Head of Customer Value Proposition: Group Risk at Old Mutual South Africa

Role Overview

• This is a senior Actuary in Group Assurance to support the General Manager: Corporate Protection. The incumbent will be responsible to develop and drive the implementation of the product strategy for group risk through a cross-functional team.
• The role is a senior GAP management role with representation on its executive committee – thereby ensuring that the incumbent is in a strong position to influence the strategy of Old Mutual’s group assurance business. The incumbent will be expected to interact with clients and stakeholders at all levels, and will drive the current and future product strategy.

Key Result Areas

• The incumbent will be expected to interact with clients, intermediaries and internal stakeholders at all levels.  Core responsibilities of the role will include:
• Develop and implement GAP’s product strategy
• Perform market research & competitor analysis to inform product strategy
• Develop & implement GAP’s product strategy geared towards sustainable growth in the small & medium segment of the SA market
• Liaise with the OM Corporate Customer Office to develop customer journeys
• Develop and implement a framework for performing regular product reviews
• Leading development of new products and enhancements to the existing group range for South Africa and OM Africa Regions (supported by Product Legal)
• Manage relationship with Product legal and prioritise legal deliverables
• Provide technical oversight and support, i.t.o. group risk products to operational areas and the broader value chain
• Drive the design of the new operating model between GAP and OM SuperFund umbrella, as well as relevant product development initiatives
• Analyse valuation data and results or group risk products to gain a deeper understanding and insight into business results and emerging trends
• Automation of models and business processes
• Development and maintenance of tools to analyse actuarial data, in order to enhance management reporting & business intelligence
• Develop and enhance product marketing function
• Establish inventory of forms, brochures, electronic & other marketing material
• Develop a framework for reviewing & updating content regularly
• Updating of website, accreditation & other training materials
• Develop content for one-pagers/articles to keep GAP top of mind for clients & intermediaries
• International pooling proposals & managing GAP’s relationship with our pooling partners
• Support the Head of Customer Engagement with client engagements (new and existing clients) - regular interaction & presentations to trustee boards, intermediaries & clients
• Manage GAP’s strategic partnerships
• Setting up & maintaining binder agreements, including due diligence & operational oversight
• Development of tools, processes & other infrastructure to support binders & other strategic relationships
• Engage with relevant legal & compliance departments to ensure compliance of binders, outsourcing arrangements and other commercial agreements
• Structuring of large group risk arrangements in collaboration with OM Corporate Business Development team
• Develop GAP’s wellness strategy and implement through strategic partners
• Ongoing review & enhancement of value-added services, including development of marketing collateral
• Ensure compliance with relevant regulation and internal governance
• Identify, manage and mitigate risks in the business relating to group assurance products & reporting thereof to the relevant governing committees
• OML Product Expert for group risk, providing sign-off on new developments in accordance with the OML Product Monitoring Policy
• Give input into board reports, eg customer report, market conduct report
• Ensure compliance with relevant regulation eg PPR, TCF, Market Conduct, COFI, AML, unclaimed benefits
• Ensure compliance with relevant OML policies, eg Product Monitoring, Insurance & Reinsurance
• Design and execution of key controls
• Reinsurance
• Set reinsurance strategy for group risk and manage relationships with reinsurers
• Managing of and reporting on both the inwards and outwards reinsurance requirements for the group risk products for GAP; including (inter alia) auto-treaty, facultative and international pooling arrangements
• Review inwards reinsurance treaties including rates
• Management of relationships with OM Africa Regions teams
• Management of Group Risk CVP team
• Training & development of actuarial students
• Occasional pricing support on large and complex group risk arrangements, both for South African and OM Africa Regions clients

Qualifications and Experience required

• Qualified actuary
• At least 15 years of actuarial experience; of which at least 10 is with group risk products or reinsurance
• Exposure to product or pricing roles would be an advantage
• Experience in managing actuarial teams
• Strong business acumen
• Ability to run projects independently
• The ability to manage several projects and priorities at the same time
• Strong communication skills
• Ability to work across teams and collaborate with various stakeholders
• Ability to think differently in developing client-centric solutions and build relationships with clients

Competencies 

• Execution
• Leading with Influence
• Customer First
• Strategy
• Collaboration
• Innovation
• Personal Mastery

Skills

• Business, Communication, People Management, Project Management Basics, Team Management

Education

• Fellow Of Actuarial Society Of South Africa (FASSA): Actuarial Science (Required)