Head of Statutory Valuation - Life Insurance

Position: Director, Head of Statutory Valuation

Department: Actuarial

Reporting to: Appointed Actuary

Context & Role

A 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 Responsibilities

Statutory Valuation:

• Lead end-to-end statutory valuation of policyholder liabilities in compliance with IRDAI regulations.
• Ensure high-quality and timely preparation of the Appointed Actuarys 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 development

Knowledge 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.)