Head of Product Development

4 weeks ago

Randburg, South Africa SPECD (Pty) Ltd Full time

We're currently seeking a highly qualified individual to fill the role of HEAD OF PRODUCT DEVELOPMENT & PRICING at a prominent insurance company, specializing in a range of insurance products for employees spanning various industries, including COID cover, occupational injuries cover, funeral cover, and more.
 
Reporting to the Executive Actuary, the Head of Actuarial will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business.
 
The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the company’s Life business.

JOB DESCRIPTION
 
Job Title:                        Head - Product Development & Pricing
Work Location:              Parktown, Johannesburg
Employment Type:        Permanent, On-site

DUTIES AND RESPONSIBILITIES:1.  Product Design and Development:
  • Support and participate in the execution of the Life product strategy in an agile manner.
  • Understand the business needs and related gaps to inform the design of product solutions.
  • Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design.
  • Partner with various business stakeholders (including Sales and Distribution and the CEO of the company Life group) to design innovative products that consider the end-to-end customer journey and policy lifecycle.
  • Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk, and IT.
  • Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution.
  • Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities.
  • Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk, and pricing analysis, producing product approval presentation, and support product filing and implementation.
  • Analyse product profitability and recommend product design changes where necessary.
  • Continually review, identify, and promote best practices and opportunities for improvement to the products.
  • Assume overall responsibility for each product project.
2.  Data Analysis and Reporting:
  • Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections.
  • Analyse data to identify trends and key insights.
  • Develop and report on key performance and experience monitoring metrics.
  • Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified.
  • Produce regular and ad-hoc reports and presentations as required.
  • Compile reports and presentations for the Exco, Board and Actuarial Committee.
3.  Legal and compliance:
  • Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures.
  • Prepare or review product specifications and actuarial reports.
4.  Oversee the provision of actuarial business support:
  • Support the group Life business as a member of the divisional exco team.
  • Oversee the application of ORSA methodology and SAM processes and procedures.
  • Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS)
  • Plan and budget actuarial matters and maintain a timetable of submission (financial projections).
  • Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.
  • Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).
  • Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.
  • Monitor experience (reserving and pricing).
  • Prepare actuarial specific areas in all the Group regulatory returns.
    • Monthly, Quarterly, Annual.
    • ORSA and SAM reporting.
5.  Staff management and monthly reporting:
  • Manage, supervise and training of staff.
  • Manage relationships within the company and stakeholders e.g. Statutory Actuary.
  • Lead and motivate a team to achieve targets.
  • Monthly reporting of the Key Performance indications for the actuarial reporting function.
  • Monthly report to FM on status of accounts and returns for EXCO submission.
  • Effective reporting and assessment of problem areas.
6.  Regulatory compliance:
  • Ensure that all work is performed in terms of required standard and regulation.
  • Ensure that company’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and aligns to the standards and norms of the company).
  • Ensure that all company policies and procedures are adhered to.
  • Ensure timely submission of various periodical reports, highlights of the previous month’s reports.
QUALIFICATIONS, SKILLS, AND EXPERIENCE:

1.  Qualification Requirements:
  • NQF Level 7: Bachelor’s degree – Actuarial Science.
  • Qualified Actuary.
  • Member of Actuarial Society /Institute of Actuaries.
2.  Minimum Experience:
  • Minimum 8 years’ experience in an insurance regulatory environment.
  • Minimum 5 years’ experience within actuarial environment, with specific experience related to life insurance pricing and product.
  • Proven experience in pricing and product management and strategy development.
  • Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).
3.  Required Competencies and Skills:
  • Objectivity. 
  • Attention to detail.
  • Knowledge/Information Management.
  • Financial acumen.
  • Interpersonal awareness / empathy.
  • Judgement and Decision-making.
  • Leading and supervising.
  • Managing performance (goal/target setting).
  • Motivating People (includes Creating and Selling the Vision).
  • Analytical thinking.
PACKAGE & REMUNERATION:
  • Will be agreed based on qualifications, applicable experience, and previous earnings.


