Actuarial Pricing Specialist

We are currently seeking a qualified professional for an actuarial pricing role with a Leading Health Insurance Group based in Mumbai. In this position, you will be responsible for setting prices for health insurance products and evaluating claims. Furthermore, you must analyze data and risk to assess the financial impact of potential business decisions. Consequently, this role is vital for ensuring the long-term profitability and growth of the organization.

The successful candidate will develop and implement an analytical strategy for the actuarial department. Additionally, you will drive the implementation of predictive models for pricing, reserving, and risk assessment. Therefore, we are looking for a proactive individual who can coordinate with cross-functional teams to deliver innovative product features and technical justifications.

Key Responsibilities

• Model the utilization patterns of various plan benefits and discuss likely costs with relevant departments.
• Reprice existing plans regularly to ensure the company maintains both profitability and business growth.
• Suggest an optimal mix of benefits for pricing exercises and introduce stochastic estimation models.
• Develop a framework for Actual vs. Expected (A vs. E) analysis in collaboration with the Finance team.
• Detect patterns in retail customers and identify anti-selection pockets across various insurance products.
• Perform portfolio ageing analysis and implement analytical strategies aligned with overall business goals.
• Run Generalized Linear Models (GLM) on group member level data to identify profitable segments.
• Support the preparation of pricing documents and technical justifications for regulatory submissions.

Requirements and Qualifications

Technical Skills and Domain Knowledge

• Strong expertise in building pricing models and deriving technical pricing for insurance products.
• Ability to identify risk and rating factors while framing critical pricing assumptions.
• Proficiency in using analytical tools to detect trends in retail customer behavior and product performance.
• Deep understanding of industry trends, changing regulations, and professional code of conduct values.

Experience and Professional Development

• Experience in portfolio management, including repricing and benefit combination optimization.
• Proven track record in driving predictive modeling for actuarial purposes and risk assessment.
• Commitment to continuous self-grooming and professional learning through training and webinars.
• Ability to mentor and nominate team members for necessary professional development programs.

What We Look For

• A meticulous professional who evaluates insurance product features to attract more sales effectively.
• A collaborative team player who provides valuable feedback on areas for potential cost renegotiation.
• An analytical thinker dedicated to maintaining high standards of data integrity and regulatory compliance.

If you are an actuarial professional ready to drive innovative pricing strategies in a leading insurance firm, we encourage you to apply for this position today!