Akshay Dhand

Experience

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  HSBC Life (UK) Ltd

  Jul 2003 - Mar 2007

  Responsibilities included:Improving the documentation, processes, programs, procedures, training & directory structure of the team to increase accuracy & quality, improve audit ability and enhance the perception of the teamManaging numerous pricing and repricing exercises for a range of new and existing products of the company such as term assurance, critical illness and income protectionManaging the initial testing & necessary development of the pricing functionality of the new projection software (MoSes) being used by the company Managing the annual review of the premiums for the annually reviewable, annually priced product range of the company Reporting responsibility of protection pricing team which included three actuarial analysts and a gap year actuarial student Show less Responsibilities included:Producing the balance sheet of HSBC Life under the IFRS 4 including the development of VIP programs required to produce the IFRS figuresProducing regular Management Information including new business profitability report and MI containing company’s balance sheet and P&L account under IFRS 4 reportingTesting the system developed to produce monthly reassurance premiums which involved identifying, resolving and documenting all issues that arose during the system testingDeveloping the reassurance reporting solution which involved generating monthly reports to be sent to the reassurers and resolving queries regarding the report Show less

  • Protection Pricing Manager

    May 2006 - Mar 2007

  • Actuarial Manager

    Jul 2005 - Apr 2006

  • Actuarial Analyst

    Jul 2003 - Jun 2005
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  Deloitte UK

  Apr 2007 - Mar 2010

  Responsibilities included:Large Multinational Insurer: Managed the actuarial audit of the Irish insurance arm and the reinsurance arm of the company for Canadian GAAP statutory reporting. Project responsibilities included:• Testing of controls associated with data production, assumption setting, valuation models and the production of results• Review of experience studies and assumptions• Reasonableness checks on resultsLarge Multinational Insurer: Involved in the actuarial audit of the UK and Isle of Man insurance arms of the company for Canadian GAAP, FSA, UKGAAP and IPA (Isle of Man) statutory reporting. Project responsibilities included:• Testing of controls associated with data production, assumption setting, valuation models and the production of results• Review of experience studies and assumptions• Reasonableness checks on results• Review of FSA forms• Review of Canadian Asset Liability Management (CALM) exercise carried out for non-linked fundsLarge Multinational Insurer: Assisted in the initial stages of the selection process to procure the software necessary for carrying out capital and other calculations required under Solvency II regime across all the insurance and non-insurance entities of the companyBermuda based Composite Reinsurer: Involved in a project to assist the company in the sale of its annuity and assurance business. Project responsibilities included:• Managing the production of EV & VNB figures for the business being considered for sale• Managing the analysis of EV margins to identify the sources of surplus Show less Responsibilities included:UK Life Insurer: Involved in three projects with the actuarial, technical and project support team of the company. Project responsibilities included:• Carrying out detailed review of the spreadsheets based projection system for the unit-linked and with-profits products of the company including documenting the required and desired modifications to the system• Carrying out detailed review of policy data associated with recently launched pensions proposition and preparing a report on the findings of the review• Managing the identification and resolution of issues relating to financial/policy data associated with the recently launched drawdown propositionLarge With-Profits Mutual: Involved in a project to assist the company in the disposition of its closed with-profits fund. Project responsibilities included:• Testing of the closed form model used to validate results from stochastic model• Carrying out sensitivities on the RBS & MCEV position of the company• Drafting sections of the Actuarial Appraisal Book to be send to potential buyers Show less

  • Manager

    Jul 2008 - Mar 2010

  • Senior Consultant

    Apr 2007 - Jun 2008
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  Canara HSBC Life Insurance

