Location: Pretoria
Position: Specialist: Product Development
Salary: 70000
Our client in the long-term insurance sector is looking for a Specialist in Product Development to assist in the development and pricing of new products and monitor and maintain the profitability of new and existing products.
Description:
Assist in developing and pricing products & System design (Individual Life, Direct Marketing and Group Schemes):
- Research of new market developments and generation of new product ideas.
- Competitor analysis and feedback from sales staff are used to indicate areas where product development is required.
- Research product feasibility including administration requirements.
- Check compatibility with business ethics.
- Assist in the finalization of recommendations to the Life Actuarial Committee.
- Perform pricing for target profitability and expense recoupment and assist in obtaining an Actuarial Certificate from Statutory Actuary.
- Prophet work done with Actuarial Valuations department.
- Ensure final pricing and product offering will be market competitive (TCF).
- Assist with operational matters around product rollouts, application forms, quote package, and administration system readiness.
- Collaborate with other departments (like Client Services, Underwriting, and Client Services) to improve systems and processes.
- Maintain open relationship and interaction with the sales field.
- Develop sales aids, marketing concepts, and presentations to support sales.
Monitoring of in-force business:
- Monitor and analyse in-force data.
- Perform experience analysis based on reports received from reinsurers and valuations department to confirm lapse assumptions and mortality/morbidity assumptions.
- Develop amendment bases for changes to in-force business.
- Monitor and maintain the value of in-force business.
- Contribute to the assessment of performance of group schemes and recommend actions when needed.
- Report to management.
Maintenance of reinsurance treaties:
- Research risk rates and reinsurance terms available in the market – including the use of financial reinsurance.
- Oversee that data and information are provided to reinsurers for special projects.
- Maintain relationship with current and potential future reinsurers.
- Contribute to ensure that optimal levels of reinsurance are in place.
Provide professional input & support to the Group:
- Answer client queries of a technical nature that were escalated by staff members.
- Attend to ombudsman queries of a technical nature.
- Assist with amendments to policies where support is required.
- Answer values and product-related queries from other departments.
Requirements:
- B Degree Actuarial Sciences.
- Passed the A-level subjects.
- Prophet experience – Technical Certification.
- 3 to 5 years in long-term insurance.
- Product development and pricing experience.
Send your CV and latest pay slip to
ATripleA Recruitment and Temps
Posted 2024-01-26
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