Head of Statutory Valuation - Life Insurance

Position: Director, Head of Statutory ValuationDepartment: ActuarialReporting to: Appointed ActuaryContext & RoleA qualified actuary with experience in the life insurance domain to lead Statutory Valuation, WPC, Experience Studies, Data Management, and Reinsurance Administration. This is a key leadership role responsible for ensuring accurate and compliant liability valuations, regulatory reporting, driving insights through data-led experience analysis, and overseeing the administration of reinsurance treaties.Key ResponsibilitiesStatutory Valuation:- Lead end-to-end statutory valuation of policyholder liabilities in compliance with IRDAI regulations. - Ensure high-quality and timely preparation of the Appointed Actuary’s Report and other regulatory filings. - Own actuarial controls, assumption governance, and model validation frameworks for valuation processes. - Support internal and external audits and regulatory reviews.With Profit Committee:- Acts as the primary actuarial advisor to the WPC, coordinating reports and technical analysis - Ensure that policyholder interests are appropriately represented and treated fairly - Lead actuarial assessments related to AS methodology, PPFM, Smoothing practices, Estate management, etc.Experience studies and Assumption setting:- Lead comprehensive experience studies across mortality, morbidity, persistency, expenses, and other relevant metrics. - Regularly review and update assumptions used for pricing, reserving, VNB, and other projections. - Partner with pricing, shareholder reporting, and risk teams to embed data-driven insights into strategic decision-making. - Ensure alignment of assumptions across various reporting and forecasting bases (statutory, embedded value, economic capital).Reinsurance administration:- Lead the administration and governance of reinsurance treaties, ensuring treaty terms are accurately reflected in valuation and reporting systems. - Own the end-to-end operational framework for reinsurance accounting and data flows. - Manage the RENOVA system, ensuring timely and accurate reinsurance data uploads, reconciliations, and updates. - Collaborate with reinsurers, finance, and operations teams for treaty execution, settlements, and reporting.Data Management and Quality Assurance:- Define data requirements, controls, and reconciliation protocols across source systems and actuarial models. - Partner with IT, data engineering, and operations teams to improve automation and data flow for actuarial processes and document it. - Oversee the integrity, availability, and governance of actuarial data used in valuation, experience studies, and reporting. - Champion a culture of data discipline and accountability within the actuarial team.Measurement of success- 100% on-time delivery of all regulatory and internal actuarial valuation requirements - Zero critical reconciliation issues or financial discrepancies - Full compliance with actuarial policies, model change controls, and documentation standards - Early flagging of valuation or data issues that could impact financials - Measurable improvements in data accuracy and completeness year over year, and strengthen controls around data lineage and auditability - Reduction in manual adjustments or interventions required in valuation processes - Establishment and adoption of standardized templates and documentation guidelines - Evidence of improved cross-functional collaboration (e.g., feedback from Finance, Risk, IT, other actuarial verticals) - Positive feedback from audit/review bodies (internal or external) - Modernization of actuarial systems – e.g., automation of valuation and experience study processes - Build a strong actuarial and analytical bench through mentoring and skill developmentKnowledge and skills required- Hands-on experience with IRDAI valuation frameworks and in-depth knowledge of Indian regulations, product structures, valuation methods, and actuarial modelling. - Strong leadership, communication, and stakeholder engagement skills, liaise with internal and external auditors - Demonstrate empathy and emotional intelligence in managing team dynamics and understanding individual needs.Desired qualifications and experience- Fellow of the Institute of Actuaries of India (IAI) or an equivalent internationally recognized actuarial body (candidates with SA2 cleared from IAI preferred) - At least 12 years of relevant experience in the life insurance industry, with strong credentials in a statutory valuation or shareholder reporting role. - Experience in governance roles (committee involvement, board presentations, etc.)

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