Chief Manager - Actuarial

Hotelecia; Mumbai; Sur place; INR 2 500 000 - 4 500 000; Plein temps

Résumé du poste

Hotelecia in Mumbai seeks an experienced actuary to manage the with-profits fund, asset share calculations, and reinsurance related deliverables. The role involves close collaboration with Finance, IT and Investment teams to ensure timely, regulator-compliant results.

The candidate should have 7–10 years in life insurance, exposure to statutory valuation or par products, and strong knowledge of Indian GAAP and reinsurance processes.

Qualifications

• Actuarial exams in progress or near qualification.
• 7–10 years of life insurance experience, preferably in statutory valuation, with-profits management or par product pricing.
• Knowledge of participating fund cashflows and reinsurance transactions.
• Experience with Prophet and DCS software.

Responsabilités

• Manage asset share calculations and par fund valuation.
• Analyze monthly asset share movements for accuracy.
• Perform bonus sustainability calculations for annual declaration and advise on bonus levels.
• Calibrate bonuses for stress tests and capital scenarios (Economic Capital, FRC).
• Coordinate with With-profits Actuary to ensure timely WPC review and reporting.
• Oversee year-end WPC report documentation and governance.
• Review IT setup for annual bonus updates in policy administration system.
• Monitor monthly reinsurance calculations for premiums and claims.
• Incorporate new treaties or modifications to reinsurance program.
• Maintain reinsurance bordereaux for treaty sharing with reinsurers.
• Liaise with reinsurers on payables/receivables and regulatory compliance.

Connaissances

Actuarial concepts

With-profits knowledge

Reinsurance

Indian GAAP

Prophet

DCS

Communication skills

Stakeholder mgmt

Cross-functional collab

Outils

Prophet

DCS

Description du poste

Context & Role: The candidate will be responsible to manage all aspects pertaining to the management of the with-profits fund and deliverables with respect to reinsurance calculations. The candidate will have significant involvement in all activities of pertaining to participating fund management such as asset share calculation, (FFA) estate management and documentation pertaining to yearend bonus declaration. In addition the candidate shall be responsible with managing monthly reinsurance calculations. The role is likely to require cross functional interactions with other teams such as finance, IT and Investment for required deliverables.

Key Responsibilities:

• Reviewing methodology used for calculating asset shares, ensuring adherence to PMLI’s with-profits philosophy and extant regulations and guidelines while suggesting changes to Head of Valuation as necessary
• Analysing monthly asset share calculations and its movement, as a part of monthly par fund valuation.
• Performing and analysing bonus sustainability calculations as a part of annual bonus declaration exercise and recommending appropriate bonus levels to Head of Valuation
• Performing bonus re-calibration for various stress testing and capital scenarios such as Economic Capital, FRC etc.
• Laisoning with With-profits Actuary to ensure WPC review is complete and within timelines
• Managing all aspects pertaining to documentation of year end WPC report
• Reviewing IT set-up with respect to annual bonus updates in policy administration system
• Checking/ reviewing monthly reinsurance calculations with respect to premiums payables and claims receivables.
• Incorporating new treaties and/or modifications to existing treaty in the PMLI’s reinsurance program
• Maintaining and managing reinsurance bordereaux for sharing with reinsurers as a part of treaty management
• Laison with reinsurers for queries pertaining to reinsurance payables/ receivables
• Addressing Regulatory requirements with respect to with-profits fund and/ or reinsurance

Measures of Performance:

• Quality and completeness of deliverables
• Ability to analyse results and provide meaningful insights Based on internal
• Maintaining reasonable TATs

Desired qualifications and experience:

• Good progress with actuarial exams, preferably close to qualification.
• 7 to 10 years of past working experience in a life insurance company with preferable prior experience in statutory valuation, with-profits management or pricing of par products.

Knowledge and skills required:

• Excellent understanding of actuarial concepts with focus on participating fund cashflows
• Good understanding of Indian GAAP Insurance financials specifically of the participating fund
• Good understanding of reinsurance treaties and transactions
• Experience of working in Prophet and DCS
• Good communication skills including drafting and presentation.
• Ability to partner effectively with colleagues across other functions (finance, IT)

Other skills:

• Good coordination skills
• Good interpersonal and stakeholder management skills
• A customer centric approach (customers may be defined as either internal or external)