Role: Head - Pricing

Designation: CVP / VP

Department/Function: Actuarial

Career Level: 4

Direct Reporting: Appointed Actuary

Indirect Reporting:

# of Direct Reportees: 3

# of indirect Reportees: 6 – 8

Highest Education: Fellow of IAI or IFoA preferably with SA2 exam passed

Relevant Experience: 14+ years

Location: Gurugram

Hub/HO: HO

This role entails overseeing tasks related to the design and pricing of new products, as well as the redesign and repricing of existing ones. Key responsibilities include:

• Developing products that meet customer needs identified through research.
• Creating pricing models to optimize profitability, capital usage, commissions, and customer returns.
• Ensuring products align with the company's risk appetite and identifying financial risks with mitigation strategies.
• Preparing pricing reports and documents for regulatory filings / PMC.
• Assisting the Appointed Actuary (AA) in liaising with regulators to gain product launch approval.
• Leading negotiations with reinsurers, finalizing treaties, and setting up Renova documentation.
• Supporting launch activities, including building benefit calculators for systems testing.
• Group pricing and quotation, ensuring competitive and accurate pricing for group products that meet client needs and company Objectives.
• Assisting underwriting and claims teams involves setting non-medical limits based on risk assessment, ensuring regulatory compliance through documentation, and improving efficiency with automation and collaboration.

This role demands strong interaction skills with other departments and external stakeholders, as well as the ability to contribute effectively in a high-pressure environment.

#

Key Result Areas

Activities

1

Impact on the Business / Function

• Coordinate with external stakeholders (Reinsurers, Distributors, Regional team) on matters related to product pricing and other relevant areas.
• Evaluate various parameters of existing products (profitability, competitiveness, risks, etc.) to determine the need for redesigning or repricing.
• Enhance product design and pricing by considering the interests of all involved stakeholders.
• Leverage strong relationships with external stakeholders to ensure a positive impact on the business.
• Ensure product metrics remain favourable to the business through active redesigning or repricing.
• Develop and enhance benefit calculators for systems testing, ensuring they are accurate and user-friendly.
• Maximize profitability, capital usage, commissions, and customer returns; ensure the product aligns with the company's risk appetite, identify financial risks, and propose mitigation strategies.

2

Customers / Stakeholders

• Manage local operations and identify potential markets or opportunities that can drive long-term profitable growth.
• Oversee product pricing, filing, and approval processes with the regulator/PMC.

3

Leadership & Teamwork

• Provide essential support across all business areas by applying domain knowledge to add value. This includes attending cross-functional meetings, reviewing, and offering necessary input into cross-functional projects and business discussions.
• Provide support to junior staff to help them develop both technical and soft skills. Seek opportunities for staff to grow beyond their domain by exposing them to broader business areas.
• Regularly update the company's executive committee on sources of earnings and potential threats to the business. Identify ways to contribute to the broader business strategy by explaining how financials impact the overall strategy.
• Work collaboratively on long-term planning and forecasting to enhance overall company performance over time.
• Coordinate with and support other business areas to ensure that decisions are well-founded and robust.
• Offer leadership and support to junior staff within the team and the broader department, assisting them in both work and study-related areas.
• Offer thought leadership in the development and management of products and pricing.

4

Operational Effectiveness & Control

• Ensure all activities within the pricing team are conducted in a controlled manner with proper documentation, thereby preventing any high-risk points from being raised in internal or external audits.
• Identify areas for process improvement and implement necessary changes to enhance quality and efficiency in product pricing.
• Communicate outputs effectively to users.
• Act as the primary liaison with peer reviewers and auditors.

Financial

• Financial metrics of the Company
• Regulatory compliance
• AOP and Strategic Plan

• Audits and Inspection

Ensure all priced or re-priced products meet the company's profitability requirements while managing risks within the approved risk appetite. This includes conducting thorough financial analyses, collaborating with cross-functional teams to align pricing strategies, and continuously monitoring market trends to adjust pricing models as needed. Additionally, provide detailed reports and insights to senior management to support strategic decision-making and ensure compliance with regulatory standards.

Customer

• Local Management/Board
• Regional HK Office
• IRDAI
• Peer Reviewer/Other Auditors
• Institute of Actuaries of India

Process

• Ensure no high-risk or material findings arise during audit and internal controls reviews. This involves maintaining stringent compliance with internal policies and regulatory standards, conducting regular checks and balances, and implementing robust control mechanisms to mitigate potential risks.
• Reduction in the time required to complete tasks by the pricing team, while maintaining high-quality standards.
• Ensure team outputs are well understood for appropriate use.
• No high-risk findings, all audit issues are closed in a timely manner

1. In-depth understanding of regulations, practices, and Group Insurance strategies.
2. Collaborate with departments and external stakeholders to design commercially sound products that maintain profitability and risk management.
3. Ensure adequate resources for responsibilities in markets with scarce experienced technicians.
4. Complete tasks accurately and on time, including necessary documentation and audit trails.
5. Provide support to cross-functional projects to ensure actuarially sound business decisions.
6. Educate stakeholders on insurance pricing, capital management, and interactions on commissions and customer returns.
7. Negotiate with stakeholders, including IRDAI, distributors, and shareholders, despite conflicting requirements.
8. Build and nurture industry connections to gain business insights and implement best practices.

1. Authority to propose new or revised pricing structures/product designs and highlight associated risks.
2. Liaise with the Appointed Actuary for decision-making on these proposals.
3. Coordinate with internal stakeholders to ensure actuarially sound business decisions and with external stakeholders to ensure favorable outcomes for the business.

The jobholder must operate within the risk appetite framework set by the Board and adhere to the regulatory requirements established by IRDAI.

Demonstrate leadership on regulatory and compliance matters, particularly by leading discussions with IRDAI, PMC, peer reviewers, and auditors on the company's financials. Develop and analyze surplus/EV to understand profit/loss sources and present these insights to management.

Maintain and observe the company's internal control standards and Compliance Policy. Ensure timely implementation of recommendations from internal/external auditors and regulators. Foster a compliance culture by managing compliance risk with the Head of Compliance, ensuring adequate resources and training, and optimizing relations with regulators.