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.