  • Scored Product Head

    6 days ago

    Randburg, South Africa FirstRand Full time

    Job Description To formulate and implement a segment agnostic scored capability to increase market penetration and ensure sustainable business growth. To provide direction and ensure the achievement of service excellence in a high-volume environment. - Develop a scored strategy aligned to business strategy to ensure business growth and sustainability. -...

  • Head of Culture

    4 weeks ago

    Randburg, South Africa Curro Holdings Ltd Full time

    **Reference Number** - 16089 **Closing Date** - 2023-04-26 **Location** - Randburg **Position Type** - Permanent **Job Title** - Head of Culture **Availability / Start Date** - 1 May 2023 **Synopsis** - Curro is a warm and welcoming place to work. It is a place where you can contribute to the lives of children and see them grow into the leaders of...

  • Learning and Development Trainer

    4 weeks ago

    Randburg, South Africa Tracker South Africa Full time

    **Position summary**: **Industry**:IT & Internet**Job category**:Training and Development**Location**:Randburg**Contract**:Permanent**Remuneration**:MARKET RELATED**EE position**:Yes**About our company**: **Introduction**: Tracker requires the services of a Learning and Development Trainer situated at Tracker Head office based in Johannesburg. The successful...

  • Executive Head

    7 days ago

    Randburg, South Africa Curro Holdings Ltd Full time

    **At Curro,** **we care.**: **Executive Head**: **Cooper College** **Vacancy Reference: 17011**: Join the ranks of Curro, a leading-edge institution where opportunities for professional growth are boundless. We seek dynamic individuals equipped with a blend of creativity and dedication, ready to immerse themselves in a professional environment that values...

  • Head: Customer Experience

    4 days ago

    Randburg, South Africa Tracker South Africa Full time

    **Listing reference**: track_000986 **Listing status**: Online **Position summary**: **Industry**:IT & Internet**Job category**:Customer Service**Location**:Randburg**Contract**:Permanent**Remuneration**:Market Related**EE position**:Yes**Introduction**: Tracker requires the services of a talented and experienced Head: Customer Experience to focus on...

  • Head of Finance

    6 days ago

    Randburg, South Africa SPECD (Pty) Ltd Full time

    We are currently seeking a highly skilled HEAD OF FINANCE to lead the financial operations of a prominent NGO in the health industry. This role acts as Head of Finance and supports leadership in financial decision-making, strategic financial input, developing and implementing financial procedures to improve and maintain the financial health of the...

  • Head of Insurance

    6 days ago

    Randburg, South Africa Tracker South Africa Full time

    **Listing reference**: track_000984 **Listing status**: Online **Position summary**: **Industry**:IT & Internet**Job category**:Banking, Finance, Insurance. Stockbroking**Location**:Randburg**Contract**:Permanent**Remuneration**:Market Related**EE position**:Yes**Introduction**: **Job description**: **Key Duties and Responsibilities**: - Engagement with...

  • Interim Head of Finance

    5 days ago

    Randburg, South Africa SPECD (Pty) Ltd Full time

    We are urgently looking for an exceptional INTERIM HEAD OF FINANCE to oversee the financial functions of a leading NGO in the healthcare sector. This role acts as Interim Head of Finance and supports leadership in financial decision-making, strategic financial input, developing and implementing financial procedures to improve and maintain the financial...

  • Scenic Production Manager

    7 days ago

    Randburg, South Africa The Joblink Full time

    Contact person for this position: Job overview My client in the Events industry is looking for a full-time Scenic Production Manager overseeing all scenic production for the Company. The role will be based primarily at our warehouse and workshop in Randburg, but there will be times when you’ll need to work from our Cape Town office and undertake other...

