Manager Actuarial (Statutory Valuation)

Job Description

Job TitleManagerLocationGurgaon (Head Office)DepartmentActuarial Statutory ValuationBased out ofHead Office

1. Position Summary:

Required candidates with around 4-6 years of working experience preferably in the valuation function of a life insurance company, having cleared at least 5 actuarial exams. The candidate is expected to perform monthly valuation work to comply with Indian GAAP and IRDAI regulatory requirements. Alongside, the candidate is also expected to support the implementation of IFRS17.

1. Key Responsibilities:

• Perform monthly valuation work per Indian Statutory requirements, prepare necessary summary reports of the monthly valuation results and explain movements in reserves.
• Perform monthly and quarterly solvency margin calculations in accordance with IRDAI requirements.
• Identify Individual and group life policy data issues and work with IT/Admin team to fix them.
• Maintenance of DCS tool and valuation data along with necessary compliance controls and audit checks.
• Preparing various quarterly and annual IRDAI submission pertaining to ARA, AAAR, Actuarial Forms BAP submission, public disclosures etc.
• Performing asset share roll-forward to manage profitability and reserves of Par business.
• Performing declared bonus calculations and assist in handling requirements of the WPC committee of the Company.
• Assist in handling queries from Peer Reviewer, Statutory Auditor & IRDAI on sufficiency of reserves and solvency positions.
• Perform an annual review of the best estimate valuation assumptions and update the assumptions documentation basis the experience analysis results and other analysis performed.
• Review the assumptions used in the model with those documented for valuation basis and reconcile the cash flows generated from the models by replicating them in spreadsheets.
• Standardize and document all the analysis process.
• Work on implementation of IFRS 17.

1. Job Specifications:

• A bachelors degree with minimum 5 actuarial exams
• At least 4-6 years of working experience preferably in the valuation function of a life insurance company
• Sound knowledge of advanced MS Excel, VBA and R programming
• Knowledge of Actuarial software like Prophet, DCS etc.
• Prior knowledge of IFRS17 will be preferred.
• Conceptual thinker with strong analytical, data management skills, work attitudes to details and ability to manage multiple projects simultaneously
• Good communication and business skills to contribute to business results