Manager – Actuarial (M1 Level), HDFC Ergo, 4+ years
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Job Objectives
1. Review the adequacy of premium rates.
2. Review adequacy of Reserves.
3. Targeted new product sumissions & approvals within agreed TAT.
4. Defined within agreed TAT and accuracy monthly portfolio reports.
5. Targeted compliance on regulatory submission within agreed TAT and accuracy.
6. Highly knowledgeable, informed and effective team.
- Job Description
(The activities to be performed to achieve the Job Objectives mentioned in 10 above)
Financials/Output related activities (Income/Expenses/Profit) (e.g:Gross written premium, Top line, Combined ratio, cost of acquisition, loss ratio, management expenses etc)
1. Review and analyse the data prepared for the adequacy of premium rate with suggestions and recommendations to Actuary; Will be assessed against the actual performance
2. Review and analyse the data for the adequacy of the reserves; suggestions and recommendations to the Actuary.; will be assessed against actual performance
3. Product Development (Only): review the documents presented for reasonability; liaise with the underwriter and ensure that all documents are submitted to the regulator within agreed TAT. Same is true for queries raised from the regulator.
4. Preparation of monthly portfolio reports and subsequent analysis.Review and analyse the incurred loss ratio on financial basis and underwriting year loss ratios and sharing the same with the underwriitng team
5.Ensure that all submissions are to the regulator are completed with defined TATs within departments and final submission to the regulator.
Customer/Product/Market related activities (Internal / External) (e.g. Satisfaction, Acquisition, Retention, Cross-sell/Share-of-wallet, Relationship, Service, Product/Solutions)
Co-ordination with Business Intelligence, Underwriting , Reinsurance and Accounts/ Finance teams
Review the product submission for compliance on file and use guidelines as per regulatory guidelines, secure approval from Appointed Actuary where required, make final submission to the Regulator; regular updates to senior management
Process/Technical related activities (productivity, efficiency, process, quality etc.) (e.g. Risk, Controls, Compliance, Audit, Productivity, Quality, Discipline, Change Management, Adaptability, Success Transfer)
Review all processes so as to ensure that the job assigned is completed within the department TAT.
People/ Leadership/ Teamwork/ Corporate Citizenship related activities (e.g. Collaboration/Team work, Knowledge sharing, Development (Self & Team), Sharing Resources/Helping others)
Maker-checker policy which will ensure that there is knowledge sharing, team work and helping attitude; Work needs to be annotated where essential for review
To cultivate team work values within the subordinates,peers etc
To update oneself with the techincal knowledge
Development and corrective feedback at regular intervals of time
Others
Display ownership and accountabilty towards the specific tasks assigned
Level of Education
Bachelors Degree
Major
Science
Professional Qualification
Actuarial Course; 7 subjects of CT series
Experience
Required (Minimum)
Insurance
Type of Job / Projects
Actuary
Years of Experience
min 4-5 for M1, M2
Job specific knowledge
Acturial techniques
Insurance domain knowledge
Required Minimum Proficiency Level
Demonstrates most of the time
Demonstrates Occasionally
Job specific / technical skills
Numerical skills
Analytical skills
Required Minimum Proficiency Level
Demonstrates most of the time
Demonstrates most of the time
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