Key Tasks and Accountabilities
General This role reports into the Chief Underwriting Officer and is responsible for pricing across the Clients Broker Distribution, Specialist Insurance and 1 neighbouring country entity, with some governance pricing review support of the Clients Insurance Partners and is responsible for the following:
- Pricing of existing and potential new lines of business of the Clients short term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
- Manage and lead the pricing team, consisting of approximately 10 people.
- Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that the Client meets its ongoing financial targets.
- Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
- Develop and/or co-develop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
- Overall responsibility for pricing tools used by the Client, including contracting, budgeting, implementation and alignment to best practices.
- Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Clients Actuarial units and governance policies.
- Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
- Lead complex pricing assignments and projects that require high levels or integration across various business units.
- Provide actuarial support and advice to the business including insights into underlying performance.
- Create and maintain business reports to monitor the profitability and identify market opportunities.
- Support and participate in Profitability Review and Performance Assessment discussions.
- Support Reserving, Finance, market-facing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
- Assist in managing the flow and quality of data.
- The role operates at the professional level, with middle management responsibility for multiple teams.
Business Support Specific: - Translate Income statement deviations from targets into underwriting and pricing actions.
- Play a thought leadership role in data and analytics within the company and help drive pricing initiatives into general underwriting processes.
- Provide price and renewal strength monitoring against targets.
- Help translate capital charges and reinsurance cost into pricing processes.
- Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
- Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.
Stakeholders: Internal:
- Business partners
- IT and Data Management
- Underwriting
- Claims
- Finance
- Risk Management
- Sales and Distribution
External:
- Consultants and software providers
- The Clients Insurance Partners
- Network of contacts within the actuarial profession
- Participation in professional/ industry groups/ working parties
Qualifications, Experience and Behaviours:
Qualifications: - Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
- Qualified FASSA designation of the Actuarial Society of South Africa or an international equivalent will be given preference
Experience:
- Minimum five years short term insurance pricing experience, including modelling and deployment
- Experience of providing actuarial advice to senior management
- Underwriting and portfolio management experience with market practice acumen
- 5 or more years general management experience
- Experience in project management and past exposure to large IT development projects
Behaviours:
- Demonstrate ability to collaborate effectively across functions and influence outside of own function.
- Exhibits self-motivation and drive; takes initiative without the need for approval.
- Professional, enthusiastic and positive attitude.
- Demonstrate a proactive mindset to help drive business and profitability initiatives.
- Able to meet deadlines and work under pressure.
- Ability to manage a team of people to achieve the required performance outcomes.
Knowledge:
- Intermediate knowledge of actuarial professional guidance and relevant legislation, with exposure to pricing best practice an advantage.
- Advanced knowledge of finance and accounting practices, financial analysis, and reporting; ability to apply this knowledge appropriately to diverse situations.
- Intermediate knowledge of and awareness of economic trends, directions, major issues as they impact underwriting and pricing context, with ability to translate into action.
- Proficient product knowledge; understanding how policy wording is born out in policy response and claims handling processes. Familiarity with commercial and personal lines policy wordings an advantage.
- Proficient knowledge of the insurance industry's trends, directions, major issues, regulatory considerations, and trendsetters.
- Knowledge, insight, and understanding of business concepts, tools, and processes that are needed for making sound decisions in the context of the company's business; ability to apply this knowledge appropriately to diverse situations.
- Knowledge of practices and policies governing disclosure of information about the organisation, its business activities, and employees; ability to apply this knowledge appropriately to diverse situations.
- Knowledge of IT governance as it pertains to the software development cycle, with experience in drafting specifications and testing procedures.
Technical Skills:
- Proficiency in English with a preference for proficiency in at least one other language.
- Accomplished communicator of technically complex concepts to various audiences, combined with well-developed presentation and interpersonal skills.
- Advanced computer literacy skills, e.g. SAS, VBA, Pricing Software, etc.
- Advanced knowledge of statistical and actuarial pricing tools and methods e.g., have in the past fit and validated pricing bases deployed into production.
- Knowledge of IT architecture, fault diagnosis and debugging as it pertains to dissemination of prices across integrated information and administration systems.
- Advanced knowledge of the policy underwriting life cycle and the calculation, measurement and monitoring of inflation indexation, changes in exposure, rate change at each stage.
- Intermediate knowledge and past exposure to enterprise underwriting strategy development and implementation.
- Advanced knowledge of portfolio management and optimisation methods and supporting analytics, that help coordinate underwriting work across business regions and units.
- Proven track record at root cause analysis of pricing processes and systems, and a well-developed ability to generate relevant practical solutions.
Additional Information:
- If you have not received a response within 14 days from the closing date, please consider your application unsuccessful.
- The company reserves the right not to fill this position.