Head – Pricing – Insurance M Corp

The Corporate Institute; Mumbai; On-site; INR 2,400,000 - 4,000,000; Full time

Benefits offered by this job

Restaurant d'entreprise

Job summary

The Corporate Institute in Mumbai, India invites applications for a seasoned Pricing Actuary to guide product pricing and profitability analyses. You will lead a pricing team, ensure robust data handling and model development, and collaborate with product development to align pricing with business objectives.

The role requires 6–10 years in actuarial pricing within General or Health Insurance, with strong communication and presentation skills.

Qualifications

• Actuarial qualification and progress toward full qualification.
• 6–10 years actuarial experience in General Health Insurance or GI.
• Experience building pricing models and office premiums.
• Strong data handling and programming knowledge (SAS/R/Python).
• Excellent communication and presentation skills.

Responsibilities

• Aid in product development and pricing with actuarial guidance.
• Undertake profitability reviews of key products regularly.
• Build and lead a pricing actuarial team with diverse skills.
• Custodian of pricing processes and ensure proper adherence.
• Pricing includes data quality, model building, and validations.
• Document pricing methods and advise on book-building strategies.
• Work on new product lines with limited internal data.
• Price portfolio-level and tender/large quotation roles.
• Provide inputs on contract structuring to Product Development actuaries.
• Ensure IT captures product specifications; explore ML validations.

Skills

Communication skills

Pricing model development

Model validation

Presentation skills

Team leadership

Education

Graduation in Statistics

Data Science

Actuary qualification

Tools

SAS

R

Python

Job description

Roles and Responsibilities:

• Work closely with Senior Actuarial professionals and Product Development professionals to aid in product development and pricing.
• Undertake profitability reviews of key products on a regular basis to aid in overall organisational profit objectives meet with the pricing adequacy of the products.
• Build and lead a team of motivated pricing actuarial personnel with varied skill sets to handle a variety of pricing models and products.
• Be custodian of pricing processes and oversee that the process is well laid out and followed.
• Pricing process includes aspects, but not limited to, like ensuring high quality data, model building, deriving assumptions, model validation, updating of models, derivation of office premium after due considerations etc.
• Ensure good documentation of the statistical pricing, office premiums, discount features and advice stakeholders on the book building strategies.
• May be required to work on new product lines with very less internal data.
• Pricing of both portfolio level as well as ability work on large tenders, support role or act as second pair of eyes in large quotation.
• Provide inputs on contract structuring to the Product Development actuaries.
• Ensuring IT development is fully capturing the product specifications as envisaged.
• Try out newer Machine Learning models and incorporate as alternative validations to the primary models.

Experience and Qualification:

• Background Education – Graduation in Statistics or Data science from best colleges will be preferred.
• Post graduation in above areas will be even better suited.
• However, the below mentioned professional qualification will be primary criterion for education.
• Professional Qualification – recently Qualified or near qualification Actuary with consistent paper progress records.
• Experience – around 6 to 10 years of work experience in actuarial areas of General Insurance or Health Insurance.
• Indian Market experience will be an added advantage.
• Working knowledge of data handling software like SAS, R-system or Python.
• Past experience in building pricing models, roll out of office premiums, pricing reviews is important.
• Candidates are expected to have excellent communication skills, good model building and validation skills, good presentation skills.