Actuarial Specialist Partner Products

7 months ago

Johannesburg, South Africa Hollard Recruitment Full time

**Job Advert Summary**:
The primary purposes of this role are to:

- Assist with the design, development, pricing and maintenance of the Hollard Life Solutions (HLS) insurance products (life, health and simple short-term products).
- Monitor and actively manage the ongoing product profitability within Hollard’s risk appetite.
- Initiate and drive new product innovations and efficiencies.
- Support the actuarial administration and management of the in-force suite of products.
- Conduct and assist with experience investigations, including the required data-related work
- Collaborate with other team members in a professional manner in order to deliver on Hollard’s shared vision.

**Required Knowledge and Experience**:

- At least 5 years of experience in financial services with at least 2 years exposure to life insurance.
- Experience in short-term insurance and/or health insurance would be beneficial.
- Experience with cell captives would be an advantage.
- High attention to detail and accuracy
- Analytical skills and technically strong, balanced with strategic vision and big-picture thinking ability
- Ability to work on multiple tasks simultaneously
- Confident communication and engagement with business stakeholders
- Sound relationship building skills
- Passion for products, pricing and people
- Broad Life Insurance knowledge
- Broad understanding of insurance distribution methods and administration systems
- Strong commercial acumen and insight into insurance business
- Ability to plan, prioritise and work towards deadlines
- Ability to communicate clearly to colleagues and management, both verbally and in writing with the ability to tailor complex communication depending on the audience
- Ability / desire to challenge the status quo
- Self-starter / initiator
- Critical thinking and sound questioning of concepts or ideas
- Participate in defining and implementing the product strategy for our Partner Business to help contribute to the overall Hollard Life Solutions strategy.
- Technical pricing (assumption setting, premium calculation, pricing review and financial business projections) of new and existing products and benefits.
- Contribute towards the creation of our customer value propositions in alignment with product concepts and overall product strategy.
- Conceptualise new products and product enhancements based on input from distribution teams, clients and the marketing actuarial function.
- Redevelop products and deploy updates and enhancements based on feedback from stakeholders, ongoing assessment of the effectiveness of product delivery and the performance of the product, as measured by the agreed key performance indicators.
- Identify potential risks associated with benefits and customer segments as well as opportunities to mitigate or avoid.
- Engage with and build & manage relationships with key business stakeholders.
- Define and/or review benefit and technical specifications for new product developments and enhancements to existing products.
- Develop detailed specifications defining product and process designs.
- Develop and draft policy clauses and policy wording in conjunction with Legal function.
- Design and draft customer communications per touch point as well as supporting rules, with assistance from Customer Communications Specialist.
- Provide input to operational and administrative functions with the development of product processes and rules and integrate their feedback and suggestions into the product development process.
- Assist Project Management and IT functions with the systems implementation of all product elements and processes and the testing thereof.
- Provide input to Sales and Marketing functions with the development of sales scripts and marketing material where necessary.
- Ensure alignment of new and existing products to legislation, industry guidelines or codes.
- Monitor ongoing performance of products and assess whether product development objectives are being met.
- Ad-hoc projects and investigations in support of business enablement.
- Monitor the competitive positioning of products and benefits relative to the market by features, simplicity, price and ease of business.
- Provide product support to other internal departments such Operations and Distribution.
- Provide technical benefit support on public relations articles.
- Manage policy queries and provide input into escalated claims.

**Educational Requirements**:

- 3-year degree in actuarial science.
- Minimum of Associate Membership of the Actuarial Society of South Africa (AMASSA) or similar qualification of another professional actuarial society.

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