Actuarial Pricing Specialist

2 weeks ago

Pretoria, South Africa The Recruitment Council Full time

Job Title:
Actuarial Pricing Specialist
Position Type:
Permanent
Location:
Centurion, Gauteng, South Africa (Hybrid/Remote option available)
Role Overview:
The
Actuarial Pricing Specialist
will play a critical role in pricing and managing risk for new and existing business within the
Short-Term Insurance
sector. This individual will be responsible for developing, implementing, and maintaining market-leading pricing models that ensure profitability and sustainability. The role requires expertise in actuarial pricing, advanced data analysis, and the ability to make data-driven decisions in a high-pressure, deadline-driven environment.
Key Responsibilities:
Develop and Implement Pricing Models:
Design, develop, and maintain pricing models for Short-Term Insurance products. Continuously improve these models to reflect market trends, risk factors, and business objectives.
Enhance Data and Rating Strategies:
Identify opportunities to enhance data collection methods, rating structures, and analytics processes to inform and optimize pricing decisions.
Monitor Model Performance:
Regularly review pricing models to track their performance against actual outcomes, identifying weaknesses and making necessary adjustments to improve model accuracy and effectiveness.
Develop Pricing Strategies:
Lead the development and implementation of pricing strategies for both new and existing products. Ensure these strategies support growth and profitability goals for the business.
Support Product Development:
Work closely with cross-functional teams to support the development of innovative products, providing actuarial insights that drive product success.
Governance and Compliance:
Ensure that all pricing models comply with internal governance and external regulatory standards. Implement proper procedures for pricing deployment and ongoing monitoring.
Data Analytics and Reporting:
Utilize advanced data analytics to support business decisions, and provide clear, actionable insights for senior leadership and other stakeholders.
Collaboration:
Collaborate with various business units, including underwriting, claims, and product development, to ensure pricing models align with overall business strategies and objectives.
Qualifications and Experience:
Education:
Bachelors degree in Actuarial Sciences.
Professional Qualification:
Qualified actuary or nearly qualified actuary.
Experience:
A minimum of 5 years experience in actuarial modeling and pricing, particularly within the
Short-Term Insurance
industry. Preference will be given to candidates with advanced pricing and product development experience.
Technical Skills:
Proficiency in actuarial software and tools, including
SQL ,
SAS ,
R ,
Python , and
Earnix .
Advanced proficiency in
Microsoft Excel , particularly with functions like pivot tables, data analysis, and macros.
Experience with large datasets and programming to extract commercial value from data.
Core Competencies:
Analytical Thinking:
Strong analytical skills with the ability to develop and interpret complex models and data.
Problem-Solving:
Ability to identify areas for improvement in existing models and create innovative solutions.
Attention to Detail:
Exceptional attention to detail and accuracy when building and testing pricing models.
Project Management:
Ability to manage multiple projects simultaneously, prioritize tasks, and meet deadlines in a fast-paced environment.
Communication Skills:
Strong written and verbal communication skills, capable of presenting complex actuarial concepts clearly to non-technical stakeholders.
Initiative:
Self-starter with a proactive approach to problem-solving and driving improvements within the pricing function.
Desired Skills and Attributes:
Passion for Short-Term Insurance (STI):
Strong interest in STI products and pricing models, with a deep understanding of the dynamics that drive the market.
Ownership & Accountability:
Ability to take ownership of projects and deliver results independently while collaborating effectively with cross-functional teams.
Adaptability:
Ability to perform under pressure and adapt to changes in business needs or market conditions.
Creative & Innovative Thinking:
A creative approach to pricing and risk management, always looking for new ways to enhance processes and models.
Compensation:
The role offers a competitive salary and benefits package, with performance-based incentives.

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