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Pricing: Actuarial Pricing Specialist

1 month ago

Sandton, South Africa Innovation Group Full time
Vacancy Name
Pricing: Actuarial Pricing Specialist

Location City
Sandton

Contract Type
Permanent

Employment Type
Full-Time

Description
To develop and maintain pricing models and construct and review Product Pricing, Revenues, Costs and overall competitiveness and profitability,

To project plan product concepts, analyze and interpret data and provide recommendations on product offerings, pricing design and construction.

Predicative analytics and data or market insights is also a requirement

Key Responsibilities
BSc (Actuarial Mathematics) / BSc (Actuarial Science) or similar degree and registered with a recognized actuarial institute. Core Principles: CT1-CT9/A100's ; A200's and A401/CM1-2 ; CB1-3 ; CS1-2
Completed at least two Core Practice Modules CA1/(A301), and/or one Specialist Principles examination preferable F103/ST3 General Insurance or ST8/SP8 General Insurance Pricing
A minimum of 3 years pricing experience
Pricing experience in the short term Insurance Industry or automotive value add products will be an advantage

Determine pricing for regulated and non-regulated products and ensure they are accurate, competitive and profitable.
Develop, Maintain and Update pricing methodology and pricing models for different type of channels, clients and products and their respective scenarios
Analyse the cause of loss ratio and other relevant factors to be able to provide recommendations and assumptions for pricing models.
Continuously track product and client profitability and detailed tracking of the revenue and costs by understanding of all the levers of profitability and executing appropriately to pull these levers.
Strategy formulation and execution including Implementing new pricing methodology and concepts in response to the change in market
Finance
Determine pricing for regulated and non-regulated products and ensure they are accurate, competitive, and profitable.
Develop, Maintain and Update pricing methodology and pricing models for different type of channels, clients and products and their respective scenarios.
Analyse the cause of loss ratio and other relevant factors to be able to provide recommendations and assumptions for pricing models.
Continuously track product and client profitability and detailed tracking of the revenue and costs by understanding of all the levers of profitability and executing appropriately to pull these levers.
Strategy formulation and execution including Implementing new pricing methodology and concepts in response to the change in market
Customer
Understand the overall business and drive customer service culture within the organization.
Meeting deliverables agreed in SLA or personal measurements.
Adhering to the Customer Experience (Internal and External)
Provide insights on sales, retentions and strategies to improve customer products.
Communicate, liaise and negotiate internally and externally using appropriate methods to facilitate the development of profitable business and sustainable relationships.
Governance and Risk
Develop actionable plans to drive up National Insurance Repository (NIR) and to reduce direct and transfer pricing expenses by understanding transactional behavior and driving changes in this base to reduce channel costs.
Ensure continuous analysis/understanding of Innovation Group value proposition (pricing, rewards, product features) relative to the competition and enhancing the product to drive market share growth through tacking market share and developing actionable plans to reach our market share targets and continuous tracking and optimization of product sales across channels.
Work with the Sales team, the Customer Value Management team, the Channel Development team, Marketing team and the Analytics team to drive appropriate actions.
Present data analytics and provide recommendations to corporate and management.
Governance & Controls: Adhere to Pricing Governance Framework, including processes and required sign-off. Forums that will ensure principles are monitored.
Ad hoc Projects to be embarked upon as and when required
People
Create a culture of ownership and accountability throughout the organization in support of our company values.
Have confidence, ownership and accountability for work product and work submissions.
Ensuring Learning and Development plans are in place and are measured.
Cross skilling in terms of other positions within the team
Keeping up to date with legislation and regulatory requirements
Oversee the applicable activities within pricing team to ensure effective delivery of business outcomes.
Create effective workforce plans to ensure that current and future business requirements can be met.
When required, adhere to performance management

Benefits

Applications Close Date
04 Jun 2024

Visa - Right To Work

Target Start Date
1/8/2024

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