1 Job Purpose To conduct and manage the group pricing actuarial function and group products To comply with various IRDAI regulations as applicable for the line of business 2 DimensionsWhat are the areas in quantitative terms the job has an impact on Dimension Remarks Manpower Direct 5 Indirect NIL 2 Group Term Life Quotes New Business quotes per annum 4200 Renewal Business quotes per annum 1500 Total quotes per annum 5700 Traditional Funds Interest Rates declaration Number of traditional products to declared interest rates 3 Names of these products CAT Cap Secure Cap Secure Pension Group Products Work on recent products Modifications as per company requirements Expected number of such products 4-5 per annum Experience Monitoring Monitoring of GTL book of business on key metrics like profitability persistency etc 3 Job Context Major Challenges What are the specific aspects of the job that provide a challenge to the jobholder in the context of the Unit Zone Key Challenges for the role - Maintaining a balance between profitability and marketability of the product Retention Persistency of renewal book Keep updated with latest offerings in the market and be at the forefront of new product offerings 4 Principal Accountabilities Accountability Supporting Actions Group Term Life Quotation Pricing Ensuring to set the pricing strategy assumptions methodology for the group term life line of business Pricing model updates from time to time Managing stakeholder expectations in terms of premium rates and profitability Managing reinsurers reinsurance solutions for this line of business Group Products Management Review the business requirements for group products both new products as well as modifications Developing pricing preparing product documentation conducting Product Managing Committee meeting filing with IRDAI launching products etc Managing end to end product lifecycle Group Funds Evaluating the profitability of funds on quarterly annual basis Declaration of interest rates for traditional products on monthly quarterly annual basis as per product design Analysis of business Analyzing profitability of the GTL book on regular basis to take relevant decisions on group business Analysing the ceded experience to make sure we get competitive reinsurance terms from the reinsurer Performing experience studies for Group Term Life business thereby recommending suitable actionables based on the outcome Reinsurance All the reinsurance treaties risk retention limit and other terms and conditions are regularly reviewed Ensure reinsurance terms are competitive and effective Reinsurance risk is diversified Reviewing of treaties and driving the signing process Automation Driving automation in all aspects of work 5 Job Purpose of Direct Reports 6 Relationships If Applicable Internal Frequency Nature Sales Team Operation Marketing Investment Team IT Team Legal and Compliance Regular Occasional Occasional Regular Regular Regular Getting information needed to price schemes Product intel Getting data required for quotation pricing as well as analysis of business Launching of products Declaration of interest rates for Traditional Fund Products Product related system developments any automation needed Review of reinsurance treaties legal documents Interpretation of regulations Minimum Experience Level 9 - 10 years Job Qualifications MBA

📌 Joint Vice President (Maharashtra)
🏢 Aditya Birla Group
📍 Maharashtra