Manager Actuarial

JOB PURPOSE:

Drive adherence to all regulatory requirements pertaining to reserving and ensuring correct reserves/numbers to be signed off by the appointed actuary, all reports related to actuarial submissions including reserve report and financial condition report to be submitted within timelines and all queries raised by the regulator are duly addressed.

PRINCIPAL ACCOUNTABILITIES:

1. Financial Condition Reporting and Other Actuarial Submissions

• Review and monitor data/ risk parameters/ other metrics of various other functions in BAGIC (Investments, Risk Management, Underwriting and Finance) to obtain inputs on the financial condition of BAGIC
• Lead team in conducting quantitative analysis of the data to be used for preparing regulator mandated report on financial health of the company
• Guide team during preparation of reports on financial condition of the company, review reports, identify changes/corrections and submit to the Appointed Actuary, CEO, CFO and eventually the Board to seek their feedback on financial condition to be submitted to the regulator
• Based on queries raised by regulator to provide justifications/ rationale for assumptions taken and respond to red flags raised
• Preparing Asset Liability Matching Report on quarterly basis to ensure investment activities and asset positions are appropriate to the liability, risk profile and solvency of insurer and get approval from Appointed Actuary , CFO and CEO.
• Compute Economic Capital of the company and monitor movement from previous year and identify reasons for movement and submit the report to regulator

1. Reserves requirement estimation

• Lead team in reviewing data on various metrics such as frequency severity of claims, changes in premium rates, loss ratios etc., and identify pattern in claims reporting and settlements to estimate reserves to be booked in the financials ( Reserve modeling performed using software RESQ)
• Estimate IBNR Reserves and determine their accuracy, Review the calculations of reserves , Ensure accurate reserves are booked by accounts in the Financials, Review/ check the accuracy of work done by team members, Review other reserves such as PDR, Default reserves etc.
• Create report on IBNR reserves and submit to Appointed Actuary and CEO + CFO for approval and oversee timely submission to the regulator as per mandatory reporting requirement
• Lead the conduct of the monthly and quarterly calculation exercise for estimating the reserve amounts to be incorporated in PL statement

1. Claims Analysis and Adhoc Requirements

• Lead conduct of Reserve Committee meetings (conducted quarterly) and submit summary of reserves, address queries raised by Business Heads, present analysis (e.g. claims, loss ratio, portfolio) and aid in business decision making
• Understand requirements raised by various teams (e.g. sales, underwriting, finance etc.), guide team to conduct required analysis, drive maker-checker-review process by serving as the final reviewer
• Present the analysis to relevant internal stakeholders, address queries and determine way-forward, as required

1. Team Management

• Participate in recruitment process to identify the right talent for various positions within the function
• Conduct training needs identification and drive adequate participation of team in training programs
• Establish individual performance expectations and evaluation metrics, and regularly review individual performance
• Identify and create development opportunities for team members to enhance functional knowledge
• Implement the rewards and recognition policies within the team to ensure reinforcement of right behaviors

Educational Qualifications:

1. Qualifications

Minimum qualification required- Graduation with sound actuarial knowledge

1. Work Experience

• Minimum 5 years of experience as an actuary in a leading company

Knowledge of Indian general insurance industry