  Apr 2010 - now

  Responsible for managing the entire Actuarial function of the Company including the verticals of pricing, modeling, risk management, reinsurance, statutory & shareholders’ reporting and business planningAs part of the Executive Committee (ExCo) of the Company, instrumental in directing and overseeing the effective management of the Company’s operations including developing business objectives, strategies, plans, organizational structure, controls and promoting sound corporate governance practicesStatutory responsibility to act as the representative of IRDAI in the Company including protecting the interests of the policyholders and ensuring sound financial health of the CompanyResponsible for advising the Board of Directors on all aspects of actuarial and risk management matters including liquidity & capital management as well as factors affecting the long term profitability of the CompanyMember of the Board level Investment Committee (responsible for providing guidance on the investment strategy of the Company) and With-Profits Committee (responsible for overseeing the management of the with-profits business)Chair of the executive level Asset Liability Committee (ALCO) and Insurance Management Group (IRG) as well as member of other executive level committees such as Treasury & Investment Group (TIG) and Policyholder Protection & Sales Quality Group (PPSQG)Manage the relationship with the Regulator in order to get favorable outcomes for the Company and its customers particularly in the areas of product approvals and drafting of new rules and regulations Show less Responsible for managing the entire Actuarial and Products function of the Company including the verticals of pricing, product management, modeling, risk management, reinsurance, statutory & shareholders’ reporting and business planningAs part of the Executive Committee (ExCo) of the Company, instrumental in directing and overseeing the effective management of the Company’s operations including developing business objectives, strategies, plans, organizational structure, controls and promoting sound corporate governance practicesStatutory responsibility to act as the representative of IRDAI in the Company including protecting the interests of the policyholders and ensuring sound financial health of the CompanyResponsible for advising the Board of Directors on all aspects of actuarial, products and risk management matters including product development strategy, liquidity & capital management as well as factors affecting the long term profitability of the CompanyMember of the Board level Investment Committee (responsible for providing guidance on the investment strategy of the Company) and With-Profits Committee (responsible for overseeing the management of the with-profits business)Chair of the executive level Asset Liability Committee (ALCO), Product & Pricing Risk Committee (PPRC), Product Management Committee (PMC), Product Launch Steering Committee (PLSC) and Insurance Management Group (IRG) as well as member of other executive level committees such as Treasury & Investment Group (TIG) and Policyholder Protection & Sales Quality Group (PPSQG)Manage the relationship with the Regulator in order to get favorable outcomes for the Company and its customers particularly in the areas of product approvals and drafting of new rules and regulations Show less Responsible for managing the entire Actuarial function of the Company including the verticals of pricing, modeling, risk management, reinsurance, statutory & shareholders’ reporting and business planningAs part of the Executive Committee (ExCo) of the Company, instrumental in directing and overseeing the effective management of the Company’s operations including developing business objectives, strategies, plans, organizational structure, controls and promoting sound corporate governance practicesStatutory responsibility to act as the representative of IRDAI in the Company including protecting the interests of the policyholders and ensuring sound financial health of the CompanyResponsible for advising the Board of Directors on all aspects of actuarial and risk management matters including liquidity & capital management as well as factors affecting the long term profitability of the CompanyMember of the Board level Investment Committee (responsible for providing guidance on the investment strategy of the Company) and With-Profits Committee (responsible for overseeing the management of the with-profits business)Chair of the executive level Asset Liability Committee (ALCO) and Insurance Management Group (IRG) as well as member of other executive level committees such as Treasury & Investment Group (TIG) and Policyholder Protection & Sales Quality Group (PPSQG)Manage the relationship with the Regulator in order to get favorable outcomes for the Company and its customers particularly in the areas of product approvals and drafting of new rules and regulations Show less Head Corporate Actuarial: Responsibilities included:Managing the monthly regulatory and shareholders reporting including the production of statutory liabilities, solvency margin, embedded value and new business profitability Managing the production of annual regulatory and shareholders’ submissions covering all aspects of company performance over the year, its future plans and risks to the sameManaging the annual review of assumptions to be used in the actuarial calculations for the production of regulatory and shareholder reportingsManaging the production of the Annual Operating Plan (AOP) of the company and regular updates to the same together with regular monitoring of the performance against the planResponsible for devising and implementing risk management and monitoring procedures and policies vis-à-vis all the non operational risks faced by the company Conducting the executive level Asset Liability Committee (ALCO) and Insurance Management Group (IRG) quarterly meetings to appraise the senior management of the current and emerging risks and relevant mitigating actionsManaging the regular analysis and reporting of the demographic experience (mortality, lapses, paid-up rates etc.) of the company Managing the development and maintenance of the Prophet model being used for carrying out actuarial calculations including the development of models for new productsResponsible for the management of the with-profits fund of the company including asset share calculations, bonus declaration philosophy etc.Reporting responsibility of company’s Corporate Actuarial team which included three senior level, six mid level and eight junior level actuarial students Show less Pricing Head - Responsibilities included:Establishing documentation, controls, processes, programs & directory structure of the team to ensure accuracy & quality and improve audit ability of the team’s workManaging the pricing and regulatory filing of a number of unit-linked, traditional & group products of the company. This included:• Assisting Products team in designing products and carrying out their pricing• Submitting pricing reports with HSBC Asia Pacific Regional Insurance team and obtaining their approval on products• Submitting File & Use applications with Insurance Regulatory and Development Authority (IRDA) and obtaining their approval on products• Carrying out other activities associated with product launches such as testing of IT systems, review of product literature, development of premium calculators etc.Managing the provision of actuarial support in numerous cross-functional projects of the company e.g. development of proposal forms, simplification of benefit illustrations etc.Responsible for devising and implementing the reinsurance strategy of the company including negotiating with reinsurers in order to obtain competitive terms for new and existing products Developing the Constant Proportion Portfolio Insurance (CPPI) concept, model and process for managing the Highest NAV Guarantee fund of the company Reporting responsibility of company’s pricing team which included three senior level and three junior level actuarial students Show less

  • Director & Appointed Actuary

    Jun 2024 - now

  • Appointed Actuary & Director - Products

    May 2019 - May 2024

  • Director & Appointed Actuary

    Feb 2016 - Apr 2019

  • Senior Vice President - Actuarial

    Nov 2011 - Jan 2016

  • Vice President - Actuarial

    Apr 2010 - Oct 2011
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  Institute of Actuaries of India

  Mar 2012 - Feb 2013

  ST2 Examiner

  Examiner and paper checker for ST2 exam of Institute of Actuaries of India for the May 2012 and November 2012 examination diets

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  UpGrad

  Sept 2022 - Nov 2022

  Subject Matter Expert

  As a Subject Matter Expert / Industry Expert on insurance and actuarial science, teamed up with upGrad to create and record content for some modules of the risk and insurance course for BIMTECH with whom they are working as tech partners

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  Institute of Insurance and Risk Management

  Jul 2024 - now

  Member, Expert Committee on School of Actuarial Science

  As a Member of the Expert Committee on the School of Actuarial Science constituted by IIRM, my responsibilities include the following:- Decide on the eligibility and mode of entry to the program- Number of students per batch- To indicate any gaps in the proposed curriculum with reference to the IAI subjects- To guide the Institute in operationalizing the program in terms of delivery, faculty and any other resources required- To suggest appropriate time of launching the program and modus operandi for an effective branding/visibility exercise pre-launch- To indicate the performance parameters for improving the program- To explore collaborative activities Show less

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  Institute and Faculty of Actuaries

  Aug 2024 - now

  Council Member

  As a member of the Council, which is the elected representative forum for, and accountable to, the IFoA membership as guardian of the IFoA, I am responsible to engage with and understand the views and opinions of the members, to reflect these views and to exercise judgment in framing a vision for the IFoA. As a member of the Council, I am also responsible to provide direction to, and hold accountable, the IFoA Board to ensure its strategy is consistent with this vision