Actuarial Product Specialist

2 weeks ago

Cape Town, South Africa Affirmative Portfolios Full time

**Insurance**
**Cape Town**
***:
**ACTUARIAL PRODUCT SPECIALIST - AFRICA (Cape Town)**

**INTRODUCTION**

The incumbent will play a key role in the Mmerge Product Development team servicing the Africa Segment at the Bellville office.

**ROLE PURPOSE**

The purpose of this role is to perform actuarial product development tasks as well as product and risk management of all retail risk, annuities and savings products for a number of African subsidiaries.

The incumbent will form part of the team responsible for:

- Product design,
- Setting the risk management framework,
- Product pricing, and
- Maintaining existing products
- Ensuring that product remain competitive, relevant and meets profitability targets

**THE WORK YOU NEED TO DELIVER**
- Contributing to the delivery of innovative, value-for-money products to the market through the development, pricing and design of new products.
- Ensuring ongoing competitiveness and attractiveness of the individual life risk product range both from a product and pricing perspective.
- Delivering efficient and consistent service and support to all internal and external clients, hence ensuring a quality interaction and relationship with all stakeholders.
- Collaboration with all the other relevant stakeholders (internal and external) such as valuations, claims, underwriting, reinsurance partners etc.
- Understanding and using actuarial models both in terms of the regulatory and commercial environment.
- Contributing towards projects, initiatives, queries and team initiatives.
- Living the values namely Accountability, Diversity, Excellence, Integrity, Innovation and Teamwork.
- Investigating, proposing and obtaining approval for the proposed product range changes;
- Driving and controlling successful implementation of product suite initiatives through to delivery including:

- Provide useful product and market insights to the segment businesses;
- Benefit design, basis setting and pricing;
- Close liaison and input into underwriting, enrolment and claims departments;
- Setting up of all administration, systems, legal and other required processes to deliver the product to market;
- Developing a close working relationship with the key distribution channels to ensure buy in to all products initiatives;
- Providing technical input and oversight of the product specific aspects contained in Client Facing Documents e.g. the User Guide and Contract.
- Ongoing monitoring and maintenance on each of the products in the range including:

- Monitoring sales volumes and experience in order to propose corrective actions and identify opportunities;
- Special quotes and queries;
- Building relationships and interacting with other disciplines in the organisation to ensure proactive management actions are taken;
- Underwriting (including claims), Valuation and Investment management;

**WHAT COMPETENCIES YOU’LL REQUIRE**
- Achievement orientation;
- High degree of self-motivation and can work independent of supervision
- Delivering results & Meeting Customer Expectations
- Working with people and relationship building;
- Analytical and conceptual thinking;
- Proactive
- Nearly qualified actuary or good progress with the actuarial exams;
- Two to Three year’s work experience, preferably in product development.
- Experience in the following will be advantages:

- Moses;
- Prophet;
- SQL;
- VBA
- Proficient in MS Office Packages (MS Outlook, MS Word, MS Powerpoint, MS Excel)

**LOCATION**

The position is based at our Cape Town offices in Bellville.

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