Senior Manager/Manager - Actuarial Department - Insurance

Sr. Manager/ Manager (Actuarial Dept.)

Job opening with one of the biggest players in the General Insurance industry.

Sub Department - Pricing

Sub Sub Department Motor - Motor

Purpose of the Job - Complete end to end Pricing (including but not limited to connecting with UWs/Sales to understand the product requirement, helping the dedicated Product team to create a product construct, creating Pricing Model, Suggest, Discuss & Finalize rates, creating Technical Notes etc.) of Motor Line of Business related products.

Responsibility Area - Pricing

Time Spent - 50%

Key Responsibilities:

- Complete end-to-end ownership of pricing a Motor Product

- Creating a robust Pricing Model for each product

- Creating Technical Notes & other annexures required for filing the product with IRDAI

- Ensuring that the products filed are as per extant IRDAI guidelines

- Perform final reviews on all deliverables to ensure accuracy.

- Assess and consider all kinds of risks to review and make informed decisions around new initiatives or responses to situations.

Responsibility Area - Liaising

Time Spent - 30%

Key Responsibilities:

- Liaise with Sales/Distribution to understand the product requirement

- Liaise with UWs to understand the feasibility of the product

- Liaise with the Products team and help them with a product construct

- Discuss the Draft rates with various stakeholders and finalise the rates

Responsibility Area - Mentoring Juniors

Time Spent - 20%

Key Responsibilities:

- Mentor juniors and new joiners

KPIs

- Number of Products filed/approved by IRDAI

- Successful and timely completion of pricing of agreed products

- Juniors/new joiners should be able to handle IRDAI queries /Pricing independently

Job Challenges:

- Pricing a variety of products which cater to the needs of different sourcing channels and different segments of customers

- Bringing in new ideas for coverages to be offered that will provide the Company with first mover advantage

Education Qualifications:

- Graduate or Post Graduate in Statistics, Mathematics or Actuarial Science

Core experience:

- Motor Pricing Experience of 5 - 10 years

- Understanding of Motor Business in India

- Programming languages like SAS/R/Python/SQL

- Team player

- Stakeholder management skills

- Handling IRDAI's pricing-related queries

- Experience in working on pricing Software (Emblem / Radar)

Preferable Knowledge/Experience:

- 7 - 10 Actuarial Papers

- Capability to handle large volumes of data

- Prior GLM expertise will be an added advantage