Actuary Product Development at Absa Group Limited (Absa)

Job Summary

Overall job purpose

• To develop tactical strategy and delivery plans, formulate associated practice(s) and to ensure operational implementation and adoption in terms of actuarial methodology, governance and delivery objectives. This role enables sound management of business performance and financial risk.

Job Description

Ability

• Proven experience in developing insurance value propositions for market segments
• Design and implement value propositions that consider the target market, profitability and sensitivity thereof, marketability, distribution method, competitiveness, risk characteristics, consistency with other products, administration systems, service standards, reputation, regulatory and industry requirements, reinsurance terms and capacity, and tax
• Maintain products throughout the product life cycle
• Conduct comprehensive product research and develop a strong product knowledge
• Develop a strong knowledge of best practice in relevant areas
• Develop business cases that are reliable, robust, and well tested
• Implement new reinsurance treaties and amendments to existing treaties

Attitude

• Always display a positive attitude and remain calm despite external circumstances
• Take initiative and don't wait around until something comes up to do
• Look for and implement methods of improving products and the way of work
• Be eager to implement initiatives and do what is required (including grunt work) to achieve a successful rollout

Deadlines

• Take deadlines seriously and show a commitment and accountability to do what is required to meet the deadline, including taking responsibility for the deadlines of other team members that you may work with

Service Levels and Business Focus

• Be proactive in building relationships where you are viewed as a trusted adviser
• Consistently engage with team members and leadership
• Always ensure that stakeholders are up to date on the status of the work
• Always be transparent and professional in communication
• Come up with ideas that solve customer and business problems
• Demonstrate a pragmatic approach to technical and business requirements
• Constantly seek to add value to the business by becoming invested in the business objectives and take account of these in product design
• Identify new opportunities resulting from post-implementation management information
• Identify and understand risks in the project and know the obstacles that are in the path, and put in place risk mitigation strategies

Leadership

• Become known for technical expertise and people look to you for advice on technical matters
• Drive a customer-centric mindset across distribution, manufacturing, operations and service
• Provide input into product positioning
• Demonstrate ability to apply experience to new problem areas, domains and challenges

Communication

• Communicate clearly
• Drive and influence change where necessary
• Change the level or style of communication to match the target audience
• Resolve conflict effectively
• Ensure stakeholders are aligned throughout the product development process

Minimum Requirement

• 5 – 10 years’ experience, fully qualified

Education

• Bachelor's Degree: Actuarial Science