A trusted leader in the life insurance sector, this organization is known for its customer-centric approach, robust risk management, and innovative product offerings. With a strong presence across India, it partners with corporates to deliver tailored group insurance solutions that protect employees and enhance organizational well-being.

Designation : Chief Manager / Assistant Vice President

Department : Group Term Pricing

Location : Mumbai

Role Purpose :

The Group Pricing role is responsible for managing pricing, underwriting support, reinsurance arrangements, product development, and profitability of the Group Business portfolio. The role involves working closely with Sales, Operations, Product, Actuarial, and Reinsurance teams to ensure competitive and profitable pricing solutions while maintaining adherence to risk management and regulatory guidelines.

Key Responsibilities :

1. Pricing & Quotation Management :

- Review and approve group insurance quotations within the delegated authority limits.

- Ensure timely release of quotations as per agreed service standards and turnaround times.

- Assess risks and determine appropriate pricing based on product features, customer profiles, and market dynamics.

- Ensure quotations accurately reflect client requirements and company terms and conditions.

- Maintain pricing discipline while balancing business growth and profitability objectives.

- Escalate and seek approvals for high-value or complex cases as required.

2. Risk Assessment & Underwriting Support :

- Evaluate risks associated with Group Life, Group Credit Life, and Group Affinity business.

- Ensure adherence to underwriting guidelines, pricing policies, and risk management frameworks.

- Support sales teams in structuring solutions for complex client requirements.

- Monitor portfolio performance and recommend corrective actions where necessary.

3. Reinsurance Management :

- Manage reinsurance structures and arrangements for Group Business.

- Coordinate with reinsurers for facultative support on high-value and complex cases.

- Ensure compliance with reinsurance treaties and company guidelines.

- Maintain strong relationships with reinsurance partners and facilitate negotiations when required.

4. Team & Process Management :

- Lead and develop the Group Pricing team to ensure efficient handling of business volumes.

- Establish and continuously improve pricing processes, systems, and operating procedures.

- Drive process automation and operational efficiency initiatives.

- Ensure proper documentation, governance, and audit trail of pricing decisions and approvals.

5. Business Development Support :

- Act as a subject matter expert for Group Insurance products and pricing methodologies.

- Partner with Sales and Distribution teams to support business acquisition and retention.

- Participate in client meetings and negotiations for key accounts when required.

- Provide technical guidance and training to internal stakeholders.

6. Product Development & Portfolio Management :

- Support development and enhancement of Group Insurance products.

- Work with Product, Actuarial, and Business teams to structure innovative solutions.

- Analyse market trends and customer requirements to identify product opportunities.

- Drive initiatives to improve portfolio profitability and market competitiveness.

7. Stakeholder Management :

- Collaborate with Sales, Operations, Product, Finance, Actuarial, Legal, Compliance, and Reinsurance teams.

- Present pricing recommendations and business insights to senior management.

- Ensure effective communication and alignment across all stakeholders.

Educational Qualifications & Experience :

- MBA/Post Graduate degree from a reputed institution.

- Actuarial qualification preferred; candidates who have cleared actuarial papers (IAI/IFoA) will be given preference.

- 10+ years of experience in Group Insurance, Pricing, Underwriting, Actuarial, or related functions.

- Experience in Group Life, Group Credit Life, and Group Affinity products preferred.

Knowledge & Skills :

- Strong understanding of Group Insurance products and pricing methodologies.

- Knowledge of risk assessment, underwriting principles, and reinsurance concepts.

- Analytical and problem-solving skills with strong commercial acumen.

- Excellent stakeholder management and communication skills.

- Leadership and team management capabilities.

- Strong proficiency in Excel, data analysis, and pricing tools.

- Ability to work in a fast-paced environment and manage multiple priorities.

Key Success Metrics :

- Timely release of quotations within agreed TATs.

- Portfolio profitability and loss ratio management.

- Accuracy and quality of pricing decisions.

- Business growth and retention support.

- Effective team performance and stakeholder satisfaction.

- Compliance with underwriting, pricing, and regulatory guidelines.