Sumeet Heda

Sumeet is a well-rounded professional having experience across domains such as Employee Benefits, Life & General Insurance.

He carries extensive experience in valuations of defined benefit plans such as Pension, Post-Retirement Medical Benefit, Long Term Incentive, Gratuity & Leave. He also executes valuations of ESOPs & Warranties. He also assists clients in the areas of Plan Design, Assumption setting, Market studies & Benefit Consulting. At TransValue, he's played a key role in managing some of the firm's largest accounts including Public Sector Undertakings such as Steel Authority of India Limited, Container Corporation of India, Engineering Projects India Limited & Rashtriya Ispat Nigam Limited.

Sumeet also plays a central role in General Insurance practice of the firm. He's actively involved in every area of the firm's work; Estimation of Ultimate losses, IBNR & IBNER calculations, Solvency analysis, Actuarial Due Diligence, M&A work, Assessing adequacy of reserves, Business projections & Business solutions.

TransValue was awarded the IRDAI mandate of calculation of Motor Third Party Premium for two consecutive years. It is one of the most complex insurance cover in India due to its underlying business. Sumeet was instrumental in; analysis of the past claims data of various categories of vehicles, cleaning, restructuring and transforming the data in order to make it compatible for estimation of premium rates; applying actuarial methodologies to arrive at premium rates; suggesting improvements in the process of data collection and collation by the IRDAI ; suggesting introduction of new categories based on the current environment

He also carries experience in establishing financial status & future financial development of an insurer, assessing solvency projections, identifying & mitigating factors leading to negative cashflows, executing scenario tests & sensitivity tests, evaluating gross & net ratios to assess future sustainability of the plans, estimating future assets and liabilities based on historic trends and communicating the results to Senior Management.

Sumeet also has worked in the Life Insurance practice of the firm. He has been instrumental in; Preparing financial reports, Preparing Statement of Actuary Report; Pricing of products; Valuation of liabilities ; Mortality Experience Analysis; Product design & Executing Expense Studies.

Prior to joining TransValue, Sumeet was associated with Cognizant. He reviewed existing software system structures & provided solutions to enhance and improve the systems. He worked closely with system analysts to understand user system requirements, map process flows, design the processing steps, and analyze new systems. His major client was a leading insurer in Canada and the US.

In all, Sumeet has been associated with the firm for more than 5 years and is actively progressing towards the actuarial qualification. He is a full time member of Institute & Faculty of Actuaries, UK (IFoA) and Institute of Actuaries of India (IAI). He is also an electrical engineer from Veermata Jijabai Technological Institute (VJTI, Mumbai) where he had actively volunteered for the college festival. He likes skating and is an avid traveller with a passion for photography.