Nirmiti Somaiya

Valuation Team

• Assisted in creation of Actuarial Reports and Abstracts(ARA), ensuring accuracy and compliance with regulatory requirements.
• Assisted in creation of Actuary's Annual Report(AAAR) and Financial Condition Report(FCR).
• Monthly statutory valuation of liabilities and reporting and analyzing reserve ratios.
• Assisted in calculation and analysis of quarterly solvency and ensuring timely and accurate IRDAI reporting.
• Building adequate data checks and controls in valuation process.
• Enhanced data validation framework, reducing data discrepancies and improving accuracy.
• Premium reconciliation, benefits paid-out checks and reconciling monthly reserve movements.
• Reinsurance reserve calculation.
• Product UAT for newly launched products ,understanding product features and analyzing cashflows for the same.
• Performed Model user testing and highlighting issue to respective team.
• Handling, Part of IRDAI Queries.
• Preparation of various public disclosures.
• Calculation of Paid-up strain for peer review report.
• Contributed in preparation of Peer Review Reports, assisting in audit processes and Board document preparation by compiling comprehensive actuarial reports for senior management review.
• Conducting sensitivity testing and assessing impact of change in assumptions on reserves.
• IRDAI BAP reporting.
• Trained and supported new team members.
• Contributed to statutory valuation automation, streamlining calculations and reducing processing time.
• Implemented process improvements that led to significant time savings and increased accuracy in deliverables.