Head of Product Development

5 months ago

Johannesburg, South Africa SPECD (Pty) Ltd Full time

Gauteng, JHB - Northern Suburbs
- Monthly Basic Salary (Market related, Negotiable)

**We're currently seeking a highly qualified individual to fill the role of HEAD OF PRODUCT DEVELOPMENT & PRICING at a prominent insurance company, specializing in a range of insurance products for employees spanning various industries, including COID cover, occupational injuries cover, funeral cover, and more.**

**Reporting to the Executive Actuary, the Head of Actuarial will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business.**

**The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the company’s Life business.**

**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.
- 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.
- 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 company’s 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 submiss

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