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DVP - Acturial (ALM, Valuation & Reporting)
DVP - Acturial (ALM, Valuation & Reporting)Generali Central Life Insurance • ananthapur, India
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DVP - Acturial (ALM, Valuation & Reporting)

DVP - Acturial (ALM, Valuation & Reporting)

Generali Central Life Insurance • ananthapur, India
2 days ago
Job description

Job Title - DVP Actuarial

Location - Mumbai (Vikhroli)

Reporting Structure - Reporting to Appointed Actuary

Managerial and functional responsibilities

Functional responsibilities

  • Board and Committee papers management
  • Addressing queries raised by IRDAI, internal audit, external audit etc.

ALM and FRA Management

  • Perform quarterly ALM to monitor duration gap, cash flow gap; assess exposure to interest rate risk, reinvestment risks and liquidity risk.
  • Engage with Finance / Investment teams to align asset strategies with liability profiles
  • Perform scenario and stress testing for regulatory ALM reporting as part of AAAR
  • Prepare quarterly ALM Report to GARO, ensuring timely and accurate submission
  • Evaluate business plan ALM metrics – duration gap and cash flow gap
  • Support Investment team on preliminary SAA and Final SAA submissions to GHO
  • Addressing queries raised by GARO, GHO, regulator
  • Support in ad hoc reports as and when required by GARO / GHO
  • Experience Analysis and Assumption Setting

  • Perform quarterly and annual year end regulatory reporting on experience analysis – persistency, mortality, etc.
  • Conduct detailed experience studies for persistency, including lapse and surrender across product lines, channels, cohorts, and durations and drive the persistency along with Channel heads
  • Carry out mortality studies by comparing actual vs expected mortality experience across different segments, products, channel, etc.
  • Identify emerging trends and provide actuarial insights to relevant stakeholders for assumption setting and pricing
  • Collaborate with Underwriting and Claims team to investigate deviations or shifts in claims experience.
  • Annual review of non-economic & quarterly review of economic actuarial assumptions used for the calculation of various reporting
  • Supporting shareholder reporting team on setting assumptions for Embedded Value and Business Plan on an annual basis
  • Prepare risk management sub committee deck for actuarial function highlighting the persistency and mortality trends
  • Highlighting the trends in monthly persistency to the senior management
  • Supporting ad hoc requirements as required by reinsurance / pricing team to onboard a new reinsurer
  • Update the SOP for all the processes on an annual basis or earlier if required
  • Prophet Modelling

  • Develop and enhance actuarial models used for various reporting such as shareholder, statutory, IFRS17, SII etc.
  • Modelling of newly launched products in Prophet
  • Modelling of Change Request from User’s team in Prophet
  • Upkeep of the Prophet Models.
  • Managing the prophet licensing with FIS
  • Ensure outputs from the team are well
  • Ensure model governance and control frameworks, maintaining documentation, and version management in line with internal SOPs and audit
  • Managerial responsibilities

  • Support provided to junior staff to ensure that they develop both technical and soft skills.
  • Ensure outputs from the team are well understood so that they can be used in the appropriate manner, in particular to ensure that business discussions and decisions take into account their impact.
  • Effective communications of the output to all concerned stakeholders.
  • Operational Effectiveness & Control

  • Ensure controls are in place as required by Internal Compliance, internal audit and Risk Teams / IRDA and foster a culture of compliance.
  • Reduction in timescales for carrying out tasks without compromising on quality.
  • Ensure regulatory guidelines are adhered in all internal processes and submissions to the regulator and other external stakeholders
  • Ensure all activities are carried out in a controlled manner with the necessary documentation thereby ensuring that no high risk points are raised in internal / external audits.
  • Assist in identifying areas of process improvements and carry out the necessary changes, with the objective of improving quality and efficiency in the team.
  • Qualifications

    Qualified actuary

    Experience

    9-11 years preferrably in Life Insurance

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    Reporting • ananthapur, India

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