Chief Manager - Insurance Products & Actuarial

Position Title: Chief Manager Insurance Products and Actuarial

Reporting To: Senior EVP Insurance Products and Actuarial

Location: Pune

Department: Insurance

Grade / Level: TBD

Job Purpose

This role supports the Senior EVP for the Life Insurance business, with select responsibilities in General Insurance (actuarial). Key focus areas include:

Product & Profitability

Actuarial & Reserving

Technical Risk Management

Underwriting

Additionally, the role requires global benchmarking on capital optimization solutions and reserving best practices in the life insurance space.

Principal Accountabilities

1. Product & Profitability

- Evaluate product and pricing strategies and methodologies

- Develop/review frameworks for end-to-end product management with technical documentation

- Perform profitability projections and breakeven analyses

2. Risk & Actuarial

- Update reserving methodologies aligned with global best practices

- Monitor reserve management, assumption setting, and true-up processes

- Conduct research on global assumption credibility and governance

- Review technical risk and capital frameworks (linking RoC with RoE)

3. Underwriting

- Evaluate current underwriting frameworks

- Develop multi-product pricing and underwriting guidelines (including riders)

- Analyze reinsurance treaties, processes, and operations

4. Capital Solutions

- Identify and benchmark capital consumption drivers against peers

- Propose levers for improving return on capital

- Research and recommend capital optimization strategies within regulatory limits

Major Challenges

- Accessing reliable internal and external data for benchmarking

- Effective stakeholder management across departments

Decision-Making Authority

Independent Decisions:

- Preliminary recommendations on product, pricing, underwriting, actuarial matters

Requires Superior Approval:

- Final product approvals

- Risk appetite frameworks

- Capital optimization solutions

- Reserving methodologies and updates

Key Interactions

Internal:

- Heads of Products, Technical Risk, Underwriting, and FP&A

External:

- Consultants specializing in risk management software

Key Metrics & Dimensions

Geographic Scope: Pan-India (and global benchmarking)

Team Size: Cross-functional collaboration with product, actuarial, and risk teams

Skills & Qualifications

Educational:

- Bachelor's in Commerce (minimum) Master's in finance is required.

- On track to become a qualified actuary (most exams completed)

- Additional qualifications in accounting/management are a plus

Experience:

- 8+ years in the Life Insurance industry

- Experience in capital management preferred

- General insurance actuarial exposure is a bonus

Functional & Behavioral Skills:

- Strong analytical and problem-solving skills

- Effective communication and stakeholder engagement abilities

- Deep understanding of actuarial principles and risk frameworks.