Overview
Position Title: Chief Manager Insurance Products and Actuarial
Reporting To: Senior EVP Insurance Products and Actuarial
Location: Pune
Department: Insurance
Grade / Level: TBD
Job Purpose
This role supports the Senior EVP for the Life Insurance business, with select responsibilities in General Insurance (actuarial). Key focus areas include:
Product & Profitability
Actuarial & Reserving
Technical Risk Management
Underwriting
Additionally, the role requires global benchmarking on capital optimization solutions and reserving best practices in the life insurance space.
Principal Accountabilities
1. Product & Profitability
– Evaluate product and pricing strategies and methodologies
– Develop/review frameworks for end-to-end product management with technical documentation
– Perform profitability projections and breakeven analyses
2. Risk & Actuarial
– Update reserving methodologies aligned with global best practices
– Monitor reserve management, assumption setting, and true-up processes
– Conduct research on global assumption credibility and governance
– Review technical risk and capital frameworks (linking RoC with RoE)
3. Underwriting
– Evaluate current underwriting frameworks
– Develop multi-product pricing and underwriting guidelines (including riders)
– Analyze reinsurance treaties, processes, and operations
4. Capital Solutions
– Identify and benchmark capital consumption drivers against peers
– Propose levers for improving return on capital
– Research and recommend capital optimization strategies within regulatory limits
Major Challenges
– Accessing reliable internal and external data for benchmarking
– Effective stakeholder management across departments
Decision-Making Authority
Independent Decisions:
– Preliminary recommendations on product, pricing, underwriting, actuarial matters
Requires Superior Approval:
– Final product approvals
– Risk appetite frameworks
– Capital optimization solutions
– Reserving methodologies and updates
Key Interactions
Internal:
– Heads of Products, Technical Risk, Underwriting, and FP&A
External:
– Consultants specializing in risk management software
Key Metrics & Dimensions
Geographic Scope: Pan-India (and global benchmarking)
Team Size: Cross-functional collaboration with product, actuarial, and risk teams
Skills & Qualifications
Educational:
– Bachelor’s in Commerce (minimum) Master’s in finance is required.
– On track to become a qualified actuary (most exams completed)
– Additional qualifications in accounting/management are a plus
Experience:
– 8+ years in the Life Insurance industry
– Experience in capital management preferred
– General insurance actuarial exposure is a bonus
Functional & Behavioral Skills:
– Strong analytical and problem-solving skills
– Effective communication and stakeholder engagement abilities
– Deep understanding of actuarial principles and risk frameworks.