Responsibilities:
Computation of actuarial-related liabilities:
a. Assist in
preparation or review of run-off triangles (Accident year or Underwriting year
cohort) including analysis of historical claims data and identify potential
issues and trends and report the findings for General lines of business.
b. Assist in the
preparation or review of Technical Provisions report which includes Claims
provision, Premium provision, and Risk margin as per requirements of Solvency
II.
c. Assist in the
preparation or review of Unearned Premium Reserves (UPR), Unexpired Risk
Reserves (URR), Incurred Loss ratio, IBNR reserves (Chain Ladder or Bornhuetter
Ferguson or other methods as applicable) for estimation of Premium, Claims severity
for paid or incurred claims including the impact of inflation if any.
d. Actuarial
liability estimation for general insurance lines of business which involves
data preparation, data loading to tools, analysis of liabilities, and
presenting results under IFRS 4 / IFRS 17.
e. Working knowledge
of different loss projection methods and their applications along with
familiarity of the general line of business.
f. Assist in the
computation of actuarial liabilities in the event of special circumstances such
as an Initial Public Offering (IPO), merger, demerger, or acquisition of the
entity post taking into consideration relevant actuarial practices.
Developing/building of actuarial models:
a. Assist in
building or maintaining actuarial models using statistical tools such as
R/Python/SPSS/SAS or others, including validation of models as required. This
can include the calculation of actuarial reserves under different GAAPs.
b. Assist in
performing User Acceptance testing (UAT) for models built by the client and
help evaluate the model’s performance and provide recommendations, if
necessary, to ensure a successful Go-live.
c. Assist in the
preparation or review of credit risk modelling for reinsurance recoverables,
receivables, and premium receivables and confirm that the models are built-in
with the necessary controls.
d. Perform a current
state assessment of the client’s existing model architecture design and assist
the client in achieving future state design/objectives, including making the
model more comprehensive, increasing efficiency, flexibility, reconciliation of
results, providing insightful analysis, etc.
e. Assist in model
governance to ensure controls built are effective and provide recommendations,
if necessary to enhance the robustness of the model.
Implementation of different GAAPs:
a. Understand the
requirements of IFRS 17 and provide assistance in facilitating its
implementation.
b. Review data,
methodologies, assumptions, and results along with the ability to analyse the
difference between IFRS 17 and IFRS 4 / Indian GAAP / US GAAP results.
c. Assist in the preparation
of gap report which primarily includes differences between methodologies under
IFRS 17 vis a vis previous GAAP (Indian GAAP / US GAAP).
d. Calculate the
insurance liabilities under IFRS 17 (preferably under PAA/GMM model) and share
the respective numbers with the accountants for the preparation of financial
statements.
e. Drive and oversee
the end-to-end reporting process and control for Actuarial, including data
preparation (set up of model, model points, and assumptions) in an auditable
manner for IFRS 17 / US GAAP reporting.
f. Lead the work of
standards interpretation including ad-hoc research under IFRS 17 / US GAAP and
technical solutions to support and assist with system implementation if
required.
Other areas:
a. Preparation of
report/memo sent to stakeholders showing results of the analysis.
b. Stay informed of
current business/economic developments relevant to the insurance industry
within and outside India.
The
above activities will relate to clients in India and overseas geographies such
as Americas, Europe, Middle East and Asia
Skills Required
- Prepare and review run-off triangles and analyze historical claims data
- Compute technical provisions including claims provision, premium provision, and risk margin as per Solvency II
- Estimate UPR, URR, IBNR using Chain Ladder, Bornhuetter Ferguson or other methods
- Actuarial liability estimation and reporting under IFRS 4 and IFRS 17
- Familiarity with loss projection methods and general lines of business
- Build, maintain, and validate actuarial models using R, Python, SPSS, or SAS
- Perform User Acceptance Testing (UAT) for actuarial models and evaluate model performance
- Prepare or review credit risk modelling for reinsurance recoverables and receivables
- Assist with model governance and recommend enhancements to controls and architecture
- Support IFRS 17 implementation, gap analysis versus prior GAAPs (Indian GAAP / US GAAP), and calculate liabilities under PAA/GMM
- Prepare stakeholder reports/memos and present actuarial analysis
What We Do
Uniqus is a tech-enabled global platform that offers ESG and Accounting & Reporting Consulting by leveraging high-performing global talent.
