Actuarial Analyst (Pricing and Analytics) at AVBOB South Africa

YOUR RESPONSIBILITIES WILL INCLUDE THE FOLLOWING:

Pricing

• Using advanced actuarial techniques, calculate the actuarial pricing of individual products to meet the required profit margin for review by the manager for input into the pricing report for submission to the Insurance Product Committee, Actuarial and Risk Committee and Board for ultimate approval on an annual or ad-hoc basis, as required.
• Code approved pricing models on Prophet for new risk and savings products in line with the Board-approved Actuarial Model Governance Policy for review by the manager on an annual or ad-hoc basis, as required.
• Revise pricing of new risk and savings products based on feedback from product development and business for review by the manager for input into the pricing report for submission to the Insurance Product Committee for ultimate approval on an annual or ad-hoc basis, as required.
• Maintain, update and improve the Prophet code on existing risk and savings products in line with the Board-approved Actuarial Model Governance Policy for review by the manager on a quarterly or ad-hoc basis, as required.
• Using advanced actuarial techniques, price key group schemes and group schemes with non-standard risk characteristics on a weekly or monthly basis as required.
• Technical pricing support to Product Development team and ICT to ensure accurate implementation of pricing models on an ad-hoc basis.
• On an annual or ad-hoc basis, calculate the profitability of existing risk and savings products by performing pricing reviews to ensure the required profit margin is maintained and recommend changes to achieve the required profit margin if this is not currently being achieved
• Perform research of competitor products, the current regulatory and general business operating enviornment to support the product pricing and analytics strategy of business on an annual or ad-hoc basis, as required.

Analytics 

• Perform product analytics including pricing basis elements, emerging experience from experience investigations, key indicators of performance and penetration (sales, product, regional, segmental) for input into the revision of pricing of existing products and pricing of new products on a quarterly or ad-hoc basis, as required.
• Perform member benefit engagement and analytics models including efficiency of engagement platforms by segment, use trends, benefits usage, profiling of members and users of platforms for review by the manager for input into the recommendation for submission to the Insurance Product Committee, Actuarial and Risk Committee and Board for ultimate approval on an annual or ad-hoc basis, as required.
• Assist the manager in the development of actuarial models for business innovation and incubation high-level feasibility and financial viability assessments on a quarterly or ad-hoc basis, as required.
• Following feasibility, assist the manager in the development of in-depth business case models for forecasting estimates of future income, expenses and profit, including sensitivity testing and considering alternative scenarios on a quarterly or ad-hoc basis, as required.

Requirements

• At least a TASSA designation from the Actuarial Society of South Africa or equivalent.
• An AMASSA designation will be advantageous to this role.
• Experience in a life insurance valuations or pricing environment or similar.
• Knowledge of actuarial guidance and the life insurance regulatory environment.
• Prophet experience.
• Advantageous: Data analytics R, SQL, Python, Power BI.
• Good understanding of actuarial modelling principles.
• Strong analytical and problem solving skills.
• Checking results for reasonability.
• Deadline-driven and the ability to work under pressure.
• Ability to work on wider team projects as well as taking ownership of individual projects.
• Relationship management with internal and external parties
• Good interpersonal skills