Senior Manager/Chief Manager - Group Pricing

ICICI Prudential Life; Mumbai; On-site; INR 1,800,000 - 3,000,000; Full time

Job summary

ICICI Prudential Life invites applications for a senior actuarial pricing role focused on pricing strategy, profitability, and data-driven decision making. You will collaborate with distribution, underwriting, product, and finance teams to tailor pricing while maintaining profitability and compliance.

The role emphasizes analytics, scenario testing, and market benchmarking. Ideal candidates have 7–10 years in actuarial pricing or related fields, with strong knowledge of group insurance products,

Qualifications

• Strong knowledge of group insurance products (life, credit life, employee benefits, health)
• Expertise in actuarial pricing techniques, financial modeling, and risk assessment
• Proficiency in tools like Excel, R, Python, SQL, or actuarial software
• Strong business acumen and ability to balance technical rigor with commercial needs
• Excellent stakeholder management and communication skills

Responsibilities

• Develop and implement pricing models for Group Term Life products across segments
• Collaborate with distribution, underwriting, and product teams to tailor pricing and ensure profitability
• Perform risk-based pricing by evaluating mortality assumptions, group demographics, and industry trends
• Monitor portfolio-level profitability on a periodic basis (monthly/quarterly)
• Identify and manage blocks underperforming and take corrective pricing or underwriting actions
• Develop and track profitability KPIs like loss ratio, expense ratio, renewal persistency, and pricing adequacy
• Maintain and enhance actuarial pricing models using tools like Prophet, R, Python, or Excel VBA
• Conduct sensitivity analysis and scenario testing to support business decisions
• Benchmark pricing against competitors and market trends
• Engage with sales, underwriting, reinsurance, legal, and finance teams for alignment
• Support large deal negotiations by providing pricing insights and risk evaluation
• Work with reinsurers for structuring large deals or complex risks
• Ensure adherence to IRDAI pricing regulations and internal governance
• Maintain documentation of pricing files and assumptions for audit
• Propose innovative pricing constructs (e.g., experience-based rating)
• Analyze customer claims experience for product improvements

Skills

Actuarial pricing

Financial modeling

Risk assessment

Stakeholder management

Communication skills

Education

Mathematics/Statistics/Actuarial Science (Graduate/Post-graduate)

Tools

Excel

R

Python

SQL

actuarial software

Job description

Role & responsibilities

1. Pricing Strategy & Execution

• Develop and implement pricing models for Group Term Life products across various segments (employer-employee, affinity, lender-borrower).
• Collaborate with distribution, underwriting, and product teams to tailor pricing to customer segment needs while ensuring profitability.
• Perform risk-based pricing by evaluating mortality assumptions, group demographics, and industry trends.

2. Profitability Management

• Monitor portfolio-level profitability on a periodic basis (monthly/quarterly).
• Identify and manage blocks that are underperforming and take corrective pricing or underwriting actions.
• Develop and track profitability KPIs like loss ratio, expense ratio, renewal persistency, and pricing adequacy.

3. Data Analytics & Modeling

• Maintain and enhance actuarial pricing models using tools like Prophet, R, Python, or Excel VBA.
• Conduct sensitivity analysis and scenario testing to support business decisions.
• Benchmark pricing against competitors and market trends.

4. Stakeholder Collaboration

• Engage with corporate sales, group underwriting, reinsurance, legal, and finance teams to ensure alignment.
• Support large deal negotiations by providing pricing insights and risk evaluation.
• Work with reinsurers for structuring large deals or complex risks.

5. Regulatory & Compliance

• Ensure adherence to IRDAI pricing regulations and internal actuarial governance policies.
• Maintain proper documentation of pricing files and assumptions for audit and regulatory review.

6. Innovation & Product Enhancement

• Propose innovative pricing constructs (e.g., experience-based rating, graded premiums).
• Analyze customer claims experience and feedback for product improvements.

Key Skills & Competencies

• Strong knowledge of group insurance products (life, credit life, employee benefits, health)
• Expertise in actuarial pricing techniques, financial modeling, and risk assessment
• Proficiency in tools like Excel, R, Python, SQL, or actuarial software
• Strong business acumen and ability to balance technical rigor with commercial needs
• Excellent stakeholder management and communication skills

Qualifications & Experience

• Graduate/Post-graduate in Mathematics, Statistics, Actuarial Science, or related field
• 7-10 years of experience in actuarial pricing, group insurance, or product management
• Prior exposure to credit life, bancassurance, or employee benefit pricing is an advantage