Actuarial Pricing Specialist

3 weeks ago

Johannesburg, South Africa Sanlam Full time

Who are we?
Sanlam Developing Markets [SDM] (a wholly-owned subsidiary of Sanlam Life Limited) is one of the top financial services providers in the South African entry-level and emerging middle market. It aims to understand the unique requirements of clients and offers a wide range of simple and affordable financial solutions that cover needs such as funeral insurance, savings for education, life cover and personal accident plans. In terms of the Sanlam Group Governance Policy, SDM is managed by the SA Retail Mass cluster, which is part of the Sanlam Life and Savings cluster within the Sanlam Group. The cluster focusses on retail products, as well as group schemes. What will you do?

Assist the Actuarial Manager and Risk & Underwriting Executive on all product development and pricing functions. This role will entail mainly a pricing focus, with some exposure to product development and the group business in general.
Manage monthly, quarterly, semi-annual and deliverables for both internal and external stakeholders. These will include profitability reports, scheme and membership stats of the Group Benefits.
Provide technical assistance to the Group Benefits distribution and administration functions.
Designing new products and solutions and support product development initiatives including the design and pricing of insurance products and maintenance of existing products.
Pricing of new group schemes and reviewing of existing group schemes based on claims experience.
Compilation of product specifications and benefit design, premium rating, profit testing, product technical specifications and in some cases participate in the finalisation of documentation per product offering.
Monthly reporting on profitability, scheme renewals and quotations, highlighting any risks.
Review of pricing bases with the group business.
Design, amend and implement tools and pricing models to support the pricing functions within the business.
Ensure all products and schemes are TCF compliant.
Adhoc investigations
Research on industry and population mortality rates and product features available in the industry.

Qualification & experience

Actuarial Degree
Actuarial student, with a minimum of 6 actuarial exams.
Minimum of 2 years’ experience at a Life Insurance company.
Previous pricing experience will be advantageous

What will make you successful in this role?

Proficiency in Microsoft Office

Personal qualities

Adhere to the Sanlam values and processes.
Good people skills
Accountability
Accuracy and attention to detail
Prioritisation skills and ability to commit to deadlines
Good planning and organising skills
Analysis / Problem-solving skills
Sound judgement and ability to make decisions on incomplete information.
Good written and verbal communication skills
Ability to manage the expectations of internal and external parties
Ability to work independently and within a team Build a successful career with us
We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future - your career, your personal development and of achieving great things. We pride ourselves in helping our employees to realise their worth. Through its four business clusters - Sanlam Life and Savings, Sanlam Investment Group, Sanlam Emerging Markets, Santam, as well as MiWay and the Group Office - the group provides many opportunities for growth and development. Core Competencies Cultivates innovation - Contributing independently Customer focus - Contributing independently Drives results - Contributing independently Collaborates - Contributing independently Being resilient - Contributing independently Turnaround time
The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.

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