Lead- Motor pricing

As discussed, please find following Job Description for “ Lead – Motor Pricing Actuary ”.

 

Location: Mumbai, India

Function: Underwriting

Reporting To: Chief Underwriting Officer

Year of Experience- Minimum 5 to 8 years

 

Role Purpose

 

The Lead – Motor Pricing Actuary will lead the development, implementation and continuous enhancement of pricing strategies across the Private Car, Two-Wheeler and Commercial Vehicle portfolios.

 

The role requires a highly analytical professional with strong actuarial foundations, hands-on expertise in predictive pricing techniques and enterprise pricing software, and the ability to convert complex analytical insights into profitable business decisions.

 

This position will work closely with Underwriting, Product, Distribution, Claims, Finance, Data Science, IT and the Appointed Actuary to ensure pricing remains competitive, scientifically robust and aligned with the company's profitability objectives.

 

Rather than seeking a fully qualified actuary, we are looking for an individual who has demonstrated exceptional technical capability, commercial understanding and practical delivery in Motor Pricing.

 

 

Key Responsibilities

 

1. Pricing Strategy & Portfolio Management

 

- Develop and execute pricing strategies for Motor products across all channels.

- Design risk-based pricing methodologies that improve portfolio profitability while maintaining market competitiveness.

- Continuously monitor pricing adequacy, rate competitiveness and portfolio performance.

- Identify profitable growth opportunities through advanced customer segmentation and risk differentiation.

- Recommend pricing interventions based on emerging claims experience, competitive intelligence and market dynamics.

- Monitor premium adequacy by product, geography, vehicle segment, fuel type, age, customer profile and distribution channel.

- Drive pricing initiatives that improve Loss Ratio, Combined Ratio, retention and new business growth.

 

2. Predictive Modelling & Advanced Analytics

 

- Develop, validate and enhance predictive pricing models using statistical and machine learning techniques.

- Build Generalized Linear Models (GLMs) for frequency, severity and pure premium modelling.

- Perform feature engineering and variable selection to improve predictive performance.

- Develop behavioural pricing models including renewal propensity, customer lifetime value and elasticity models.

- Validate model stability, performance and regulatory appropriateness

 

3. Hands-on expertise in one or more of the following platforms is mandatory:

 

- Earnix

- WTW Emblem

- WTW Radar

- Radar Live

- Similar enterprise actuarial pricing platforms

 

Develop automated pricing workflows that reduce turnaround time and improve governance.

 

4. Strong proficiency in: Python

 

5. Strong understanding of:

 

- GLMs

- Credibility Theory

- Model Validation

- Multivariate Analysis

- Statistical Testing

- Predictive Analytics

 

6. Regulatory & Governance- Ensure pricing methodologies comply with applicable regulations and internal governance standards.

 

- IRDAI Product Filing

- Pricing documentation

- Governance frameworks

- Model validation

 

7. People Leadership

 

- Lead and mentor actuarial analysts and pricing professionals.

- Build a high-performance analytical culture.

- Coach junior actuaries on modelling techniques, programming and commercial thinking.

- Promote innovation and continuous improvement across pricing processes.