Our client is recruiting for an Actuarial Product Specialist . The purpose of this role is to perform actuarial product development tasks as well as product and risk management of all retail risk, annuities, and savings products for a number of African subsidiaries. The incumbent will form part of the team responsible for:
- Product design,
- Setting the risk management framework,
- Product pricing, and
- Maintaining existing products
- Ensuring that products remain competitive, relevant, and meet profitability targets
Responsibilities:
- Contributing to the delivery of innovative, value-for-money products to the market through the development, pricing, and design of new products.
- Ensuring ongoing competitiveness and attractiveness of the individual life risk product range both from a product and pricing perspective.
- Delivering efficient and consistent service and support to all internal and external clients, hence ensuring a quality interaction and relationship with all stakeholders.
- Collaboration with all the other relevant stakeholders (internal and external) such as valuations, claims, underwriting, reinsurance partners, etc.
- Understanding and using actuarial models both in terms of the regulatory and commercial environment.
- Contributing towards projects, initiatives, queries, and team initiatives.
- Living the MM values namely Accountability, Diversity, Excellence, Integrity, Innovation, and Teamwork.
- Investigating, proposing, and obtaining approval for the proposed product range changes;
- Driving and controlling successful implementation of product suite initiatives through to delivery including:
- Providing useful product and market insights to the segment businesses;
- Benefit design, basis setting, and pricing;
- Close liaison and input into underwriting, enrolment, and claims departments;
- Setting up of all administration, systems, legal, and other required processes to deliver the product to market;
- Developing a close working relationship with the key distribution channels to ensure buy-in to all product initiatives;
- Providing technical input and oversight of the product-specific aspects contained in Client Facing Documents e.g. the User Guide and Contract.
Ongoing monitoring and maintenance on each of the products in the range including:
- Monitoring sales volumes and experience in order to propose corrective actions and identify opportunities;
- Special quotes and queries;
- Building relationships and interacting with other disciplines in the organisation to ensure proactive management actions are taken;
- Underwriting (including claims), Valuation, and Investment management;
- Applying health insights in mortality and morbidity to improve client value as well as the profitability of Client Value Propositions.
Competencies:
- Achievement orientation;
- High degree of self-motivation and can work independent of supervision;
- Delivering results & Meeting Customer Expectations;
- Working with people and relationship building;
- Analytical and conceptual thinking;
- Proactive;
Education:
- Nearly qualified actuary or good progress with the actuarial exams;
Experience:
- Nearly qualified actuary or good progress with the actuarial exams;
- Two to three years work experience, preferably in product development.
- Experience in the following will be advantageous:
- Moses;
- Prophet;
- SQL;
- VBA;
- Proficient in MS Office Packages (MS Outlook, MS Word, MS PowerPoint, MS Excel);
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