Job Description
About the Role
Our client in the long term insurance sector is seeking a Specialist in Product Development to assist in developing and pricing of new products, and monitor and maintain the profitability of new and existing products. The ideal candidate will have strong analytical skills, experience in product development and pricing, and a deep understanding of the insurance industry.
Key Responsibilities
- Assist in developing and pricing products & System design (Individual Life, Direct Marketing and Group Schemes)
- Research of new market developments and generation of new product ideas
- Competitor analysis and feedback from sales staff are used to indicate areas where product development is required
- Check compatibility with business ethics
- Assist in the finalization of recommendations to the Life Actuarial Committee
- Perform pricing for target profitability and expense recoupment and assist in the obtaining of Actuarial Certificate from Statutory Actuary.
- Prophet work done with Actuarial Valuations department.
- Ensure final pricing and product offering will be market competitive (TCF)
- Assist with operational matters around product rollouts application forms, quote package and administration system readiness
- Collaborate with other departments (like Client Services, Underwriting and Client Services) to improve systems and processes
- Maintain open relationship and interaction with the sales field
- Develop sales aids, marketing concepts and presentations to support sales
- Price group funeral cover
Requirements
- B Degree Actuarial Sciences
- Passed the A-level subjects
- Close to qualification
- Prophet experience – Technical Certification
- 3 to 5 years in long-term insurance
- Product development and pricing
Qualifications
- B Degree Actuarial Sciences
Salary & Benefits
R70 000 (neg)
How to Apply
Click the green “Go Apply” button below to apply directly online with the employer.
About Other Insurance Jobs in Gauteng
The Other Insurance (OI) industry is a significant sector in Gauteng, South Africa, offering a range of career opportunities for professionals with the right skills and experience. Typically, OI roles are in demand across various industries, including financial services, technology, and manufacturing, as companies seek to manage and mitigate risks associated with their operations.
Generally, OI specialists in Gauteng can expect salaries that vary widely depending on factors such as level of experience, company size, and industry sector. While broad salary ranges cannot be provided due to the variable nature of these factors, it is common for experienced OI professionals to earn between R600 000 and R1 200 000 per annum, while entry-level roles may start at around R300 000 to R500 000 per annum. However, salaries can fluctuate depending on individual circumstances.
Common skills required for OI roles in Gauteng include expertise in financial management, risk analysis, data interpretation, communication, and project management. Other essential skills often include proficiency in insurance software, analytical thinking, problem-solving, and the ability to work under pressure. Many OI professionals also hold relevant certifications or degrees in fields such as actuarial science, business administration, or economics.
The financial services sector is a significant employer of OI professionals in Gauteng, with other industries such as technology and manufacturing also commonly hiring for these roles. Other sectors that may employ OI specialists include healthcare, construction, and logistics. In terms of career development, many OI professionals in Gauteng progress to senior roles within their current organisations or move into related fields such as risk management, auditing, or claims handling.
For those seeking a career in OI, it is essential to develop a broad range of skills and experience, often through formal education and training. Many OI professionals in Gauteng have pursued certifications such as the Fellow of the Institute of Actuaries (FIA) or the Chartered Insurance Practitioner (CIP). Building strong relationships with clients, colleagues, and stakeholders is also crucial for success in this field.
This information provides general career guidance. Actual salaries and requirements vary by employer.
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