Assistant Manager Actuarial

Job Description:

We are seeking a highly motivated and experienced Senior Actuarial Analyst to join our dynamic Pricing team. The successful candidate will play a crucial role in the development, implementation, and monitoring of pricing strategies for our health insurance products. This role requires strong analytical skills, a deep understanding of actuarial principles, and the ability to translate complex data into actionable insights. You will contribute significantly to ensuring the profitability and competitiveness product portfolio.

Key Responsibilities:

• Pricing Analysis & Modelling:
  • Develop and maintain sophisticated pricing models for new and existing health insurance products, including retail, group, and innovative offerings.
  • Conduct in-depth analysis of claims data, underwriting experience, and market trends to inform pricing assumptions and strategies.
  • Perform experience analysis and recommend appropriate adjustments to pricing parameters.
  • Utilize actuarial software and statistical tools for data analysis and modelling (e.g, SAS, Databricks R, Python, SQL, Excel/VBA).
• Product Development Support:
  • Collaborate closely with the product development, underwriting, and sales teams to provide actuarial insights and support the design of new and revised products.
  • Assess the financial viability and risk profile of new product propositions.
  • Assist in the preparation of regulatory filings related to product pricing.
• Performance Monitoring & Reporting:
  • Monitor the profitability and performance of various products and segments, identifying areas for improvement or intervention.
  • Prepare and present regular reports on pricing adequacy, claims experience, and market competitiveness to senior management.
  • Analyze the impact of pricing decisions on business objectives.
• Market Research & Competitor Analysis:
  • Stay updated with industry trends, regulatory changes, and competitor pricing strategies.
  • Conduct competitor analysis to ensure Niva Bupa's products remain competitive and financially sound.
• Process Improvement & Innovation:
  • Contribute to the continuous improvement of pricing processes, tools, and methodologies.
  • Explore and implement innovative actuarial techniques to enhance pricing accuracy and efficiency.
• Mentorship & Collaboration:
  • Provide guidance and support to junior analysts within the team.
  • Collaborate effectively with other departments, including underwriting, claims, finance, and IT.

Qualifications & Experience:

• Education: Bachelor's or Master's degree in Actuarial Science, Statistics, Mathematics, Economics, or a related quantitative field.
• Actuarial Exams: Significant progress towards an internationally recognized actuarial qualification (e.g., IAI, IFoA, SOA). Minimum 5 exam needed.
• Experience: Minimum of 2+ years of relevant experience in actuarial pricing, preferably within the health insurance sector. Experience in the Indian health insurance market is highly desirable.

Skills & Competencies:

• Technical Skills:
  • Strong understanding of actuarial pricing principles and techniques specific to health insurance.
  • Proficiency in statistical tools (e.g., SAS, Databricks, R, Python).
  • Advanced skills in MS Excel, VBA, and SQL.
• Analytical & Problem-Solving Skills:
  • Excellent analytical and quantitative skills with a strong attention to detail.
  • Ability to analyze complex data, identify trends, and draw meaningful conclusions.
  • Strong problem-solving abilities and a proactive approach to finding solutions.
• Communication & Interpersonal Skills:
  • Excellent written and verbal communication skills.
  • Ability to explain complex actuarial concepts to non-technical audiences.
  • Strong presentation skills.
  • Ability to work effectively both independently and as part of a team.
• Other Attributes:
  • Strong business acumen and understanding of the health insurance industry.
  • Ability to manage multiple priorities and meet deadlines in a fast-paced environment.
  • Proactive, self-motivated, and eager to learn.