Head – Group Pricing

A leading life insurance company is seeking a strategic Head – Group Pricing to join its actuarial leadership team in Mumbai. In this pivotal role, you will lead and manage the group pricing actuarial function for diverse product lines. Furthermore, you will be responsible for ensuring that all group products fully comply with current IRDAI regulations. Consequently, this position is vital for maintaining the balance between product profitability and marketability in a competitive insurance landscape.

The Head – Group Pricing must oversee a massive volume of quotes, including over 5,700 new and renewal business quotes annually. Additionally, you will lead the end-to-end product lifecycle, from initial development and pricing to IRDAI filing and launch. Therefore, the company is looking for an experienced professional capable of managing a direct team of five actuarial experts. If you have a proven track record in reinsurance treaty management and experience monitoring, this Head – Group Pricing role offers a premier leadership opportunity.

Key Responsibilities for the Head – Group Pricing

• Conduct and manage the comprehensive group pricing actuarial function for all group products.
• Set the overarching pricing strategy, assumptions, and methodology for the Group Term Life (GTL) line of business.
• Manage a high volume of quotations, including 4,200 new business and 1,500 renewal business quotes per year.
• Evaluate fund profitability and declare interest rates for traditional products such as CAT and Cap Secure.
• Lead the development and modification of 4 to 5 new group products annually based on company requirements.
• Monitor the GTL book of business on key metrics, including profitability and renewal persistency.
• Analyze ceded experience to ensure the company receives highly competitive terms from reinsurers.
• Manage the end-to-end product lifecycle, including Product Management Committee (PMC) meetings and IRDAI filings.
• Coordinate with the IT team to drive automation in pricing models and system developments.
• Liaise with Sales, Investment, and Compliance teams to interpret regulations and review legal documents.

Requirements and Qualifications

• Proven experience in a leadership role within a group pricing actuarial function.
• Deep understanding of IRDAI regulations applicable to group life insurance and traditional funds.
• Strong expertise in Group Term Life (GTL) pricing, reinsurance solutions, and risk retention limits.
• Experience in performing detailed experience studies and recommending actionable business decisions.
• Demonstrated ability to manage direct reports and coordinate with diverse internal departments.
• High proficiency in financial modeling, pricing model updates, and data management.

Core Challenges and Dimensions

• Maintaining a delicate balance between product profitability and market competitiveness.
• Ensuring high retention and persistency levels for a large renewal business book.
• Staying at the forefront of market trends to deliver innovative new product offerings.
• Managing stakeholder expectations regarding premium rates and overall portfolio profitability.
• Driving a culture of continuous automation across all actuarial and reporting processes.

If you are an actuarial leader ready to drive the Head – Group Pricing function for a premier insurer, we encourage you to apply today!