Head of Pricing - Johannesburg at Bryte Insurance Company Limited

Requirements

Key Tasks and Accountabilities

• Pricing of existing and potential new lines of business of Bryte’s short term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
• Manage and lead the pricing team, consisting of approximately 10 people.
• Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that Bryte meets its ongoing financial targets.
• Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
• Develop and/or co-develop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
• Overall responsibility for pricing tools used by Bryte, including contracting, budgeting, implementation, and alignment to best practices.
• Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Bryte Actuarial units and governance policies.
• Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
• Lead complex pricing assignments and projects that require high levels or integration across various business units.
• Provide actuarial support and advice to the business including insights into underlying performance.
• Create and maintain business reports to monitor the profitability and identify market opportunities.
• Support and participate in Profitability Review and Performance Assessment discussions.
• Support Reserving, Finance, market-facing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
• Assist in managing the flow and quality of data.

Business Support Specific

• Translate Income statement deviations from targets into underwriting and pricing actions.
• Play a thought leadership role in data and analytics within Bryte and help drive pricing initiatives into general underwriting processes.
• Provide price and renewal strength monitoring against targets.
• Help translate capital charges and reinsurance cost into pricing processes.
• Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
• Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.

Relationships

Internal

• Business partners
• IT and Data Management
• Underwriting
• Claims
• Finance
• Risk Management
• Sales and Distribution

External

• Consultants and software providers
• Bryte Insurance Partners
• Network of contacts within the actuarial profession
• Participation in professional/ industry groups/ working parties.

Qualifications & Experience

• Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
• Qualified FASSA designation of the Actuarial Society of South Africa or an international equivalent will be given preference.
• Minimum five years’ short term insurance pricing experience, including modelling and deployment.
• Experience of providing actuarial advice to senior management
• Underwriting and portfolio management experience with market practice acumen
• 5 or more years general management experience
• Experience in project management and past exposure to large IT development projects.

Behaviors

• Demonstrate ability to collaborate effectively across functions and influence outside of own function.
• Exhibits self-motivation and drive; takes initiative without the need for approval.
• Professional, enthusiastic, and positive attitude.
• Demonstrate a proactive mindset to help drive business and profitability initiatives.
• Able to meet deadlines and work under pressure.
• Ability to manage a team of people to achieve the required performance outcomes.