Product Actuary

2 weeks ago

Bellville, South Africa MMI Holdings Full time

-Introduction

Through our client-facing brands Metropolitan and Momentum, with Multiply (wellness and rewards programme), and our other specialist brands, including Guardrisk and Eris Property Group, the group enables business and people from all walks of life to achieve their financial goals and life aspirations.
Role Purpose

Momentum Corporate: Income Solutions is a leading provider of annuity products to both the Retail and Corporate market segments. In this exciting opportunity you can be part of the team that secured and implemented the largest with-profit annuity outsource in South Africa.

This is a unique and valuable opportunity to be actively involved in the full value chain of the annuity products. It is a high-profile role, which will require regular engagement with senior stakeholders of the business.
Requirements
- Qualified or nearly qualified Actuary.
- Minimum of 4-6 years’ experience in an actuarial environment.
- 2 - 3 Years' management experience.
- Good knowledge and sufficient work experience (at least 3 years) with annuity products.
- Knowledge of mortality experience investigations.
- Good Excel skills are critical, including sufficient knowledge of VBA.
- SQL and Python knowledge (intermediate) will be beneficial.
Duties & Responsibilities

Product Development:

- Lead the development and maintenance of a comprehensive range of annuity products.
- Active participation in the product development forum.
- Produce product related research.
- Regular analysis of competitor products and the market environment.
- Designing bespoke annuity solutions for clients with complex needs.
- Ensure that the products are developed within MMH’s governance framework.

New Business:

- Produce and/or check annuity quotations.
- Implementation of new business (especially large, complex deals).
- Reviewing policy contracts and endorsements.
- Assist distribution teams in acquiring new business, including product support and assisting with client presentations.

Product Management:

- Produce and/or check regular valuations for specific annuity clients.
- Attending to client queries and assisting with client feedback sessions.
- Producing annual experience investigations to ensure the use of appropriate pricing assumptions.
- Regular reviews of the annuity pricing basis.
- Regular reviews of annuity profitability (VNB).
- Development and maintenance of appropriate annuity pricing models, to evaluate the risks and enable pricing
- Perform regular product reviews to monitor and maintain the ongoing viability of existing products to ensure that they are still profitable, appropriately costed, competitive, marketable, and meet client needs in order to either improve the product or the way in which it is managed.
- Identify and mitigate risk associated with the existing products by assessing the product features.

General responsibilities:

- Collaborate with key stakeholder teams including Balance Sheet Management, Corporate Actuarial, Technical marketing, Distribution, Implementations and Administration, to maintain and increase the profitability of the Income Solutions business.
- Represent the Income Solutions Team in various project committees/working groups as required.
- Presentation to several committees such as the Asset and Liability Committee, the Product Management Committee, the Fair Practices Committee and the Actuarial Committee.
- Provide product support to client-facing and administration teams.
- Assist with ensuring compliance with the relevant legislation and regulations.
- Identify solutions to enhance cost effectiveness and increase operational efficiency of the business.
- Contribute to related processes to continuously grow the target market and influence client experience.
- Influence new business, marketing and communication processes incorporating product development, and client experience to improve the understanding and acceptance of product solutions in the market.

People
- Create a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity.
- Demonstrate exemplary leadership behaviour, through personal involvement, guidance, commitment and dedication in support of organisational values.
- Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness.
- Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members.
- Identify employee growth and development needs and schedule interventions to enable ongoing development, training and personal growth.
- Effectively manage performance within the team in order to ensure business objectives are achieved.
- Encourage innovation, change agility and collaboration within the team.
Competencies
- Business Acumen and Strategic Thinker.
- Customer/ Stakeholder Commitment.
- Drive for Results.
- Leads Change

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