Senior Manager/Chief Manager - Product/Actuary Pricing - Health Insurance

QUALIFICATION & EXPERIENCE:

- Near Qualified Actuary or Recently Qualified Actuary

- Minimum prior experience of 6-7 years working in an insurance and/or actuarial consultancy is required

- Awareness of competitive landscape in the Indian Health Insurance market and IRDA regulations would be an added advantage

- Experience of pricing of products would be an added advantage

- Experience of pricing or statistical analysis software will be an added advantage

KEY JOB RESPONSIBILITIES:

a) Product Ideation and Design

- Collaborate in the design of new B2C products along with other stakeholders and play a pivotal role in product development lifecycle starting from ideation, pricing, internal and regulatory approval

- Collaborate with banks and other partners 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 Company framework

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

b) 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

- Review and sign off on all the pricing related work before review by Appointed Actuary

- 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

c) 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

d) Policy Administration System

- Play a pivotal role in implementation and testing (review) of new products on policy administration system leading to effective launch of new products

- Perform review of UAT of actuaries patch which mainly includes the testing of charge structure of products, premium rates and policy behavior under various transactions such as lapse, RPU, Revival etc

- Enable rigorous UATs through comprehensive test cases and provide sign offs

e) In-life Product Management

- Corrections and testing of defects in policy administration system for in force business

- Resolve queries of agents/customers for existing products

- Collaborate in the review of existing products along with other stakeholders and play a pivotal role in the in-life product review, including annual review of benefits and pricing

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

- Commercial success of the Products

OTHER EXPECTATIONS:

- Liaise with other members within Product management team and accomplish other projects that are assigned from time to time

- Learn and grow by interacting with other parts of the organization like distribution, marketing, investments, underwriting and legal and making effective working relationships

KEY COMPETENCIES & SKILLS REQUIRED

- Result Orientation

- Working With & Through Others

- Innovation

- Customer Centricity

- Technical Expertise

- Problem Solving & Decision Making

- Business Acumen

- Impact & Influence