Junior Actuarial Specialist at Old Mutual

Job Description

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question

The Team:

The Retail Protection Team is responsible for the design, development, pricing and maintenance of new and existing retail protection propositions across the lower and middle-to-high income markets in South Africa. Development support is also provided to our African businesses.

We are passionate about developing simple, yet innovative propositions that are relevant to our customer’s needs, deliver on its promises and ultimately enable our customers to achieve their financial dreams and goals.

Job Specification:

The Retail Protection Pricing Team is seeking a suitably qualified individual for a Junior Actuarial Specialist role. The successful incumbent will primarily be responsible for pricing calculation (policy changes) system testing, production support and competitor pricing analysis but can also extend into the pricing and profit testing of protection products as well as other business engagements and ad-hoc pricing support.   

Duties and responsibilities of the Team:

• Pricing & Profit Testing:  Setting premiums for new product developments, and re-pricing existing products. Producing and analysing financial and client value metrics to support premiums, such as VNB, profit & reserving profiles and capital etc. Compiling and analysing competitive positioning

• System Testing:  Providing technical input into the system testing of technical premium calculations.

• Stakeholder management:  Provide input during engagements with senior stakeholders, such as the chief actuary, segment finance leads and their teams, to communicate results, and obtain buy-in for proposed actions.

• Model development:  Developing new models for pricing, as well as maintaining and enhancing existing models.

• Business Engagement:  Engaging with IT, marketing, claims and various other areas of the business to obtain data and ensure that premiums and premium changes are calculated and implemented successfully and communicated appropriately.

Requirements:

• Actuarial student with a minimum 4 credits

• Strong technical skills and attention to detail

• Experience in MS Excel & VBA, Python, Prophet would be a distinct advantage

• Business acumen and negotiation skills

• Good interpersonal and communication skills

• Ability to work on a wide range of deliverables at once

• Ability to work under deadline pressure

• Motivated self-starter who shows initiative, look for ways to improve existing processes and able to complete tasks within agreed timelines with minimal guidance.

• High levels of drive, energy and innovation