Head of Pricing

2 weeks ago

Johannesburg, Gauteng, South Africa Bryte Insurance Full time
Who we are

Key Tasks and Accountabilities

  • Pricing of existing and potential new lines of business of Bryte's short term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
  • Manage and lead the pricing team, consisting of approximately 10 people.
  • Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that Bryte meets its ongoing financial targets.
  • Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
  • Develop and/or codevelop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
  • Overall responsibility for pricing tools used by Bryte, including contracting, budgeting, implementation, and alignment to best practices.
  • Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Bryte Actuarial units and governance policies.
  • Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
  • Lead complex pricing assignments and projects that require high levels or integration across various business units.
  • Provide actuarial support and advice to the business including insights into underlying performance.
  • Create and maintain business reports to monitor the profitability and identify market opportunities.
  • Support and participate in Profitability Review and Performance Assessment discussions.
  • Support Reserving, Finance, marketfacing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
  • Assist in managing the flow and quality of data.
Business Support Specific

  • Translate Income statement deviations from targets into underwriting and pricing actions.
  • Play a thought leadership role in data and analytics within Bryte and help drive pricing initiatives into general underwriting processes.
  • Provide price and renewal strength monitoring against targets.
  • Help translate capital charges and reinsurance cost into pricing processes.
  • Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
  • Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.
Relationships

Internal

  • Business partners
  • IT and Data Management
  • Underwriting
  • Claims
  • Finance
  • Risk Management
  • Sales and Distribution
External

  • Consultants and software providers
  • Bryte Insurance Partners
  • Network of contacts within the actuarial profession
  • Participation in professional/ industry groups/ working parties.
Qualifications & Experience

  • Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
  • Qualified FASSA designation of the Actuarial Society of South Africa or an international equivalent will be given preference.
  • Minimum five years' short term insurance pricing experience, including modelling and deployment.
  • Experience of providing actuarial advice to senior management
  • Underwriting
and portfolio management experience with market practice acumen

  • 5 or more years general management experience
  • Experience in project management and past exposure to large IT development projects.
Behaviors

  • Demonstrate ability to collaborate effectively across functions and influence outside of own function.
  • Exhibits selfmotivation and drive; takes initiative without the need for approval.
  • Professional, enthusiastic, and positive attitude.
  • Demonstrate a proactive mindset to help drive business and profitability initiatives.
  • Able to meet deadlines and work under pressure.
  • Ability to manage a team of people to achieve the required performance outcomes.
Knowledge

  • Intermediate knowledge of actuarial professional guidance and relevant legislation, with exposure to pricing best practice an advantage.
  • Intermediate knowledge of and awareness of economic trends, directions, major issues as they impact underwriting and pricing context, with ability to translate into action.
  • Proficient product knowledge; understanding how policy wording is born out in policy response and claims handling processes. Familiarity with commercial and personal lines policy wordings an advantage.
  • Proficient knowledge of the insurance industry's trends, directions, major issues, regulatory considerations, and trendsetters.
  • Knowledge of IT governance as it pertains to the software development cycle, with experience in drafting specifications and testing procedures.
Technical Skills

  • Proficiency in English with a preference for proficiency in at least one other la

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