Group Benefits: Actuarial Pricing Specialist at Sanlam Group

Who are we?

• Sanlam Developing Markets (SDM) (a wholly-owned subsidiary of Sanlam Life Limited) is one of the top financial services providers in the South African entry-level and emerging middle market. It aims to understand the unique requirements of clients and offers a wide range of simple and affordable financial solutions that cover needs such as funeral insurance, savings for education, life cover and personal accident plans. In terms of the Sanlam Group Governance Policy, SDM is managed by the SA Retail Mass cluster, which is part of the Sanlam Life and Savings cluster within the Sanlam Group. There are four businesses within the SA Retail Mass cluster, namely; Group Benefits, Individual Life, Safrican Insurance and African Rainbow Life.

What will you do?

• Assist the Actuarial Manager and Risk & Underwriting Executive on all product development, pricing and actuarial reporting functions. This role will entail mainly a pricing focus, with some exposure to reporting and product development. 
• Manage monthly, quarterly, semi-annual and annual reporting for both internal and external stakeholders. These will include profitability reports, reserving functions, valuations, scheme and membership stats of the Group Benefits. 
• Provide technical assistance to the Group Benefits distribution and administration functions.
• Designing new products and solutions and support product development initiatives including the design and pricing of insurance products and maintenance of existing products.
• Pricing of new group schemes and reviewing of existing group schemes based on claims experience.
• Compilation of product specifications and benefit design, premium rating, profit testing, product technical specifications and in some cases participate in the finalisation of documentation per product offering. 
• Monthly reporting on profitability, scheme renewals and quotations, highlighting any risks. 
• Calculation of monthly reserves
• Design, amend and implement tools and pricing models to support the pricing functions within the business.
• Ensure all products and schemes are TCF compliant.
• Adhoc investigations

What will make you successful in this role?
Qualification & experience 

• Actuarial Degree
• Actuarial student, with a minimum of 6 actuarial exams.
• Minimum of 2 years’ experience at a Life Insurance company.
• Previous pricing experience will be advantageous

Knowledge and skills

• Proficiency in Microsoft Office 

Personal qualities 

• Adhere to the Sanlam values 
• Good people skills
• Accountability
• Accuracy and attention to detail
• Prioritisation skills and ability to commit to deadlines
• Good planning and organising skills
• Analysis / Problem-solving skills
• Sound judgement and ability to make decisions on incomplete information.
• Good written and verbal communication skills
• Ability to manage the expectations of internal and external parties
• Ability to work independently and within a team

Build a successful career with us

• We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping  our employees to realise their worth. Through its four business clusters – Sanlam Life and Savings, Sanlam Investment Group, Sanlam Emerging Markets, Santam, as well as MiWay and the Group Office – the group provides many opportunities for growth and development.

Core Competencies

• Cultivates innovation - Contributing independently
• Customer focus - Contributing independently
• Drives results - Contributing independently
• Collaborates - Contributing independently
• Being resilient - Contributing independently

Turnaround time

• The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers. 

Our commitment to transformation

• The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.