Actuarial Manager - Insurance (8-10 yrs)

Location : Mumbai, India

Industry : Insurance

Experience : 8-12 Years of Total Experience, with 4+ Years of Relevant Actuarial Experience

Employment Type : Full-Time (Work from Office - Mumbai)

Salary: Up to - 28 Lakhs per annum (LPA)

Notice Period: Immediate Joiners Preferred

About the Company:

We are a global leader in insurance, known for our innovation and commitment to delivering tailored solutions for managing risks. Our Mumbai office serves as a hub for actuarial expertise, and we are looking for an Actuarial Manager with a strong background in insurance to help us continue driving excellence and innovation.

Job Overview:

- The Actuarial Manager will oversee critical actuarial functions including Pricing, Valuation, and collaboration with the Investment Team to support asset-liability management and decision-making processes. This role requires a highly skilled professional with over 8-12 years of actuarial experience, at least 4+ years of which should be in relevant roles within the insurance sector. The ideal candidate will have expertise in pricing, reserving, and financial modeling, as well as experience working closely with investment teams.

- This position is Mumbai-based and requires working from the office, so we are looking for local candidates based in or around Mumbai. We are looking for immediate joiners or candidates with minimal notice periods.

Key Responsibilities:

Pricing:

- Lead pricing activities for various insurance products, ensuring competitive and profitable pricing strategies.

- Conduct detailed profitability analysis and develop actuarial models to assess the financial impact of different pricing approaches.

- Collaborate with product teams, underwriting, and business leaders to establish pricing strategies aligned with business objectives.

Valuation:

- Oversee the valuation of insurance liabilities, ensuring accurate reserve calculations in line with regulatory standards (IRDAI) and company policies.

- Perform detailed analysis of reserves and claims patterns, and make recommendations for adjustments as needed.

- Review actuarial assumptions and valuation methodologies to ensure alignment with emerging risks and business trends.

Investment Team Collaboration:

- Provide actuarial inputs to the investment team to help guide asset-liability management (ALM) strategies.

- Support the investment team by delivering actuarial analysis on how investment decisions impact the company's liabilities and solvency.

- Ensure that actuarial assumptions, such as interest rate sensitivity and investment returns, are accurately integrated into ALM frameworks.

Leadership & Team Management:

- Lead and mentor a team of junior actuaries, actuarial analysts, and support staff to ensure high-quality deliverables.

- Foster a collaborative environment, providing guidance and development opportunities for team members.

- Manage the timely execution of actuarial projects and deliverables, ensuring consistency and accuracy.

Stakeholder Engagement & Business Support:

- Present actuarial insights to senior leadership and cross-functional teams, including finance, risk, and product development.

- Provide actionable recommendations based on actuarial analysis to support strategic decisions.

- Act as a liaison between actuarial, finance, and business teams to ensure effective communication and alignment on key objectives.

Regulatory & Compliance:

- Ensure compliance with all relevant regulatory requirements (IRDAI and other local standards) in pricing, valuation, and reporting processes.

- Prepare regulatory reports, solvency calculations, and other financial disclosures as required by law and internal policies.

Process Improvement & Innovation:

- Drive process enhancements by identifying opportunities for automation, efficiency improvements, and better data utilization.

- Stay abreast of industry developments and trends, integrating innovative actuarial methodologies and tools into day-to-day operations.

Key Requirements:

Education:

- Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field.

- A professional actuarial qualification (e.g., ACAS, FCAS, or equivalent) is preferred.

Experience:

- 8-12 years of total experience in the actuarial field, with at least 4+ years of relevant actuarial experience in Pricing, Valuation, and collaborating with investment teams in the insurance industry.

- Strong experience in pricing, reserving, and financial modeling for life, non-life, or health insurance products.

- Proven experience in working closely with investment teams, especially on asset-liability management and solvency analysis.

Technical Skills:

- Expertise in actuarial software (e.g., Prophet, Moses, etc.).

- Strong knowledge of actuarial principles, reserving, and pricing methodologies.

- Proficiency in programming languages (e.g., Python, R, VBA) and advanced Excel skills for actuarial modeling.

- Familiarity with regulatory frameworks and solvency calculations (e.g., IRDAI guidelines, Solvency II).

Soft Skills:

- Excellent communication and presentation skills, capable of explaining complex actuarial findings to non-technical stakeholders.

- Proven leadership abilities with a focus on mentoring and team development.

- Strong analytical and problem-solving skills with a data-driven approach to decision-making.

- Ability to collaborate effectively across departments and influence key stakeholders.

Location Requirement:

- Must be based in Mumbai or willing to relocate to Mumbai. This role is work from office and cannot be performed remotely.

- Immediate joiners or candidates with a notice period of less than 30 days are preferred.

Desired Attributes:

- Strong understanding of investment principles and asset-liability management techniques.

- High attention to detail with a focus on accuracy and delivering quality work.

- Proactive and results-driven, with the ability to manage multiple priorities in a fast-paced environment.

- Passion for continuous learning and professional growth.

Benefits:

- Competitive salary up to - 28 Lakhs per annum (LPA).

- Performance-based incentives and bonuses.

- Comprehensive health and wellness benefits.

- Professional development support, including sponsorship for actuarial exams and study leave.

- Flexible work-life balance policies, but this is an office-based role.

- Engaging work environment with opportunities to work on innovative and complex actuarial projects.