Location (Town/City): 10 St Andrews, Parktown.
Department: Group Actuarial, Risk and Compliance.
Sub-department: Product Development and Pricing.
Job Grade Level: D1.
Job Purpose
Reporting into the Pricing Manager, the Actuarial Analyst will be responsible for providing support on managing a product through its lifecycle from concept and design through pricing, sale and ongoing maintenance and management. The incumbent will be required to develop models, monitor product performance, provide analytics and research as required. Ensure strong stakeholder management and cross functional collaboration within the business.
Key Outputs
Actuarial business support to RML.
Reporting and stakeholder management.
Regulatory compliance.
Staff management.
Ad hoc projects.
Key Outputs
Actuarial business support to RML:
- Product research, competitor comparison.
- Product conceptualisation.
- Product design.
- Pricing.
- Liaising with Reinsurer.
- Product management, ensuring all product and pricing related documents for the product are reviewed and maintained appropriately.
- Keep abreast of regulatory updates, assess impact on product and related processes and communicate these to management.
- Maintain Tools, SOPs and other documents to adequate standard.
- Manage relationships within the company and with stakeholders.
- Cross functional collaboration, providing input and guidance on product related elements across the value chain.
- Regular reporting to management on Product specific issues.
- Provide feedback to other business units.
- Product performance monitoring.
- Provide analytics and trends into internal product and changes in the market landscape.
- Monthly reporting of risks on risk register.
- Effectively assess and report on problem areas.
- Ensure that all work performed in terms of required standard and regulation.
- Keep abreast of regulatory updates and related material. Assess impact on product and related processes and communicate these to management.
- Ensure that all company policies and procedures are adhered to.
- Ensure timely submission of various periodical reports.
- Manage, supervise and train staff.
- Lead and motivate a team to achieve targets.
- Assist, participate in or provide related support for any ad hoc projects as and when required.
Minimum requirements of Job:
- NQF Level 7: Bachelor's degree - Actuarial Science.
- Progress towards actuarial exams.
- 6-8 actuarial exams passed.
- Minimum 3 years' experience in Insurance.
- Insurance knowledge is essential.
- Product development and/or Pricing experience would be advantageous.
- Knowledge of the Insurance Acts (long and short term) and other relevant regulation.
- Actuarial guidelines and principles.
- Advanced Excel.
- Modelling experience.
- 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.
- Pricing
- IFRS7
- SAM Reporting
- Actuarial Science
- Degree
