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 product remain competitive, relevant and meets profitability targets
- 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 advantages:
- Moses;
- Prophet;
- SQL;
- VBA
- Proficient in MS Office Packages (MS Outlook, MS Word, MS Powerpoint, MS Excel)
- 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:
- Provide 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 products 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.
