Head of Pricing

6 months ago

Johannesburg, South Africa Bryte Insurance Full time

Who we are

Key Tasks and Accountabilities
- Pricing of existing and potential new lines of business of Bryte’s short term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
- Manage and lead the pricing team, consisting of approximately 10 people.
- Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that Bryte meets its ongoing financial targets.
- Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
- Develop and/or co-develop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
- Overall responsibility for pricing tools used by Bryte, including contracting, budgeting, implementation, and alignment to best practices.
- Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Bryte Actuarial units and governance policies.
- Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
- Lead complex pricing assignments and projects that require high levels or integration across various business units.
- Provide actuarial support and advice to the business including insights into underlying performance.
- Create and maintain business reports to monitor the profitability and identify market opportunities.
- Support and participate in Profitability Review and Performance Assessment discussions.
- Support Reserving, Finance, market-facing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
- Assist in managing the flow and quality of data.

Business Support Specific
- Translate Income statement deviations from targets into underwriting and pricing actions.
- Play a thought leadership role in data and analytics within Bryte and help drive pricing initiatives into general underwriting processes.
- Provide price and renewal strength monitoring against targets.
- Help translate capital charges and reinsurance cost into pricing processes.
- Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
- Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.

Relationships

Internal
- Business partners
- IT and Data Management
- Underwriting
- Claims
- Finance
- Risk Management
- Sales and Distribution

External
- Consultants and software providers
- Bryte Insurance Partners
- Network of contacts within the actuarial profession
- Participation in professional/ industry groups/ working parties.

Qualifications & Experience
- Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
- Qualified FASSA designation of the Actuarial Society of South Africa or an international equivalent will be given preference.
- Minimum five years’ short term insurance pricing experience, including modelling and deployment.
- Experience of providing actuarial advice to senior management
- Underwriting and portfolio management experience with market practice acumen
- 5 or more years general management experience
- Experience in project management and past exposure to large IT development projects.

Behaviors
- Demonstrate ability to collaborate effectively across functions and influence outside of own function.
- Exhibits self-motivation and drive; takes initiative without the need for approval.
- Professional, enthusiastic, and positive attitude.
- Demonstrate a proactive mindset to help drive business and profitability initiatives.
- Able to meet deadlines and work under pressure.
- Ability to manage a team of people to achieve the required performance outcomes.

Knowledge
- Intermediate knowledge of actuarial professional guidance and relevant legislation, with exposure to pricing best practice an advantage.
- Intermediate knowledge of and awareness of economic trends, directions, major issues as they impact underwriting and pricing context, with ability to translate into action.
- Proficient product knowledge; understanding how policy wording is born out in policy response and claims handling processes. Familiarity with commercial and personal lines policy wordings an advantage.
- Proficient knowledge of the insurance industry's trends, directions, major issues, regulatory considerations, and trendsetters.
- Knowledge of IT governance as it pertains to the software development cycle, with experience in drafting specifications and testing procedures.

Technical Skills
- Proficiency in English with a preference for proficiency in at least one other la

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