To ensure the development and growth of the untapped markets, as well as improving and growing current business through the development of innovative, new products that are well researched, fit for purpose and best in class within Momentum Corporate. The target market includes companies of all sizes in South Africa. The product range should be comprehensive, innovative and optimally bundled to enable delivery of the relevant segment client value proposition. Promote a strong focus on digital product solutions, client value propositions and client services.
Provide actuarial expertise to assist digital product initiatives in Momentum Corporate with financial modelling, product and platform pricing, business and scenario planning, risk management and associated financial disciplines. The focus will be on the development of related product roadmaps including product provider negotiations and related business cases, and value proposition development.
Role PurposeAnalyse data by using statistical models in order to support the actuarial team in probability and cost calculations that impact the financial viability of products and pricing models. Requirements
Qualified or nearly qualified actuary with 5+ years relevant experience in:
- Employee benefits and group insurance
- Business experience with exposure to clients
- Strategy development
- Experience with Design Thinking, Lean implementation, and Agile methodology
Duties & Responsibilities
- Develop, plan, implement and take joint accountability for the strategy of product development and research, partnering with other product and pricing teams as well as distribution, in response to the Momentum Corporate strategy.
- Collaborate with other teams (including the actuarial team, quotes, rate review teams, client services, disability management, marketing, digital client experience, IT and legal) to ensure that new products are financially viable, solution-orientated and fit for purpose to clients and markets.
- Drive research and monitoring of the industry, legislation and regulation, target market, technologies and competitors to identify opportunities for new and innovative product development, threats as well as areas for improvement.
- Contribute to cross-selling and collaboration opportunities through appropriate product design and development.
- Provide guidance, support and advice to Momentum Corporate teams about product rules and policies.
- In partnership with the digital client experience and IT teams, ensure the development and maintenance of appropriate infrastructure (IT, distribution and support network, client services) required for the efficient operation and servicing of our products.
- Investigate ways of improving efficiencies in product processes from end-to-end.
- Investigate ways of improving the client experience to both internal and external stakeholders.
- Contribute to strategies and related processes to continuously grow market penetration of retirement and insurance products through broker groups and direct distribution initiatives.
- Provide input into the decisions around ad-hoc projects.
- Influence new business, marketing and communication support processes by contributing content on product development and research to improve perception, understanding and acceptance of innovative and new product work in the division.
- Provide support to distribution, pricing and other areas on any product-related queries.
- Ensure effective relationships and SLA management with internal and external stakeholders.
- Contribute to a service culture which builds rewarding relationships, proposes innovations and allows others to provide exceptional client service.
- Successful completion of the FundsAtWork bulk rate review. This will include pricing and technical input as well as client engagement and stakeholder management.
- Ensure technical product and legislative knowledge is always current in order to propose the most relevant and innovative client solutions and comply with governance requirements.
- Be self-confident, self-motivated and relentlessly pursue targets and goals.
- Develop and maintain productive and collaborative working relationships with peers, clients and stakeholders.
- Financial modelling to test various business cases for digital product initiatives within Momentum Corporate.
- Assist with product and platform pricing to ensure financial viability of digital product initiatives.
- Review and compare competitor strategies, to inform product and pricing strategies for digital products.
- Engage with internal and external product providers to develop the business cases.
- Monitor the financial impact of product take-up and lapses.
- Development of the client value propositions, including tracking of client behaviour and making recommendations to enhance the client value proposition.
- Provide a professional product support advisory service.
- Provide input into the risk identification processes and communicate recommendations in the appropriate forum.
- Development of models and tools to ensure adherence to regulation and minimum disclosure standards.
- Innovative redesign of disclosures and statements to promote client understanding and engagement by partnering with clients on their journey to success.
- Focus on client needs and driving business strategies and process to deliver on these needs.
- Strategic thinker
- Business acumen
- Drive for results
- Self-motivated and accountable
- Clear communication skills and an ability to summarise complex financial outputs concisely to a broad audience
- Attention to detail.
- Time management
- Collaboration
- Stakeholder engagement and management
