Assistant Manager Actuarial IB

Updated: September 22, 2017

Job Description:

Job Title

 

Sr. Executive /Asst. Manager / Deputy Manager - Asset Liability Management (ALM)

Function

 

Actuarial – Asset Liability Management

Department

 

Actuarial and Product Management

Reporting To

(Title)

Chief Manager– Asset Liability Management (ALM)

<?xml:namespace prefix = "st1" ns = "urn:schemas-microsoft-com:office:smarttags" />Superior’s Superior

(Title)

Chief Actuarial Officer

Unit

 

Birla Sun Life Insurance Company Ltd

Location

 

One India Bulls Centre

Business

 

Life Insurance

Date

 

May 2013

 

 

 

                           

 

1)  Job Purpose

 

Perform the various calculations as a part of determining the Asset Liability Management (ALM) strategies for existing as well as new products. Updating the models so that the ALM strategies can be monitored on regular basis. The role also includes assisting in evaluating the investment guarantees under the products and proposing the risk mitigation solutions for effective management of such guarantees.

 

2) Dimensions

What are the areas (in quantitative terms) the job has an impact on?

 

 

Dimension

Remarks

1.

Manpower (Nos.)

NA

 

 

3) Job Context & Major Challenges

(What are the specific aspects of the job that provide a challenge to the jobholder in the context of the Unit/Zone?

Key Challenges for the role –

 

  • The role requires very high standards of technical skills in order to understand and prepare the complex ALM models. The role needs to come up with the results which would lead to devising ALM strategies and help in decision making. The role also requires working knowledge about the liabilities of the products and the implications of the underlying guarantees.
  • The role requires working closely with the Actuarial Analyst to assist him/her in coming up with proposal for the ALM strategy.
  • The major challenge is that the Asset Liability Management is a relatively new area and hence very little material is available to learn from. Therefore, the role needs to be performed by interactions with the seniors and/or interactions with Sun Life.

 

 

4) Principal Accountabilities

Accountability

Supporting Actions

Assist in proposing the ALM Strategy for new as well as existing products.

1.     Understand the liability profile for all the policies under a product

2.     Prepare the model for liabilities to capture the impact of varying interest rate scenarios.

3.     Model the assets that are identified as part of proposed / final ALM strategy.

4.     Set up the runs in AXIS to generate the combined asset- liability cashflows.

5.     Generate the results of AXIS runs / analyses and provide them to Actuarial Analyst.

Assist in monitoring the ALM Strategy for all the existing products.

1.     Model the existing assets as per the recommended ALM Strategy.

2.     Update the liability profile and perform the AXIS calculations for suggesting changes, if any, in the existing ALM strategy.

Assist in carrying out effective execution of ALM for CPPI based products

1.     Update the models for daily recommendation of the asset allocation strategy using CPPI technique.

Preparation for the computations required in evaluating the guarantees under new / existing product proposals.

1.     Update the model for existing products or for new products model the product features providing guarantees in AXIS / excel.

2.     Generate the scenarios using stochastic model or generate the deterministic scenarios.

3.     Load the scenarios in the model for testing feasibility of guarantees.

4.     Run the model and summarise the results.

 

 

 

5)  Job Purpose of Direct Reports

Understand the importance of the Asset Liability Management (ALM) and the existing framework. Familiarise with the process, models and regular tasks that are being undertaken. The role also includes assisting in updating and setting up the models used for regular ALM exercise.

 

 

6)  Relationships (If Applicable)

Internal

Frequency

Nature

i)      Product Development and Pricing Team,

 

 

 

ii)     Valuation Team

 

 

 

iii)    Investment – front office

 

 

 

 

 

iv)    Investment Advisory and Risk Management

Whenever new product concept with guarantees is being discussed

 

Monthly

 

 

 

Weekly / bi-weekly

 

 

 

 

 

Bi-weekly

For providing inputs on feasibility of guarantees

 

 

 

Discuss and understand the valuation results / models for further use in ALM analysis.

 

Understand the current market condition like bond yields, duration etc. Also to discuss the proposed investment strategy that best suits the liability profile.

 

Discussion / clarification on actuarial reports for Investment committee and ALM committee and related action items.

External

Frequency

Nature

 

 

 

 

 

7) Organizational Relationships (Separate Annexure to be 

     Attached)

 

<?xml:namespace prefix = "v" ns = "urn:schemas-microsoft-com:vml" />

 

Chief Mgr - HR

Perf, Comp & Ben.

 

Head HR & Admin

 

SIGN-OFF

 

Signature

 

 

 

 

 

Name

 

 

 

Date

 

 

 

Job Analyst

 

 

Signature

 

 

Name

 


Qualifications:
Actuarial & 6 papers cleared

Minimum Experience Level:


Report to:
Associate Vice President

 
Please ensure the completeness of application. Incomplete Application will not be accepted.