ACTUARIAL PRODUCT SPECIALIST – AFRICA
Cape Town – Western Cape
ACTUARIAL PRODUCT SPECIALIST – AFRICA – CPT (BELLVILLE) – HYBRID – up to R900k pa
The position is based at Cape Town offices at Parc du Cap in Bellville.
The incumbent will play a key role in the Product Development team servicing the Africa Segment at the Bellville office.
The purpose of this role is to perform actuarial product development tasks as well as product and risk management of all retail risk, annuities and savings products for a number of African subsidiaries.
The incumbent will form part of the team responsible for:
• Product design,
• Setting the risk management framework,
• Product pricing, and
• Maintaining existing products
• Ensuring that product remain competitive, relevant and meets profitability targets
THE WORK YOU NEED TO DELIVER
• Contributing to the delivery of innovative, value-for-money products to the market through the development, pricing and design of new products.
• Ensuring ongoing competitiveness and attractiveness of the individual life risk product range both from a product and pricing perspective.
• Delivering efficient and consistent service and support to all internal and external clients, hence ensuring a quality interaction and relationship with all stakeholders.
• Collaboration with all the other relevant stakeholders (internal and external) such as valuations, claims, underwriting, reinsurance partners etc.
• Understanding and using actuarial models both in terms of the regulatory and commercial environment.
• Contributing towards projects, initiatives, queries and team initiatives.
• Living the MM values namely Accountability, Diversity, Excellence, Integrity, Innovation and Teamwork.
• Investigating, proposing and obtaining approval for the proposed product range changes;
• Driving and controlling successful implementation of product suite initiatives through to delivery including:
- Provide useful product and market insights to the segment businesses;
- Benefit design, basis setting and pricing;
- Close liaison and input into underwriting, enrolment and claims departments;
- Setting up of all administration, systems, legal and other required processes to deliver the product to market;
- Developing a close working relationship with the key distribution channels to ensure buy in to all products initiatives;
- Providing technical input and oversight of the product specific aspects contained in Client Facing Documents e.g. the User Guide and Contract.
• Ongoing monitoring and maintenance on each of the products in the range including:
- Monitoring sales volumes and experience in order to propose corrective actions and identify opportunities;
- Special quotes and queries;
- Building relationships and interacting with other disciplines in the organisation to ensure proactive management actions are taken;
- Underwriting (including claims), Valuation and Investment management;
- Applying health insights in mortality and morbidity to improve client value as well as the profitability of Client Value Propositions.
WHAT COMPETENCIES YOU’LL REQUIRE
• Achievement orientation;
• High degree of self-motivation and can work independent of supervision
• Delivering results & Meeting Customer Expectations
• Working with people and relationship building;
• Analytical and conceptual thinking;
• Nearly qualified actuary or good progress with the actuarial exams;
• 2 to 3 year’s work experience, preferably in product development.
• Experience in the following will be advantages:
• Proficient in MS Office Packages (MS Outlook, MS Word, MS Powerpoint, MS Excel