Actuarial Specialist

2 months ago

Bellville, South Africa Momentum Life 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.
We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members. Through our own network of advisers or via independent brokers and utilising new platforms Momentum Metropolitan provides practical financial solutions for people, communities and businesses.

**Role Purpose**

This role forms part of a team that includes experienced actuarial product specialists. The position will be to assist with actuarial product management tasks as an Actuarial Specialist in Momentum Life Retail Product Management team in Cape Town.

**Requirements**:

- An Actuarial / Bachelor's Degree with mathematics or statistics as majors.
- Experience in product management, product development and/or product pricing in the individual life insurance industry would be an advantage.
- Knowledge of insurance products, contracts and relevant industry legislation and agreements.
- Sound numerical skills and computer literacy is essential especially in the use of MS Excel and MS Word.
- Skills/experience in data management and extraction would be an advantage.

**Duties & Responsibilities**
- The product management of Momentum Life Retail by adequately balancing the objectives of the different stakeholders.
- Profitability management of existing products.
- Implementation of changes to align with legislation.
- Identify system errors, propose the most appropriate way to fix these and ensure the successful implementation.
- Ensure that clients are treated fairly through product design, communication and advice, and address any areas on the in-force book where improvement in this respect is required.
- Extraction of maximum value on products through reinsurance optimisation and other initiatives.
- Play a role in the consolidation of products which will involve the following:

- Rationalisation of the existing product range and providing the necessary specifications.
- Planning and implementation of the migration of business from one system platform to another.
- Analyse system data, specification and create output files and reports as required by the business in respect of the consolidation and migration of the product ranges.
- (Co-)create the appropriate product enhancements/changes to be made on legacy solutions together with other product specialists and segment managers.
- Documenting and reviewing all existing product bases.
- Propose the appropriate enhancements/changes to existing products and benefits.
- Monitor the experience of important actuarial basis items (e.g. mortality, lapses, etc.) and propose and/or implement rectifying actions where appropriate.
- Positively influence and participate in change initiatives.
- Continuously develop own expertise in terms of professional, industry and legislative knowledge in order to propose the most relevant and innovative client solutions and comply with governance requirements.
- Contribute to continuous innovation through the development, sharing and implementation of new ideas.
- Providing the business requirements and supporting the implementation of:

- Improving client value through the levers that drive it.
- Legal and compliance requirements.
- Product, process and data improvements.
- Produce special quotations for new and existing Metropolitan Life products.
- Test the implementation of system product changes.
- Providing support to the service areas to resolve client queries.
- Managing own performance and development.
- Ensuring effective and consistent service delivery and support to both internal and external clients in line with the Company Values and Treating Customers Fairly Principles.

**Competencies**
- Ability to examine and interpret data and provide insights.
- Strong technical expertise.
- Achievement orientation.
- Effectively manage time and ensure optimal productivity.
- Client-centric and focus on proving customer service.
- Excellent analytical and communication skills.
- Results and solution focused.
- High degree of self-motivation and the ability to work independent of supervision.
- Naturally inquisitive mind set, with a strong innovative tendency.
- Self Confidence.
- Flexibility to cope with pressure and setbacks.
- Delivering results and meeting expectations.

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