| Date | 2024-11-05 |
|---|---|
| Job Title | Head Of Product Development & Pricing |
| Employer | SPECD (Pty) Ltd More Information |
| Salary | 0 |
| Category | Insurance And Investments |
| Location |
Gauteng / Gauteng |
Job Summary
JOB DESCRIPTION
Job Title: Head – Product Development & Pricing
Work Location: Parktown, Johannesburg
Employment Type: Permanent, On-site
DUTIES AND RESPONSIBILITIES:
1. Product Design and Development:
- Support and participate in the execution of the Life product strategy in an agile manner.
- Understand the business needs and related gaps to inform the design of product solutions.
- Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design.
- Partner with various business stakeholders (including Sales and Distribution and the CEO of the company Life group) to design innovative products that consider the end-to-end customer journey and policy lifecycle.
- Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk, and IT.
- Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution.
- Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities.
- Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk, and pricing analysis, producing product approval presentation, and support product filing and implementation.
- Analyse product profitability and recommend product design changes where necessary.
- Continually review, identify, and promote best practices and opportunities for improvement to the products.
- Assume overall responsibility for each product project.
2. Data Analysis and Reporting:
- Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections.
- Analyse data to identify trends and key insights.
- Develop and report on key performance and experience monitoring metrics.
- Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified.
- Produce regular and ad-hoc reports and presentations as required.
- Compile reports and presentations for the Exco, Board and Actuarial Committee.
3. Legal and compliance:
- Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures.
- Prepare or review product specifications and actuarial reports.
4. Oversee the provision of actuarial business support:
- Support the group Life business as a member of the divisional exco team.
- Oversee the application of ORSA methodology and SAM processes and procedures.
- Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS)
- Plan and budget actuarial matters and maintain a timetable of submission (financial projections).
- Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.
- Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).
- Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.
- Monitor experience (reserving and pricing).
- Prepare actuarial specific areas in all the Group regulatory returns.
- Monthly, Quarterly, Annual.
- ORSA and SAM reporting.
5. Staff management and monthly reporting:
- Manage, supervise and training of staff.
- Manage relationships within the company and stakeholders e.g. Statutory Actuary.
- Lead and motivate a team to achieve targets.
- Monthly reporting of the Key Performance indications for the actuarial reporting function.
- Monthly report to FM on status of accounts and returns for EXCO submission.
- Effective reporting and assessment of problem areas.
6. Regulatory compliance:
- Ensure that all work is performed in terms of required standard and regulation.
- Ensure that companys position is translated into standards by assessing gaps in methodology, assumptions and overall products and aligns to the standards and norms of the company).
- Ensure that all company policies and procedures are adhered to.
- Ensure timely submission of various periodical reports, highlights of the previous months reports.
QUALIFICATIONS, SKILLS, AND EXPERIENCE:
1. Qualification
Requirements:
- NQF Level 7: Bachelors degree Actuarial Science.
- Qualified Actuary.
- Member of Actuarial Society /Institute of Actuaries.
2. Minimum Experience:
- Minimum 8 years experience in an insurance regulatory environment.
- Minimum 5 years experience within actuarial environment, with specific experience related to life insurance pricing and product.
- Proven experience in pricing and product management and strategy development.
- Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).
3. Required Competencies and Skills:
- Objectivity.
- Attention to detail.
- Knowledge/Information Management.
- Financial acumen.
- Interpersonal awareness / empathy.
- Judgement and Decision-making.
- Leading and supervising.
- Managing performance (goal/target setting).
- Motivating People (includes Creating and Selling the Vision).
- Analytical thinking.
PACKAGE & REMUNERATION:
- Will be agreed based on qualifications, applicable experience, and previous earnings.
Head Of Product Development & Pricing position available in Gauteng, Gauteng. This job position was posted by SPECD (Pty) Ltd. The job has been posted as a char8000 ad on 2024-11-05 at 01:07:57 in the Insurance And Investments category
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