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Job Description

AB Sun Life Insurance Co Ltd

Joint Vice President

Location: Vaman Centre, Mumbai, Maharashtra

Job Description

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) Dimensions 

What are the areas (in quantitative terms) the job has an impact on?

 

 

Dimension

Remarks

 
  1.  
 

Manpower

Direct: 5

Indirect: NIL

 

  1. 2.

Group Term Life Quotes

New Business quotes per annum: 4200

Renewal Business quotes per annum: 1500

Total quotes per annum: 5700

 

 

 
  1.  
 

Traditional Funds Interest Rates declaration

Number of traditional products to declared interest rates: 3

Names of these products: CAT, Cap Secure, Cap Secure Pension

 

 
  1.  
 

Group Products

Work on new products / Modifications as per company requirements.

Expected number of such products: 4-5 per annum

 

 
  1.  
 

Experience Monitoring

Monitoring of GTL book of business on key metrics like profitability, persistency, etc.

 

 
  1.  
 

 

 

 

 
  1.  
 

 

 

 

 
  1.  
 

 

 

 

 

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

  1. Ensuring to set the pricing strategy / assumptions / methodology for the group term life line of business
  2. Pricing model updates from time to time
  3. Managing stakeholder expectations in terms of premium rates and profitability
  4. Managing reinsurers & reinsurance solutions for this line of business

 

Group Products Management

  1. Review the business requirements for group products both new products as well as modifications
  2. Developing, pricing, preparing product documentation, conducting Product Managing Committee meeting, filing with IRDAI, launching products, etc.
  3. Managing end to end product lifecycle

 

Group Funds

  1. Evaluating the profitability of funds on quarterly / annual basis
  2. Declaration of interest rates for traditional products on monthly/quarterly / annual basis, as per product design

 

Analysis of business

  1. Analyzing profitability of the GTL book on regular basis to take relevant decisions on group business
  2. Analysing the ceded experience to make sure we get competitive reinsurance terms from the reinsurer
  3. Performing experience studies for Group Term Life business, thereby recommending suitable actionables based on the outcome

 

Reinsurance

  1. All the reinsurance treaties, risk retention limit and other terms and conditions are regularly reviewed.
  2. Ensure reinsurance terms are competitive and effective.
  3. Reinsurance risk is diversified.
  4. Reviewing of treaties and driving the signing process

 

Automation

  1. Driving automation in all aspects of work

 





 

 

5)  Job Purpose of Direct Reports 

 

 

 

 

6)      Relationships (If Applicable)
InternalFrequencyNature

 

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

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