Manager - Actuary - General Insurance

Title: Actuary - Life Insurance Entity

Responsibilities:

Computation of actuarial-related liabilities

a. Assist in the preparation or review of Technical Provisions report which includes Claims provision, Premium provision, and Risk margin as per requirements of Solvency II.

b. Actuarial liability estimation and computation of CSM liability for Life insurance business which involves data preparation, data loading to tools, analysis of liabilities, and presenting results under IFRS 4 / IFRS17.

c. Prepare/review actuarial liabilities including reserves for linked business as per generally accepted actuarial principles and practices, regulatory guidelines, and requirements under Indian GAAP/ IFRS 17/ US GAAP (ASC 944).

d. Prepare/review computation of additional reserves including Incurred But Not Reported (IBNR), Revival reserve, Look-in reserve, and any other reserves as applicable.

e. Evaluate principal actuarial assumptions such as Interest rate, Expenses, Mortality, Morbidity, Persistency, Bonus rates, etc., and provide recommendations if any.

f. Assess or review the estimates of probability and likely costs for a given event such as death, natural disaster, or sickness for deriving the insurance liability.

g. Analyse the historical claims data and identify potential issues and trends and report the findings.

h. Assist in the computation of actuarial liabilities in the event of special circumstances such as an Initial Public Offering (IPO), merger, demerger, or acquisition of the entity post taking into consideration relevant actuarial practices.

i. Assist in preparation/review of Embedded Value and other key metrics such as Annualised Premium Equivalent (APE), Value of One Year's New Business (VoNB), New Business Margin, and Solvency ratio for an insurance entity.

Developing/building of actuarial models

a. Assist in building or maintaining actuarial models using statistical tools such as R/Python/SPSS/SAS or others, including validation of models as required. This can include the calculation of actuarial reserves under different GAAPs.

b. Assist in performing User Acceptance testing (UAT) for models (including the CSM model under IFRS 17) built by the client and help evaluate the model's performance and provide recommendations, if necessary, to ensure a successful Go-live.

c. Assist in the preparation or review of credit risk modelling for reinsurance recoverables, receivables, and premium receivables and confirm that the models are built-in with the necessary controls.

d. Perform a current state assessment of the client's existing model architecture design and assist the client in achieving future state design/objectives, including making the model more comprehensive, increasing efficiency, flexibility, reconciliation of results, providing insightful analysis, etc.

e. Assist in model governance to ensure controls built are effective and provide recommendations, if necessary to enhance the robustness of the model.

Implementation of different GAAPs:

a. Understand the requirements of IFRS 17 and provide assistance in facilitating its implementation.

b. Review data, methodologies, assumptions, and results along with the ability to analyse the difference between IFRS 17 and IFRS 4 / Indian GAAP / US GAAP results.

c. Assist in preparing gap report which primarily includes differences between methodologies under IFRS17 vis a vis previous GAAP (Indian GAAP / US GAAP).

d. Calculate the insurance liabilities under IFRS 17 (preferably under GMM, VFA, and PAA model) and send the numbers to the accountants for the preparation of financial statements.

e. Drive and oversee the end-to-end reporting process and control for Actuarial, including data preparation (set up of model, model points, and assumptions) in an auditable manner for IFRS 17 / US GAAP reporting.

f. Lead the work of standards interpretation including ad-hoc research under IFRS 17 / US GAAP and technical solutions to support and assist with system implementation if required.

Other areas:

a. Preparation of report/memo sent to stakeholders showing results of the analysis.

b. Stay informed of current business/economic developments relevant to the insurance industry within and outside India.

The above activities will relate to clients in India and overseas geographies such as Americas, Europe, Middle East and Asia.