in group quote pricing, including identification of financial risks and suggesting mitigating strategies.
- Maintain awareness of operational risk and minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting in the relevant forum.
Observation of Internal Controls :
- Maintain and observe company's internal control standards, implement and observe Company's Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators.
- Foster a compliance culture and implement Compliance Policy by managing compliance risk in liaison with the Compliance, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulators.
Role Dimensions :
- Supporting in ensuring that the group quotes provided are competitive while ensuring that the group business portfolio is profitable and that the risks are managed within the approved risk appetite.
- Experience Requirement : 8+ years, Near Qualified Actuary, Experience in Pricing of Group Quotes of Life Insurance
The candidate should :
- Be qualified / near qualified actuary with track record in managing actuarial responsibilities;
- Possess strong understanding of actuarial principles, insurance industry and financial data;
- Possess strategic thinking, able to understand linkages to cross functional requirements;
- Be commercially minded, with strong business acumen;
- Possess strong verbal and written communication & interpersonal skills;
- Be proactive in taking responsibilities, requiring minimum guidance;
- Possess excellent analytical skills;
- Possess excellent people management skill.
- Possess strong connects in Industry in order to keep self abreast in market development to generate competitive quotes which yield in profitable group business.