Lead - Actuary - BFS

OVERALL :

Lead the Actuarial function in designing and updating Actuarial models, guidelines and principles. Also responsible for providing principles and technical assistance to on product development and pricing. The role holder would also liaise with IRDA for understanding and influencing regulatory and statutory requirements; track financial soundness of business, and coordinate statutory valuation and certification of solvency through accurate valuation, pricing, maintenance of solvency margins and ensuring compliance with all financial and statutory requirements.

Key Responsibility :

- Product Development and Pricing

- Evaluate and freeze assumptions through actuarial techniques and discussions with Sales Channels, Product and Finance

- Design benefit structures for products, develop and implement a structured process to track product

- Approve product pricing and premium rates for new products

- Review adequacy or premium rates under existing products to ensure appropriate pricing of products.

Valuation and Reserves :

- Prepare and deploy guidelines for statutory reserve valuation on a regular basis

- Analyze impact of business decisions on solvency and advise management team

- Conduct periodic actuarial investigations into the financial soundness of the company to minimize adverse impact on solvency

Statutory and Financial Reporting :

- Submit the pricing, reinsurance, valuation and solvency reports to the regulator

- Maintain positive and strong relations with IRDA; keep two-way channel of communication open

- Ensure compliance with internal reporting requirements by submission of stipulated periodic reports and ensure all financial and statutory reporting is done as per timelines and requirement

Actuarial Guidelines and Principles :

- Study statutory and regulatory requirements from an actuarial standpoint,

- Define actuarial processes and guidelines based on business requirements and actuarial principles

- Recommend necessary actions and plans to Management Committee to ensure products and business plans are designed appropriately and risk-return goals are met.

Financial Modeling and Analytics :

- Provide analytical support to CFO in making appropriate investment decisions

- Approve actuarial models needed to undertake financial modelling

- Provide expert view on business decisions to the Board to maximize yield on investments while minimizing risk.

Actuarial operations :

- Oversee creation of operational plans for the actuarial team in the areas of planning, statutory reporting, financial reporting, and products;

- Review operating performance against plans and initiate corrective action as necessary to ensure that actuarial plans and processes are executed in a timely manner and within appropriate guidelines.

- Support HR in employee motivation, competence building & retention initiatives

- Guide & motivate team & set objectives in line with employee capabilities & organizational requirements

- Identify career developmental needs & take appropriate actions to build an engaged and skilled workforce to deliver quality work.

Prerequisites for appointment :

- Ordinarily resident in India

- Not over the age of 65 years

- A Fellow member of Institute of Actuaries of India.

- Passed specialization subject in general insurance. i.e. Specialist Application level subject (SA3 General Insurance) as prescribed by the Institute of Actuaries of India.

- Relevant experience of at least 7 years in General Insurance industry out of which at least 2 years shall be post fellowship experience.

- At least 1-year post fellowship experience in annual statutory valuation of a general insurer.