Job Description

JOB DESCRIPTION

POSITION

Product Pricing Actuary

DESIGNATION

Vice President / Senior Vice President

POSITION GRADE

L7A /L8

DEPARTMENT

Actuarial

SUB DEPARTMENT

Product Pricing

REPORTING POSITION

Appointed Actuary

WORK LOCATION

Goregaon (East), Mumbai

NO. OF POSITIONS REPORTING IN

6 -8

INDIVIDUAL/GROUP CONTRIBUTOR

Both Individual and Group contribution

OBJECTIVE OF THE ROLE

Product Pricing Actuary is mainly responsible for designing and Pricing insurance products that meet the needs of all stakeholders. He / She will be responsible for:

1. Designing innovative and attractive products which add value to all stakeholders

2. Interaction with Senior Management Team to understand Customer needs, potential KLI offerings and develop profitable and sustainable products to enhance value creation for stakeholders on an ongoing basis.

3. Participate in the Product Management Committee and Present the product Pricing report covering the product features, Pricing Bases, profitability, sensitivity and key risks underlying the product to the satisfaction of PMC.

4. Coordinate with the Risk Actuary to address any financial or insurance risk concerns in the design.

5. Coordination with the reinsurer to ensure appropriate risk transfer on value for money basis within the risk appetite of KLI.

6. Supervise the pricing process, preparation of Product Filing Documents in compliance with IRDAI product regulations, Circulars and file it with IRDAI in consultation with the Appointed Actuary.

7. Interact with IRDAI and responsible for providing clarification and getting product approval

8. Lead a team of 6-8 people and supervise their work and coach them

9. Working with other product Launch teams like Product Team, IT, Operations, UAT and marketing team to ensure timely and accurate launch of the Product.

10. The Product Actuary shall be addressing the queries of the Policy servicing, UW or Claims as and when required to ensure better services to the customer in lone with the Approved product.

11. Additional responsibility may be assigned from time to provide more and more learning experience to the Actuary.

KEY RESPONSIBILITIES

Weightage

\xc2\xb7 To Manage and Coach Product Actuarial team responsible for designing Life and health Individual and group insurance products. To ensure timely and Technically correct Actuarial pricing of products taking into account the needs of all stakeholders and risk appetite of KLI.

\xc2\xb7 To prepare the IRDAI filing of insurance products in compliance with the Prevailing regulations, Circulars and guidelines and getting approval from PMC and IRDAI.

\xc2\xb7 To co-ordinate with other teams in KLI in consolidating the documentation to be submitted to IRDA like Sales Brochure, Policy Document and BI.

\xc2\xb7 To support IT and Operations team in product launch related activities.

\xc2\xb7 To assist the team in responding to any queries from CPC relating to policyholder complaints/queries

\xc2\xb7 To coach the team members to improve their actuarial skills required for pricing the products and give feedback

20%

20%

10%

20%

10%

20%

TOTAL

100%

REQUIRED QUALIFICATION AND SKILLS

Educational Qualifications: Graduate

Qualified actuary with at least 10 years experience

Other skill set:

\xc2\xb7 Coaching Team Members/ People Management Skills

\xc2\xb7 Proficiency in developing actuarial models

\xc2\xb7 Co-ordinating with different departments to ensure timely completion of project

\xc2\xb7 Excellent oral and written communication skills

\xc2\xb7 Software skills - MS Office

COMPETENCIES

BEHAVIOURAL INDICATORS

Achievement of Results

Close monitoring of timelines and ensure execution within stipulated timelines by co-ordinating with different departments

Impact and Influence

Ability to convince other department on what needs to be done based on factual data and experience

People Leadership

Ability to coach the team members and guide them on work as well as actuarial exams

Problem Solving

Ability to consider possible options and choose the right option based on data and time limitations

Strategic Planning

Actively influence other department on what needs to be done and planning the resources available accordingly. Question the status quo to identify improvement opportunities.

Team Leadership

Ability to influence the team and ensure completion of tasks in a timely manner

Kotak Mahindra Life Insurance