Actuarial Analyst - Reserving

Marsh; Mumbai; Hybrid; INR 1,500,000 - 2,100,000; Full time

Job summary

Marsh in Mumbai is seeking a talented actuarial professional to join the Actuarial team. The role is hybrid with at least three days in the office. You will collect and analyze workers' compensation data, develop reserving models, support IFRS 17 reporting, and present insights to clients and internal stakeholders. The ideal candidate has 5+ years P&C actuarial experience, strong Excel VBA, and Python or R.

Qualifications

• Minimum 5 years of experience in P&C actuarial roles with a strong reserving background.
• Degree in Statistics, Mathematics, Actuarial Science, Computer Science, Engineering, or related field.
• Completion of Core Principle actuarial exams; preferred CS1, CS2, CM2, SP7, SP8, SA3.
• Proficiency in actuarial pricing techniques and financial/statistical analysis.
• Advanced skills in Microsoft Excel (including VBA) and programming languages such as Python or R.
• Excellent communication and interpersonal skills, with the ability to explain complex concepts clearly.

Responsibilities

• Collect, cleanse, and validate premium and claims data.
• Analyse 5+ years of workers compensation claims and premium history to identify trends.
• Develop understanding of premium calculation methodologies and apply to analyse alternative risk models.
• Conduct financial analysis of alternative premium structures, including burning cost arrangements and self-insurance options.
• Perform stress testing of multiple scenarios to evaluate potential financial outcomes and risks.
• Develop and maintain bespoke reserving models tailored to client needs.
• Prepare clear, insightful reports and presentations for clients and internal stakeholders.
• Collaborate closely with clients to understand their business and provide actionable insights.
• Lead projects to develop and enhance analytics tools, including IFRS 17 reporting.
• Continuously improve processes and methodologies with advanced actuarial techniques.
• Work with Alternative Risk Solutions and Workers Compensation teams to refine analytics approaches.
• Help build best-in-class bespoke executive review reports focusing on claim and premium performance.

Skills

Actuarial analysis

Data analysis

Forecasting

Pricing techniques

Excel VBA

Python

R

Education

Degree in Statistics / Mathematics / Actuarial Science / Computer Science / Engineering

Tools

VBA

Python

R

Job description

We are seeking a talented individual to join our Actuarial team at Marsh. This role will be based in Mumbai. This is a hybrid role that has a requirement of working at least three days a week in the office.

We will count on you to:

• Collect, cleanse, and validate premium and claims data from clients and insurers to ensure accuracy and reliability.
• Analyse up to 5+ years of workers compensation claims and premium history to identify trends and drivers.
• Develop a deep understanding of various premium calculation methodologies and apply this knowledge to analyse and compare alternative risk models for clients.
• Conduct financial analysis of alternative premium structures, including burning cost arrangements and self-insurance options.
• Perform stress testing of multiple scenarios to evaluate potential financial outcomes and risks for clients.
• Develop and maintain bespoke reserving models tailored to client needs.
• Prepare clear, insightful reports and presentations summarising analysis, findings, and recommendations for clients and internal stakeholders.
• Collaborate closely with clients to understand their business, address queries, and provide actionable insights.
• Lead projects to develop and enhance analytics tools, including those supporting IFRS 17 reporting.
• Continuously improve processes and methodologies, incorporating advanced actuarial techniques and emerging analytics technologies.
• Work collaboratively within the Alternative Risk Solutions and broader Workers Compensation teams to innovate and refine analytical approaches.
• Help build best-in-class bespoke executive review reports for marquee clients, focusing on claim and premium performance analysis over a defined period, including identifying key drivers of premium and claim costs.

What you need to have:

• Minimum 5 years of experience in P&C actuarial roles, with a strong reserving background.
• Degree in Statistics, Mathematics, Actuarial Science, Computer Science, Engineering, or related field.
• Completion of Core Principle actuarial exams; preferred papers include CS1, CS2, CM2, SP7, SP8, SA3.
• Proficiency in actuarial pricing techniques and financial/statistical analysis.
• Advanced skills in Microsoft Excel (including VBA) and programming languages such as Python or R.
• Strong analytical mindset with attention to detail and accuracy.
• Excellent communication and interpersonal skills, with the ability to explain complex concepts clearly.
• Commercial awareness and ability to balance analytical depth with practical business needs.
• Initiative to drive continuous improvement in analytics techniques and processes.

What makes you stand out?

• Strong communication skills with an ability to work in a team
• A commercial sense to apply proportionality to the depth of analytics used versus desired output
• Ability to take initiatives to strive for improvement in analytics techniques, process and output
• Statistics skills, including GLM, Bayesian probability, and other machine-learning techniques such as decision tree / random forest, etc.

Why join our team:

• We help you be your best through professional development opportunities, interesting work and supportive leaders
• We foster a vibrant and inclusive culture where you can work with talented colleagues to create new solutions and have impact for colleagues, clients and communities
• Our scale enables us to provide a range of career opportunities, as well as benefits and rewards to enhance your well-being

Marsh, a business of Marsh McLennan (NYSE: MMC), is the world’s top insurance broker and risk advisor. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marsh.com, or follow on LinkedIn and X.

Marsh McLennan is committed to embracing a diverse, inclusive and flexible work environment. We aim to attract and retain the best people and embrace diversity of age, background, caste, disability, ethnic origin, family duties, gender orientation or expression, gender reassignment, marital status, nationality, parental status, personal or social status, political affiliation, race, religion and beliefs, sex/gender, sexual orientation or expression, skin color, or any other characteristic protected by applicable law.

Marsh McLennan is committed to hybrid work, which includes the flexibility of working remotely and the collaboration, connections and professional development benefits of working together in the office. All Marsh McLennan colleagues are expected to be in their local office or working onsite with clients at least three days per week. Office-based teams will identify at least one “anchor day” per week on which their full team will be together in person.