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  • Posted: Nov 17, 2020
    Deadline: Not specified
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    Standard Bank Group is the largest African banking group by assets offering a full range of banking and related financial services. “Africa is our home, we drive her growth” Our vision is to be the leading financial services organisation in, for and across Africa, delivering exceptional client experiences and superior value. This sets the prim...
    Read more about this company


    Commercial Pricing Manager: Insurance

    Job Purpose

    • To support the Head of Short-Term Pricing and Underwriting and assist with the team’s strategic planning.
    • Manage, develop & motivate the commercial pricing team.
    • Development, improvement and implementation of the technical rating structures for commercial products.
    • Development, improvement and implementation of the pricing optimisation strategies regarding new business, renewal and retention for commercial products.
    • Align product pricing strategy to company’s profitability and growth targets.
    • Provide technical actuarial support to Underwriting and Business Development.
    • Project future performance for budgeting process.
    • Build and Manage relationships with key stakeholders in the value chain; IT, Sales, Claims, Risk Management & Finance Departments.
    • Ensure compliance with Statutory Regulations e.g. Treating Customers Fairly and maintain the highest levels of professionalism.

    Key Responsibilities/Accountabilities

    Management and Maintenance of Pricing Models for Commercial Products:

    • Manage the annual pricing models rate reviewing process.
    • Ensure accuracy while balancing business needs in terms of speed and usability of the pricing models.
    • Ensure constant development of pricing models, considering new rating factors and pricing techniques.
    • Monitor risk and expense experience through the development of a pricing risk monitoring framework.
    • Alignment of pricing strategies to business strategic risk and financial performance targets.
    • Influence the organisation’s annual financial budgeting process through provision of claims, premiums rates and persistency experience.
    • Monitor and manage the rating engine; incorporating the management of stakeholders and ensure knowledge is shared amongst the team.
    • Research new products and/or rating technology and methodology.
    • Manage the prioritization of limited spend and resources.
    • Assist with systems development, ensuring actuarial requirements are an input to future systems developments and enhancements.
    • Reporting of performance to the relevant structures within the company.

    Manage & improve the desired completeness of commercial products underwritten by SIL.

    • Carry out regular competitor analysis exercises, to optimise pricing models
    • Build and maintain a price monitoring framework, to allow agile rate changes between rate review periods.
    • Distribution channel management: Monitor the appropriateness and alignment of existing distribution channels to the company’s business strategy and investigate new channels to sell products; to grow market share and competitiveness.
    • Contribute to the procurement of claims management services; provide stats and analysis where necessary.
    • Maintain appropriate level of technical expertise and knowledge of legislation, regulation, products, procedures, services and systems.
    • Provide analytical support in the optimisation of the sales, servicing and claims processes within Standard Bank Insurance.

    Preferred Qualification and Experience

    • Minimum qualifications 3-year BSc or BCom with actuarial majors
    • Honours will be an added advantage
    • Certifications At least 8 Actuarial exemptions/exam passes through ASSA, ST3 preferable.
    • Knowledge/Technical Skills/Expertise
    • At least 6 years’ short-term pricing experience, preferably commercial pricing
    • Technical pricing knowledge building and maintaining GLM models, experience working with SAS, SQL, Emblem and Radar. Classifier will be an added advantage.
    • Understanding of insurance principles.
    • Management experience, managing pricing analysts.
    • Experience managing relationships with senior members of the company

    Method of Application

    Interested and qualified? Go to Standard Bank Group on to apply

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