Max Life Insurance - Senior Manager - Product Pricing

JOB DESCRIPTION

Job Title : Senior Manager - Product Pricing

Band : 4A

Reporting To: Vice President - Product Pricing

Department : Product Management

Location : Gurgaon, HO

JOB SUMMARY :

Product Ideation and Design :

- Collaborate in the design of new Products along with other stakeholders and play a pivotal role in product development lifecycle starting from ideation, pricing, internal and regulatory approval

- Strike a right balance between commercial considerations and risk management while recommending product designs

- Together with the product manager, provide designs which are feasible to administer within the Max Life framework

- Adherence to the product launch calendar and supporting the organization through changes

Product Pricing :

- Provide main technical inputs and ensure robustness of pricing models and Illustrations

- Ability to create and review excel models for pricing and profit testing

- Ability to provide insightful summary of the results of various iteration and sensitivities done during pricing

- Comprehensive analysis on various product design aspects in the Pricing Report

- Prepare pricing reports, F&U and other documents necessary to get internal and IRDA approval

- Active involvement in finalizing the pricing assumptions and take necessary sign offs

- Modeling products in Prophet (actuarial software)

Product Approval :

- Prepare the pricing report and facilitate approval from internal product approval committee and the Appointed Actuary

- Prepare the - File and Use- document and reply to IRDA queries

MEASURES OF SUCCESS :

- Ability to work with minimum supervision and problem solving ability

- Completion of tasks on time and at desired standards including documentation and audit trails

- Accuracy of results and comprehensiveness of the pricing model/reports

LEADERSHIP/DIRECT REPORTS :

- The ideal candidate should be proactive in taking responsibilities and capable of working effectively in a cross functional team.

JOB REQUIREMENTS :

MINIMUM EDUCATION :

- Graduate

- Qualified or nearly qualified actuary

MINIMUM/SPECIFIC EXPERIENCE :

- Minimum prior experience of 6-8 years working in a life insurance and/or actuarial consultancy is required

- Pricing experience, awareness of competitive landscape in the Indian Life Insurance market and IRDA regulations would be an added advantage

- Experience of pricing of products on excel and on Prophet would be an added advantage

COMPENSATION RANGE :

- Market competitive and based on previous salary and work experience