Vacancies 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 passes 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.
• Knowledge of insurance products, contracts and relevant industry legislation and agreements.
• Sound numerical skills and computer literacy is essential especially in the use of MS Excel and MS Word.
• 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 to resolve client queries.
• 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 the ability to 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