  • Database Developer

    4 weeks ago

    Randburg, South Africa Planet10 Full time

    Core purpose:The Database developer will create and maintain database structures, make sure that data is stored efficiently, and write and test database code, including SQL (Structured Query Language) queries, procedures, and functions.Create best practice reporting structures and apply data warehousing frameworks.Experience required:7+ years in MS SQL...

  • Database Developer

    3 weeks ago

    Randburg, South Africa Planet10 Full time

    Core purpose: The Database developer will create and maintain database structures, make sure that data is stored efficiently, and write and test database code, including SQL (Structured Query Language) queries, procedures, and functions. Create best practice reporting structures and apply data warehousing frameworks. Experience required: 7+ years in MS...

  • Product Engineer

    2 weeks ago

    Randburg, South Africa SPECD (Pty) Ltd Full time

    A contract position has become available for a PRODUCT ENGINEER WITH SALESFORCE to join the technology department of one of our leading clients in the banking sector.JOB DESCRIPTION:  Job Title:                                 Product Engineer (Salesforce)Employment Type:                9 Months Contract (Renewable), HybridWork...

  • Kza head of Sales

    4 weeks ago

    Randburg, South Africa Krones Southern Africa (Pty) Ltd Full time

    Division - Management - Company - Krones Southern Africa (Pty) Ltd - Location - Randburg, South Afrika - Join as - Professionals - Worktime - Full-time Krones Southern Africa is located in Northriding Johannesburg, and is a subsidiary of Krones AG in Neutraubling Germany, a major company internationally recognized as the world leader in the design and...

  • Product and Support Operations Manager

    6 days ago

    Randburg, South Africa FirstRand Full time

    Job Description To identify and implement enhancements on existing products and procedures as well as effectively manage all operational aspects of the specific product - Contribute to the development of area specific budgets to minimize expenditure, in alignment with operational plans - Manage an integrated service excellence culture, which builds...

  • Kza head of Sales

    4 weeks ago

    Randburg, South Africa Krones Machinery Full time

    -Division Management Company Krones Southern Africa (Pty) Ltd Location Randburg, South Afrika Join as Professionals Worktime Full-time Krones Southern Africa is located in Northriding Johannesburg, and is a subsidiary of Krones AG in Neutraubling Germany, a major company internationally recognized as the world leader in the design and manufacturing of...

  • Business Intelligence Head

    4 weeks ago

    Randburg, South Africa FirstRand Full time

    Job Description To define the Business Intelligence strategy aligned to Group strategy and ensure implementation thereof; ensure BI best practice and governance standards are defined, implemented, and adhered to; understand the macro environment and provide relevant insights for strategic decisioning; and to provide guidance, mentor a team and create value...

  • Specialist Product Engineer-1

    4 weeks ago

    Randburg, South Africa Absa Bank Limited Full time

    Empowering Africa’s tomorrow, together one story at a time. - With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.Job...

  • Product Specialist: Nutrition

    4 weeks ago

    Randburg, South Africa Baxter Full time

    This is where you save and sustain lives At Baxter, we are deeply connected by our mission. No matter your role at Baxter, your work makes a positive impact on people around the world. You'll feel a sense of purpose throughout the organization, as we know our work improves outcomes for millions of patients. Baxter's products and therapies are found in...

  • Head of Operations

    4 weeks ago

    Randburg, South Africa FirstRand Full time

    Job Description The Head of Operations Business Unit anticipates the impact of business strategy on other divisions within the Organisation. The incumbent ensures consistency of delivery and enhanced customer and partner experience. The incumbent provides guidance for the relevant mechanisms to receive feedback, highlights operational inefficiencies and...

  • Head of Pricing

    2 weeks ago

    Randburg, South Africa Marvel Placement Consultants Full time

    Minimum Requirements:Matric.Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field. Beneficial: Qualified FASSA designation of the Actuarial Society of South Africa or an international.+ 5 years short term insurance pricing experience, including modelling and deployment.Experience of providing actuarial advice to senior...