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Actuarial Pricing Specialist

2 weeks ago

Johannesburg, South Africa Innovation Group Ltd. Full time

If you are a strategic thinker with a passion for actuarial science and a drive to make a significant impact, join our team as an Actuarial Pricing Specialist In this role, you will develop and maintain pricing models, analyze product pricing and profitability, plan and manage product concept projects, and leverage data and market insights to inform strategic recommendations. If you have a strong analytical mindset and experience in predictive analytics, we want to hear from you

Minimum requirements
- BSc (Actuarial Mathematics) / BSc (Actuarial Science) or similar degree and registered with a recognized actuarial institute. Core Principles: CT1-CT9/A100's; A200's and A401/CM1-2; CB1-3; CS1-2
- Completed at least two Core Practice Modules CA1/(A301), and/or one Specialist Principles examination preferable F103/ST3 General Insurance or ST8/SP8 General Insurance Pricing
- A minimum of 3 years pricing experience
- Pricing experience in the short-term Insurance Industry or automotive value add products will be an advantage

**Responsibilities**:

- Determine pricing for regulated and non-regulated products and ensure they are accurate, competitive, and profitable.
- Develop, Maintain and Update pricing methodology and pricing models for different type of channels, clients and products and their respective scenarios.
- Analyse the cause of loss ratio and other relevant factors to be able to provide recommendations and assumptions for pricing models.
- Continuously track product and client profitability and detailed tracking of the revenue and costs by understanding of all the levers of profitability and executing appropriately to pull these levers.
- Strategy formulation and execution including Implementing new pricing methodology and concepts in response to the change in market
- Understand the overall business and drive customer service culture within the organization.
- Meeting deliverables agreed in SLA or personal measurements.
- Adhering to the Customer Experience (Internal and External)
- Provide insights on sales, retentions and strategies to improve customer products.
- Develop actionable plans to drive up National Insurance Repository (NIR) and to reduce direct and transfer pricing expenses by understanding transactional behaviour and driving changes in this base to reduce channel costs.
- Ensure continuous analysis/understanding of Innovation Group value proposition (pricing, rewards, product features) relative to the competition and enhancing the product to drive market share growth through tacking market share and developing actionable plans to reach our market share targets and continuous tracking and optimization of product sales across channels.
- Work with the Sales team, the Customer Value Management team, the Channel Development team, Marketing team and the Analytics team to drive appropriate actions.
- Present data analytics and provide recommendations to corporate and management.
- Governance & Controls: Adhere to Pricing Governance Framework, including processes and required sign-off. Forums that will ensure principles are monitored.
- Create a culture of ownership and accountability throughout the organisation in support of our company values.
- Have confidence, ownership and accountability for work product and work submissions.
- Ensuring Learning and Development plans are in place and are measured.
- Cross skilling in terms of other positions within the team
- Keeping up to date with legislation and regulatory requirements
- Oversee the applicable activities within pricing team to ensure effective delivery of business outcomes.
- Create effective workforce plans to ensure that current and future business requirements can be met.
- When required, adhere to performance management

What we offer
- Permanent contract
- A competitive salary
- Access to medical aid and provident fund
- Continuous learning and training.
- Hybrid Working Opportunities