Health Actuary

Role Purpose

The Health Pricing Actuary will be responsible for developing, reviewing, and maintaining pricing strategies for group, and retail health insurance products. The role requires balancing profitability, growth objectives, market competitiveness, regulatory compliance, and customer value propositions through robust actuarial analysis and data-driven decision-making.

The incumbent will work closely with Product, Underwriting, Claims, Sales, Reinsurance, Finance, and Technology teams to ensure sustainable portfolio growth and profitability.

Key Responsibilities

Product Pricing & Development

• Develop pricing models for Individual Health, Group Health, Personal Accident, Critical Illness, and other Health Insurance products.
• Design and price new products, product enhancements, riders, and wellness features.
• Conduct actuarial assessments of product changes, underwriting modifications, and benefit enhancements.
• Evaluate product competitiveness and positioning against market benchmarks.
• Support product filing and regulatory approval processes.

Portfolio Performance Monitoring

• Monitor portfolio profitability, loss ratios, claim experience, renewal retention, and expense assumptions.
• Identify emerging trends impacting portfolio performance and recommend corrective pricing actions.
• Conduct experience studies and develop pricing recommendations based on actuarial evidence.
• Perform rate adequacy assessments across multiple product segments.

Analytics & Modeling

• Develop and maintain actuarial pricing models and rating algorithms.
• Utilize statistical and predictive analytics techniques to improve risk segmentation and pricing sophistication.
• Conduct sensitivity testing, scenario analysis, and stress testing.
• Support implementation of machine learning and advanced analytics initiatives where applicable.

Regulatory & Governance

• Ensure pricing practices comply with applicable regulatory requirements and actuarial standards.
• Prepare pricing documentation, governance papers, and committee presentations.
• Participate in Product Management Committee (PMC), Pricing Committee, and governance forums as required.
• Maintain robust pricing documentation and model governance standards.

Stakeholder Management

• Partner with Product, Underwriting, Claims, Distribution, and Finance teams on strategic initiatives.
• Present pricing recommendations and portfolio insights to senior management.
• Provide actuarial support for business planning and strategic decision-making.
• Train and mentor junior actuarial analysts and team members.

Required Qualifications

Education

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics, Engineering, or related quantitative discipline.
• Qualified or Nearly Qualified Actuary (IAI, IFoA, SOA, CAS or equivalent).

Experience

• 7 years of actuarial experience with at least 2 years in Health Insurance Pricing.