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AVP -Actuarial (Protection)

5 - 9 YearsMumbai, Navi Mumbai, Mumbai Suburbs

Posted: 13 days ago

Job Description

The role-holder is expected to provide expertise on Product development and Pricing of Protection (including Health) products. The role-holder should be able to interact with senior management including the CEO, the CFO, the COO, the Heads of Departments (HoDs) for relevant activities related to product development.

Protection (including Health) Products Development:

Develop high level protection product concepts into products.
Development and pricing of protection products.
Generation of the product financials (cash flows, profit metrics etc.) and identification of key risks in the product.
Development of pricing models (both Individual and Group).
Recommend risk mitigants in product design.
Preparation of a detailed Pricing Report (capturing the product design, profit metrics and sensitivity analyses) for circulation to the senior management.
Reviewing impact on products due to regulatory action.
Commenting and assessing impacts of IRDA product regulations and circulars.
Communicate constraints and risks associated with existing and new products.
Development and maintenance of the actuarial projection models for new products / new product features (VIP itech models) and ensuring that all the model changes are formally tested, documented and signed off.

Support the launch and implementation of the product after the regulatory approval:

Development, maintenance and sign-off of product specifications which set out key features and rules for the company-wide implementation of the product including sales, operations, IT etc.
Development, maintenance and sign-off of policy documents which establishes the contractual relationship between the policyholder and HDFC Life.
Sign-off of Business Requirement Specifications.
Carry out experience analysis persistency, mortality and morbidity.

Team Management:


Mentoring, management and review of performance of the team members.
Plan and priorities the activities of the team.

Other:

Managing relationships with the reinsurers.
Provide inputs from across the globe on protection product propositions.
Managing the relationships with internal stakeholders.
Establish and maintain adequate processes and documentation.
Interact with other departments to support various ad hoc requirements.
Provide analytics/modelling support to Actuarial.



Salary: Not Disclosed by Recruiter
Industry: Insurance
Functional Area: Financial Services, Banking, Investments, Insurance
Role Category: General Insurance
Role: Actuary Manager
Employment Type: Permanent Job, Full Time
Keyskills:

Desired Candidate Profile

  • Fellow of Institute of Actuaries of India (or other equivalent actuarial professional bodies).
  • Minimum 5 years of relevant work experience in the life/reinsurance insurance industry.
  • Excellent product knowledge.
  • Working knowledge of actuarial software as well as Word, Excel, Access queries and VBA programs.
  • Strong analytical skills and communication skills and ability to clearly present recommendations to senior management. 
  • Good interpersonal skills.



Company Profile

HDFC Standard Life Insurance Company Ltd
HDFC Life, one of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.

HDFC Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 37 retail and 8 group products in its portfolio, along with 9 optional riders catering to the savings, investment, protection and retirement needs of customers.

HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns. The company has also established a liaison office in Dubai. HDFC Life has a strong presence in its existing markets with a strong base of Financial Consultants. For more information, please visit our website, www.hdfclife.com
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Contact Details

Contact Company:HDFC Standard Life Insurance Company Ltd