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 analysisEnsure that policyholder interests are appropriately represented and treated fairlyLead 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 success100% on-time delivery of all regulatory and internal actuarial valuation requirementsZero critical reconciliation issues or financial discrepanciesFull compliance with actuarial policies, model change controls, and documentation standardsEarly flagging of valuation or data issues that could impact financialsMeasurable improvements in data accuracy and completeness year over year, and strengthen controls around data lineage and auditabilityReduction in manual adjustments or interventions required in valuation processesEstablishment and adoption of standardized templates and documentation guidelinesEvidence 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 processesBuild a strong actuarial and analytical bench through mentoring and skill developmentKnowledge and skills requiredHands-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 auditorsDemonstrate empathy and emotional intelligence in managing team dynamics and understanding individual needs.Desired qualifications and experienceFellow 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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