Actuarial Product Specialist

4 weeks ago

Cape Town, South Africa Momentum Corporate Full time

**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.

**Role Purpose**

**This role is based in Cape Town/Sandton**

**Requirements**:

- Actuarial Science degree preferred but not critical;
At least 2 (two) years working experience preferred;
- Experience with RiskAgility FM preferred;
- Knowledge of discretionary participation (smoothed bonus & conventional with profit products) and/or structured solutions preferred but not critical;

**Duties & Responsibilities**

Incumbent will be part of the ‘Structured Solutions’ team, and will be co-responsible for the following:

- Ongoing management of discretionary participation and/or structured solutions, including but not limited to the oversight, system extraction, evaluation and projection of assets and liabilities;
- In close collaboration with Product Specialist Leader and segment/channel, plan for and take joint accountability for the development and implementation of discretionary participation and/or structured solutions in response to the segments’ strategies and the market needs;
- Recommendation of interim and final bonus rates (split between vested and non-vested where applicable) for smoothed bonus business at least half yearly;
- Recommendation of reversionary and/or terminal bonus rates for conventional with-profit business at least half yearly;
- Managing the implementation of statutory and contractual requirements for discretionary participation and/or structured solutions;
- Developing discretionary participation and/or structured solutions through conducting solution research, stakeholder engagement, compiling detailed product specifications and product approval documentation to ensure the achievement of MMH strategic objectives;
- Reviewing and proposing changes to discretionary participation business management actions;
- Building or updating appropriate models in order to quantify financial impacts appropriately;
- Reviewing and proposing changes to the segment Principles and Practices of Financial Management (PPFM);
- Continually evaluating discretionary participation and/or structured solutions to identify improvements in the solutions or the way in which they are managed, and to ensure they are still relevant;
- Ensuring proper system implementation of newly developed or revamped discretionary participation and/or structured solutions;
- Mitigating financial, legal, reputational and other pertinent business risks by ensuring administration systems are continuously rigorously tested for adherence to contractual obligations;
- Mitigating operational risks by reviewing and optimising processes;
- Ensuring asset and liability administration platforms adhere to product specifications, process documentation, contracts and the PPFM (where applicable);
- Calculating market value adjustments to be provided to external and/or internal stakeholders on an ongoing basis;
- Reviewing legal documentation (for example, client contracts, counterparty agreements, etc.);
- Actuarial and performance reporting for discretionary participation and/or structured solutions;
- Establishing and maintaining strong relationships with various internal and external stakeholders and assisting them in analysing, supplying and translating information on discretionary participation and/or structured solutions;
- Undertaking ad-hoc actuarial tasks including the resolution of technical queries; and
- Offering specialized assistance on projects.

**Competencies**
- Ability to work accurately under pressure;
- High attention to detail and quality orientation;
- Strong analytical and problem solving skills;
- Good written and verbal communication skills;
- Good time management skills; and
- Ability to work in a team as well as independently.

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