Actuarial Pricing Specialist

2 months ago

Johannesburg, Gauteng, South Africa Innovation Group Full time
Job Description

Actuarial Pricing Specialist

We are seeking an experienced Actuarial Pricing Specialist to join our team at Innovation Group. As an Actuarial Pricing Specialist, you will play a critical role in developing and maintaining pricing models, analyzing product pricing and profitability, and providing strategic recommendations to drive business growth.

Key Responsibilities
  • Pricing Strategy Development: Determine pricing for regulated and non-regulated products, ensuring they are accurate, competitive, and profitable.
  • Pricing Model Development: Develop, maintain, and update pricing methodology and pricing models for different types of channels, clients, and products.
  • Profitability Analysis: Analyze the cause of loss ratio and other relevant factors to provide recommendations and assumptions for pricing models.
  • Product Profitability Tracking: Continuously track product and client profitability, understanding all levers of profitability and executing accordingly.
  • Business Strategy Formulation: Develop and implement new pricing methodology and concepts in response to market changes.
  • Customer Service Culture: Understand the overall business and drive customer service culture within the organization.
  • Deliverables and Measurements: Meet agreed-upon deliverables and personal measurements.
  • Customer Experience: Adhere to the Customer Experience (Internal and External).
  • Insights and Strategies: Provide insights on sales, retentions, and strategies to improve customer products.
  • National Insurance Repository and Pricing Expenses: Develop actionable plans to drive up National Insurance Repository (NIR) and reduce direct and transfer pricing expenses.
  • Market Share Growth: Ensure continuous analysis and understanding of Innovation Group's value proposition relative to the competition and enhance the product to drive market share growth.
  • Collaboration and Communication: Work with the Sales team, Customer Value Management team, Channel Development team, Marketing team, and Analytics team to drive appropriate actions.
  • Data Analytics and Recommendations: Present data analytics and provide recommendations to corporate and management.
  • Governance and Controls: Adhere to Pricing Governance Framework, including processes and required sign-off.
  • Culture of Ownership and Accountability: Create a culture of ownership and accountability throughout the organization in support of our company values.
  • Learning and Development: Ensure Learning and Development plans are in place and measured.
  • Cross-Skilling and Legislation: Cross-skill in terms of other positions within the team and keep up to date with legislation and regulatory requirements.
  • Workforce Planning: Create effective workforce plans to ensure current and future business requirements can be met.
What We Offer
  • Permanent Contract
  • Competitive Salary
  • Access to Medical Aid and Provident Fund
  • Continuous Learning and Training
  • Hybrid Working Opportunities

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