Opportunity in Insurance areas (Life, General, Health)

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Presentation transcript:

Opportunity in Insurance areas (Life, General, Health) Sandip Goenka

Questions – Life Insurance How many life Insurance Companies are registered in India? What was the total premium collected by the Life Insurance Companies in India in FY17? Based on the IPO share price of ICICI Prudential, what was the company valued at? What are the main headlines currently in the Indian Life Insurance space?

Questions – General Insurance How many General Insurance Companies are registered in India including standalone health Insurance Companies? Who are the 2 latest entrants in the General insurance space in India? Which company is the first General Insurance Company to get listed in India?

Questions – Health Insurance Which was the first standalone health Insurance Company registered in India? What is the key difference between the Health Insurance products sold by Life and Non-Life Insurance Companies?

Key areas of actuarial work Pricing Regulatory Reporting Shareholder Reporting Risk Management Experience Analysis Product development, pricing, product management, premium adjustments, marketing and competition studies Experience investigation of Mortality, Lapses, Expenses, Surrenders etc. and feedback into Pricing and valuation Modelling Establishing estimates for policyholder liabilities, guarantee Reserves, Global Reserves etc. Solvency Calculations & Regulatory submissions Risk Assessment, Measurement and Reporting Economic Capital Calculations Capital Management Asset Liability Management Value of New Business Reporting Embedded Value Reporting Financial Analysis

Actuarial Employers Manufacturers of Insurance Products Provides services to Insurance Companies Provides reinsurance services to Insurance Companies Provides support to companies operating outside India Direct Company Consulting Firm Reinsurer KPO

Actuarial Employers – Direct Companies Long term nature of business Main risks are Mortality, Investment returns, Expenses and Lapses Short term nature of business Varied lines of business – Risks vary significantly Main risk is Morbidity and Expenses Life Insurance Company General Insurance Company Health Insurance Company

Key Skills & Tools Skills Tools Prophet/Other actuarial tools Analytical Skills Modelling Skills Financial Acumen Communication Skills Tools Prophet/Other actuarial tools MS Excel & Access Emblem SAS

My last 2 cents Success occurs when OPPORTUNITY meets PREPARATION