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Manager/Senior Manager - Pricing & Profitability

ICICI Prudential Life

4.0 - 7.0 years

Mumbai

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Role & responsibilities 1. VNB Testing & Analysis Perform periodic testing of VNB results across products, channels, and segments. Validate actuarial models used for VNB calculation, including cashflow projections, discounting, and cost of capital. Review assumptions (mortality, morbidity, lapses, persistency, expenses, interest rates) impacting VNB. Conduct sensitivity and scenario testing (interest rate shocks, lapse rate variations, channel/product mix shifts or any other assumption changes). 2. Profitability Assessment Evaluate product profitability at both product and portfolio levels. Analyse channel-wise profitability, cost ratios, and margin contributions. Partner with Product, Sales...

Posted 3 days ago

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Senior Manager/Chief Manager - Group Pricing

ICICI Prudential Life

7.0 - 10.0 years

Mumbai

Work from Office

Role & responsibilities 1. Pricing Strategy & Execution Develop and implement pricing models for Group Term Life products across various segments (employer-employee, affinity, lender-borrower). Collaborate with distribution, underwriting, and product teams to tailor pricing to customer segment needs while ensuring profitability. Perform risk-based pricing by evaluating mortality assumptions, group demographics, and industry trends. 2. Profitability Management Monitor portfolio-level profitability on a periodic basis (monthly/quarterly). Identify and manage blocks that are underperforming and take corrective pricing or underwriting actions. Develop and track profitability KPIs like loss ratio...

Posted 3 days ago

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Exploring Actuarial Jobs in India

The actuarial job market in India is growing rapidly, with more and more companies recognizing the need for skilled professionals in this field. Actuaries play a crucial role in the insurance industry, helping companies assess and manage risk, set premiums, and make strategic financial decisions. If you are considering a career in actuarial science, India offers plenty of opportunities for growth and development.

Top Hiring Locations in India

Mumbai
Bangalore
Gurgaon
Pune
Hyderabad

These cities are known for their strong presence in the financial and insurance sectors, making them hotspots for actuarial job opportunities.

Average Salary Range

The salary range for actuarial professionals in India varies based on experience and location. Entry-level positions typically start at around INR 6-8 lakhs per annum, while experienced actuaries can earn upwards of INR 20 lakhs per annum.

Career Path

A typical career path in actuarial science may include roles such as Actuarial Analyst, Senior Actuarial Analyst, Assistant Actuary, Actuary, and Chief Actuary. With experience and additional qualifications, professionals can progress to higher positions with more responsibilities and better compensation.

Related Skills

In addition to strong mathematical and analytical skills, actuarial professionals are expected to have knowledge of programming languages such as R, Python, and SQL. Good communication skills, attention to detail, and business acumen are also valuable in this field.

Interview Questions

What is an actuary and what do they do? (basic)
Explain the difference between life insurance and general insurance. (basic)
How do you calculate the present value of a future cash flow? (medium)
What is the significance of the Central Limit Theorem in actuarial science? (medium)
How do you handle missing data in your analysis? (medium)
Describe a complex actuarial project you have worked on and how you approached it. (advanced)
How do you stay updated with the latest trends and developments in the actuarial field? (advanced)
Can you explain the concept of risk management in the insurance industry? (medium)
How do you determine the appropriate discount rate for calculating reserves? (medium)
What are the key assumptions made in actuarial modeling? (medium)
How do you assess the financial strength of an insurance company? (advanced)
Explain the process of setting insurance premiums. (medium)
How do regulatory changes impact the actuarial profession? (advanced)
What is the role of predictive modeling in actuarial science? (medium)
How do you handle conflicting priorities and deadlines in your work? (medium)
Can you walk me through a scenario where you had to make a difficult decision in your role as an actuary? (advanced)
How do you approach risk assessment in a rapidly changing market environment? (advanced)
What are the key challenges faced by actuaries in the current industry landscape? (medium)
How do you communicate complex actuarial concepts to non-technical stakeholders? (medium)
What is your experience with actuarial software tools such as R, SAS, or Excel? (basic)
How do you ensure accuracy and reliability in your actuarial calculations? (medium)
Describe a situation where you had to work in a team to solve a complex problem. (medium)
How do you prioritize your tasks and manage your time effectively in a fast-paced work environment? (medium)
Can you explain the role of stress testing in actuarial analysis? (advanced)

Closing Remark

As you prepare for your actuarial job search in India, remember to showcase your technical skills, industry knowledge, and problem-solving abilities during interviews. With determination and perseverance, you can secure a rewarding career in the dynamic field of actuarial science. Good luck!

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