Pretoria: Specialist: Product Development posted by AtripleA recruitment & temps

Job Overview

Our client in the long term insurance sector is seeking a Specialist in Product Development to assist in the development and pricing of new products, as well as monitor and maintain the profitability of existing products.

Key Responsibilities

• Assist in developing and pricing products:

• 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

• Research product feasibility including administration requirements

• 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

• Monitoring of in-force business:

• Monitor and analyse in-force data

• Perform experience analysis based on report received from reinsurers and valuations department to confirm lapse assumptions and mortality/morbidity assumptions

• Develop amendment bases for changes to in-force business

• Monitor and maintain value of in-force business

• Contribute to the assessment of performance of group schemes and recommend actions when needed

• Report to management

• Maintenance of reinsurance treaties:

• Research risk rates and reinsurance terms available in the market – including the use of financial reinsurance

• Oversee that data and information are provided to reinsurers for special projects

• Maintain relationship with current and potential future reinsurers

• Contribute to ensure that optimal levels of reinsurance are in place

• Provide professional input & support to the Group:

• Answer client queries of a technical nature that was escalated by staff members

• Attend to ombudsman queries of a technical nature

• Assist with amendments to policies where support is required

• Answer values and product related queries from other departments

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