Actuarial Specialist at Momentum

Role Purpose    

• To assist with actuarial product management tasks as an Actuarial Specialist in the Legacy Solutions Product Management team in Cape Town.

Requirements    

• Matric/Grade 12;
• An actuarial or B-degree with mathematics or statistics as majors;
• Good progress with actuarial subjects where pass in A111, A112, A113, A211 and A213 or equivalent would be essential.
• Experience in product management, product development and/or product pricing in the individual life insurance industry would be an advantage;
• Proficiency in insurance products, contracts and knowledge of the relevant industry legislation and relevant industry agreements;
• Sound numerical skills and computer literacy is essential especially in the use of MS Excel and MS Work;
• Skills/experience in data management and extraction would be an advantage.

Duties & Responsibilities    

• The product management of legacy solutions by adequately balancing the objectives of the different stakeholders:
• Profitability management of existing products;
• Implementation of changes to align with legislation;
• Identify system errors, propose the most appropriate way to fix these and ensure the successful implementation;
• Ensure that clients are treated fairly through product design, communication and advice, and address any areas on the in-force book where improvement in this respect is required;
• Extraction of maximum value on legacy products through reinsurance optimisation and other initiatives.
• Play a role in the consolidation of legacy products which will involve the following:
• Rationalisation of the existing product range and providing the necessary specifications;
• Planning and implementation of the migration of business from one system platform to another;
• Analyse system data, specification and create output files and reports as required by the business in respect of the consolidation and migration of the product ranges.
• (Co-)create the appropriate product enhancements/changes to be made on legacy solutions together with other product specialists and segment managers:
• Documenting and reviewing all existing product bases;
• Propose the appropriate enhancements/changes to existing products and benefits;
• Monitor the experience of important actuarial basis items (e.g. mortality, lapses, etc.) and propose and/or implement rectifying actions where appropriate.
• Positively influence and participate in change initiatives.
• Continuously develop own expertise in terms of professional, industry and legislative knowledge in order to propose the most relevant and innovative client solutions and comply with governance requirements. 
• Contribute to continuous innovation through the development, sharing and implementation of new ideas. 
• Providing the business requirements and supporting the implementation of:
• Improving client value through the levers that drive it;
• Legal and compliance requirements;
• Product, process and data improvements.
• Produce special quotations for new and existing Metropolitan Life products.
• Test the implementation of system product changes.
• Providing support to the service areas in terms of product content.
• Managing own performance and development.
• Ensuring effective and consistent service delivery and support to both internal and external clients in line with the Company Values and Treating Customers Fairly Principles.

Competencies    

• Ability to examine and interpret data and provide insights
• Strong technical expertise
• Achievement orientation
• Effectively manage time and ensure optimal productivity.
• Client-centric and focus on proving customer service
• Excellent analytical and communication skills
• Results and solution focused
• High degree of self-motivation and can work independent of supervision
• Naturally inquisitive mind set, with a strong innovative tendency
• Self Confidence
• Flexibility to cope with pressure and setbacks
• Delivering results and meeting expectations