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Senior Actuarial Pricing Specialist
3 months ago
**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.
**Location**:
This role is available based at our offices in Cape Town or Centurion.
**Role Purpose**
The purpose of the role is to conduct experience analyses, set new pricing bases, maintain, and develop our pricing tools and general statistical modelling in the group insurance environment of Momentum Corporate. In addition manage the actuarial aspects of the reinsurance arrangements of Momentum Corporate.
**Requirements**:
- Excellent proficiency in VBA, R, SQL
- Qualified Actuary (preferred) or Senior Actuarial Specialist (must have passed F102)
- minimum of 4 years' work experience with exposure and background in experience analyses and basis reviews
**Duties & Responsibilities**
**INTERNAL PROCESS**
- Develop new insurance pricing bases for key products using relevant data, detailed statistical techniques and modelling software such as R
- Presenting new pricing bases or updated bases to statutory actuaries in order to obtain statutory approval of bases
- Monitoring the on-going appropriateness of the insurance pricing bases for Group Insurance that ensures business is written on a competitive basis but also a financially sound basis
- Use software packages such as Excel, SQL and R to manage and interpret data
- Ensure business written adds to the value of new business and embedded value by pricing appropriately, monitoring experience and updating existing assumptions and margins
- Develop and maintain appropriate system infrastructure in order to support all aspects of the pricing basis
- Develop, monitor and improve innovative actuarial pricing methodologies and tools used by risk pricing analysts
- Provide support to the risk pricing analysts on the developed tools, as well as non-standard pricing requests
- Work closely with Product Development to determine the feasibility and pricing impact of new products and product enhancements
- Ensure effective use of risk management techniques for Group Insurance, with a particular focus on the use of reinsurance
- Assist in managing all reinsurance aspects and arrangements for Group Insurance
- Assist with the annual bulk review of the FundsAtWork risk book. This will include calculating theoretical risk rates and collaborating with various stakeholders to develop the best strategy to implement the rates in an actuarially sound and client centric manner
- Work closely with Corporate Actuarial to ensure alignment to the reserving and profit recognition basis
- Ensure compliance with Group Insurance governance, relevant legislation and risk mitigation strategies
- Fundamental rethinking and redesign of business processes to obtain sustained improvement in quality, cost, service, turnaround time, flexibility and innovation
- Partner and collaborate with other analytical teams across the organisation to encourage a useful exchange of information.
**CLIENT**
- Ensure effective relationships and SLA management with internal and external stakeholders.
- Contribute to a service culture which builds rewarding relationships, proposes innovations and allows others to provide exceptional client service.
- Provide a professional Actuarial advisory service.
- Participate in MMH wide practice forums to influence pricing and risk awareness and brand loyalty.
**PEOPLE**
- Develop and maintain productive and collaborative working relationships with peers and stakeholders
- Positively influence and participate in change initiatives
- Continuously develop own expertise in terms of professional, industry and legislation knowledge
- Contribute to continuous innovation through the development, sharing and implementation of new ideas
- Take ownership for driving career development
**FINANCE**
- Contribute to the financial planning process within area
- Identify opportunities to enhance cost effectiveness and increase operational efficiency
- Manage financial and other company resources under your control with due respect
- Provide input into the risk identification processes and communicate recommendations in the appropriate forum
**Competencies**
- Ability to work accurately under pressure
- High attention to detail and quality orientation
- Proactively solve business and financial modelling problems
- Strong analytical and problem - solving skills
- Good written and verbal communication skills
- Good time management skills
- Ability to work in a team as well as independently
- Self-starter able to show initiative and look for ways to improve existing processes