AVP – Pricing

A leading life insurance company is seeking a strategic and highly experienced AVP – Pricing to join its actuarial leadership team in Pune. In this pivotal role, you will be responsible for pricing products across all lines of business, including traditional, Unit-Linked (UL), term, and group products. Furthermore, you will ensure timely responses to regulatory queries while designing products that maximize company profitability. Consequently, this position is essential for balancing the interests of shareholders, distributors, and policyholders within a competitive market.

The AVP – Pricing must demonstrate expert cash flow modelling skills in Excel and preferably Prophet. Additionally, you will lead the filing of regulatory documentation with the IRDAI and manage the product ideation process from inception to launch. Therefore, the company is looking for a professional with 10 to 12 years of actuarial experience and at least 8 to 10 exams cleared. If you are a nearly qualified actuary with strong leadership qualities and a deep understanding of participating and guarantee products, this role offers a premier platform for career advancement.

Key Responsibilities

• Design innovative B2B and B2C life insurance products tailored to the needs of all key stakeholders.
• Lead active participation in product ideation and conduct thorough reviews of new product specifications.
• Develop and review complex Excel and Prophet models for independent pricing and profit testing.
• Identify inherent risks within product designs and implement robust mitigation actions for each.
• Optimize product design levers to enhance company profitability based on measurable parameters.
• Manage the end-to-end filing of regulatory and internal shareholder documentation for new launches.
• Ensure the timely resolution of regulatory and shareholder queries to secure product approvals.
• Perform high-level ad hoc analysis to support evolving business requirements and strategic goals.
• Provide technical support for system-related issues during the critical product launch phase.
• Foster meaningful relationships with cross-functional teams including IT, Finance, Legal, and Risk.

Requirements and Qualifications

Education and Experience

• Minimum of 10 to 12 years of relevant working experience in the Actuarial domain, specifically in pricing.
• Graduate degree from a recognized university.
• At least 8 to 10 actuarial exams cleared (Nearly Qualified status preferred).
• Proven track record in pricing complicated products like Participating or Guarantee products.

Technical Skills and Competencies

• Expert cash flow modelling skills in Excel; experience with Prophet is highly preferred.
• Comprehensive knowledge of products across all Lines of Business (LOBs) and relevant IRDAI regulations.
• Strong analytical skills to ensure the absolute accuracy of pricing models and technical documents.
• Excellent communication skills for engaging with internal teams and external regulators or reinsurers.
• Leadership qualities with the ability to manage a team of up to four direct reports.
• A positive attitude and a collaborative approach to solving complex actuarial challenges.

Major Challenges and Interactions

• Strategic Balance: Navigating the competing requirements of shareholders, distributors, and policyholders.
• Technical Complexity: Pricing sophisticated and guarantee-heavy insurance products.
• Key Interactions: Collaborating with Product Development, Investment, and Actuarial Reporting teams internally, while managing relationships with Reinsurers and Regulators externally.

If you are a seasoned pricing expert ready to drive product innovation for a premier life insurer, we encourage you to apply today!