Assistant Vice President / Sr. Manager
This role involves driving the group insurance business vertical by supporting the group sales & other internal/external stakeholders and to take decisions in all relevant areas pertaining to group business viz. generating ideas/ designing /pricing the group products, SPOC relating to any communication made to IRDA pertaining to group business, direct interface with distributors, supporting in developing a viable group business strategy in line with company’s overall strategy, supporting in finalizing the various operational processes involving all stakeholders
This role also involves all tasks relating to product designing and pricing of new individual products as well as redesigning/ repricing of existing individual products. This includes: developing products suitable to needs of the customers; developing pricing models ,Assumptions justifications to optimize profitability, capital usage, commission and customer returns; ensure product meets risk appetite of company; identify financial risks and suggest mitigating strategies; develop pricing report for peer review by region and necessary documents for regulatory filing; assisting AA to gain approval of regulator to launch the product and launch activities including review of marketing literature, systems testing and wing to wing negotiations with reinsurers.
Generating ideas/designing/pricing the individual and group products and assist in launching the product as per the agreed product calendar.
Generating the customized and competitive group term quotes including credit life and providing actuarial valuations for employee retirement benefits.
Supporting in developing the successful and viable group business model through robust strategy.
Coordinating with all internal stakeholders viz. products, sales, operations, IT, investment, legal, risk etc. to finalize and launch using robust processes. Also assist in providing appropriate solutions to IT/Ops issues in the context of Product Management (both Group and Individual)
Empowered to take decisions on all relevant areas relating to successful running of the business (from a Product risk standpoint and IRDAI standpoint) ensuring the mitigation of various risks, controls and compliance.
Review of various parameters associated with existing group/individual products (profitability, competitiveness, risks etc) to assess the need for redesign/repricing of existing products.
Take part in strategic decision making in all relevant projects
Liaise with external stakeholders (Reinsurers, Regional team) in areas relating to product pricing and other relevant areas.
Direct interface/discussions with the channel partners/distributors on the needs of launch of group /individual products and group schemes.
Liaison with all internal stakeholders viz. sales, product, investment, legal and compliance, risk etc. to have effective and seamless coordination during product development and process finalization.
Providing support to internal stakeholders viz. group sales and group operations team to align them with the desirable quality and performance.
Liaise with and support other areas of the business to ensure that business decisions are actuarially robust.
Provide support to junior staff in the team and the wider department in both work and study related areas.
Support the Product Actuary as and when required (responsible for project management, mentoring and other responsibilities delegated by Head).
Ensure all activities are carried out in a controlled manner with the necessary documentation thereby ensuring that no high risk points are raised in internal/external audits.
Identify areas of process improvements and drive the necessary changes, with the objective of improving quality and efficiency in the area of product pricing.
Communications to users of output.
Assist in peer review/audit.
Assistant Vice President / Sr. Manager
This role involves driving the group insurance business vertical by supporting the group sales ...
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