ICICI Prudential Life Insurance - Manager - Pricing & Profitability

Job Description :

Role & Responsibilities :

1. Pricing Strategy & Execution :

- Develop and implement pricing models for Group Credit Life products across various segments (employer-employee, affinity, lender-borrower).

- Collaborate with distribution, underwriting, and product teams to tailor pricing to customer segment needs while ensuring profitability.

- Perform risk-based pricing by evaluating mortality assumptions, group demographics, and industry trends.

2. Profitability Management :

- Monitor portfolio-level profitability on a periodic basis (monthly/quarterly).

- Identify and manage blocks that are underperforming and take corrective pricing or underwriting actions.

- Develop and track profitability KPIs like loss ratio, expense ratio, renewal persistency, and pricing adequacy.

3. Data Analytics & Modelling :

- Maintain and enhance actuarial pricing models using tools like Prophet, R, Python, or Excel VBA.

- Conduct sensitivity analysis and scenario testing to support business decisions.

- Benchmark pricing against competitors and market trends.

4. Stakeholder Collaboration :

- Engage with corporate sales, group underwriting, reinsurance, legal, and finance teams to ensure alignment.

- Support large deal negotiations by providing pricing insights and risk evaluation.

- Work with reinsurers for structuring large deals or complex risks.

5. Regulatory & Compliance :

- Ensure adherence to IRDAI pricing regulations and internal actuarial governance policies.

- Maintain proper documentation of pricing files and assumptions for audit and regulatory review.

6. Innovation & Product Enhancement :

- Propose innovative pricing constructs (e.g., experience-based rating, graded premiums).

- Analyze customer claims experience and feedback for product improvements.

Key Skills & Competencies :

- Strong knowledge of group insurance products (life, credit life, employee benefits, health)

- Expertise in actuarial pricing techniques, financial modeling, and risk assessment

- Proficiency in tools like Excel, R, Python, SQL, or actuarial software

- Strong business acumen and ability to balance technical rigor with commercial needs

- Excellent stakeholder management and communication skills

What Were Looking For :

- 4 - 6 years of experience in actuarial pricing/group insurance

- Strong analytical skills

- Proficiency in Excel, R, Python, SQL or actuarial tools preferred

- Solid understanding of group insurance products