Head of Product Development

2 months ago

Johannesburg, South Africa Specd Full time

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 companyâs 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 monthâs reports.
QUALIFICATIONS, SKILLS, AND EXPERIENCE:
1.  Qualification Requirements:
  • NQF Level 7: Bachelorâs degree â Actuarial Science.
  • Qualified Actuary.
  • Member of Actuarial Society /Institute of Actuaries.
2.  Minimum Experience:
  • Minimum 8 yearsâ experience in an insurance regulatory environment.
  • Minimum 5 yearsâ 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.


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