Senior Manager/Chief Manager - Group Pricing & Profitability - Life Insurance

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.

Role Overview

This role focuses on pricing and profitability management for group life insurance products, including employer-employee, affinity, and lender-borrower segments. The ideal candidate will combine actuarial expertise with strategic thinking to drive sustainable growth and ensure regulatory compliance.

Key Responsibilities

1. Pricing Strategy & Execution

- Design and implement pricing models for group term life products across diverse segments.

- Collaborate with distribution, underwriting, and product teams to align pricing with customer needs and profitability goals.

- Apply risk-based pricing by analyzing mortality assumptions, group demographics, and industry benchmarks.

2. Profitability Management

- Monitor portfolio profitability on a monthly and quarterly basis.

- Identify underperforming blocks and recommend corrective pricing or underwriting actions.

- Track key performance indicators such as loss ratio, expense ratio, renewal persistency, and pricing adequacy.

3. Data Analytics & Modeling

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

- Conduct sensitivity analyses and scenario testing to support strategic decisions.

- Benchmark pricing against competitors and market trends for continuous improvement.

4. Stakeholder Collaboration

- Partner with corporate sales, underwriting, reinsurance, legal, and finance teams to ensure cohesive execution.

- Provide pricing insights and risk evaluations during large deal negotiations.

- Coordinate with reinsurers to structure complex or high-value deals.

5. Regulatory & Compliance

- Ensure compliance with IRDAI pricing regulations and internal actuarial governance standards.

- Maintain thorough documentation of pricing assumptions and models for audits and reviews.

6. Innovation & Product Enhancement

- Propose innovative pricing mechanisms such as experience-based rating or graded premiums.

- Analyze claims experience and customer feedback to inform product enhancements.

Desired Skills & Qualifications

- Strong actuarial foundation with experience in group life pricing.

- Proficiency in actuarial modeling tools and data analytics.

- Strategic mindset with the ability to balance risk and commercial goals.

- Excellent stakeholder management and communication skills.

- Familiarity with regulatory frameworks and governance standards.