Gaurav Jaswal (FIAI)

jaswalgaurav01@gmail.com
+91-7798511864/+91-9891194747

Current Profile

Senior Lead – Actuary, Actuarial Valuation/Financial Reporting of Non-Participating Business for M&G
(erstwhile known as Prudential)

Experience Summary

Experience in
Organisation Area of work
years(approx.)
Mercer U.S. Defined Benefit Pension Valuation 2
Max Life Pricing, Testing, Modelling 3
Bajaj Allianz Statutory Actuarial Valuation 4
Canara HSBC Pricing 1
M&G Actuarial Valuation – Non Par Business Dec 2019 till date

Experience in M&G

 Managing technical deliveries for a team of around 12 individuals responsible for end to end SII
and IFRS valuation deliveries for Non-Participating business written in the UK.
 The team is a mix of experienced, qualified/close to qualified and student Actuaries.
 Various aspects of valuation deliveries includes
 Regular valuation tasks like mismatching profits, Asset yields calculations, estimating fund
yield movements etc.
 Liability movement analysis with first principle checks.
 Various lines of business covered are Annuities(fixed and linked), unit linked business,
pensions, protection business and Life Time Mortgage business
 Out of Model reserves like deflation risk reserve, data integrity, Late Retirement, Part VII
Liability transfer, Gross Pension Deferred annuity, Cash fund guarantee etc.
 Analysis of surplus by each lines of business as above.
 Validating Asset movements vis-a-vis liability movements.
 Explaining key sources of surplus to senior management and supporting checks and
validations.
 Responding to queries from Chief Actuary, PRA and other stakeholders.
 These queries mainly revolve around the controls adopted in the valuation cycle.

 Other responsibilities include:

 Performance management
 Training
 Hiring
 Process improvement initiatives focussed on better controls around Reporting.

Experience in Canara HSBC Life

 Pricing a Non-Par Income Product.

 Stakeholder engagement on product metrics like RIY benchmarking, PH IRR optimisation, shock
lapse, effect on profits in the event of selling assets on depressed values etc. Various analysis in
terms of customer /shareholder/distributor returns.
1
 Gaurav Jaswal (FIAI)
jaswalgaurav01@gmail.com
+91-7798511864/+91-9891194747

 Checking/Reviewing the results of the IRDAI product filing.

 Responding to IRDAI queries ensuring quality and adequate responses.
 Active involvement in pricing and filing an Online Term Plan and a Non-Par Income Plan.
 Supervising and Active involvement for submission of products on BAP portal of IRDAI.
 Active involvement for product compliance with 2019 product regulations.

Experience in Bajaj Allianz Life

 Involvement in pricing a participating product.

 Worked on monthly valuations involving individual and group products.
 Peer review deliverables in statutory valuation. For example: Data check files,
Reserve movement files, Data consistency/completeness files.
 Calculating global reserves. For example: IBNR reserves, closure to new business provisions, Claims in
Payment etc.
 Reconciling participating products reserving cash-flows between prophet and excel.
 Calculating Guarantee and Option reserves for corresponding products.
 ARA hard forms and online forms for annual IRDAI submission.
 Involvement in replying to IRDAI’s queries. For example, assumption changes impact on reserves,
reconciliation between ARA forms, calculating customer IRRs etc.
 Solvency reconciliations.
 Documentation of the entire valuation process and ARA forms, both online and offline forms.
 Involved in creating a roadmap for Risk based capital implementation proposed for the insurance
industry. Active involvement in implementing ARA regulations, 2016.
 Involved in IRDAI inspection for Statutory Valuation, 2018. It involved providing all the data requirements
as a part of inspection and addressing queries of IRDAI officials at the time of inspection.
 Training team members for monthly valuation work.

Experience in Max Life

 Testing and setting up new products in administration systems

 Benefit illustrations of ULIP, Term, Par, and Non-Par.
 Independent involvement in handling customer queries related to different products.
 Modelled/Coded products like ULIP, Pension (a form of ULIP), Par, Non-Par, Term and Immediate Annuity in
Prophet i.e. reconciled the cash flows in Prophet with the pricing model for the Valuation and Experience
monitoring team.
 Involvement in pricing a ULIP and a Term contract.
 Prepared a full process document having the entire product life cycle.
Experience in Mercer

 End to end pension plans i.e. from Data request to the final valuation report for the Client.
 The process included preparation of Data Queries, Gain and Loss Analysis, preparing Valuation reports for the
Client.

Academic Qualifications:

 Fellow of the Institute of Actuaries of India (FIAI), Specialization in SA2

 B.Sc. (H) Statistics, Sri Venkateswara College, Delhi University