Manager: Actuary (Product Development, Pricing) : Gemini - Parktown / Cape Town at PPS

Job Advert Summary    

• Reporting to the CFO – Project Gemini, the role will be accountable to strategically drive and execute product development and enhancements as well as ensure the ongoing support to the finance and actuarial stakeholders in the new insurance business.
• To ensure the successful running of the day-to-day activities, execute on the short-term strategic objectives of the team and to continually improve processes and methodologies in adherence to the actuarial control cycle in a business unit context.
• To interact with the Statutory Actuary, PPS Group Product division, reinsurance partners and the Group’s external auditors.  

Minimum Requirements    
EDUCATION

• Completed University Degree majoring in Actuarial Science, honours is preferable.
• Making good progress with actuarial exams, having completed at least all the core actuarial principles subjects, preferably up to Actuarial Associateship level

EXPERIENCE:

•  8+ years’ experience working in the financial services industry
• Minimum 5 years’ experience in Life Insurance product development & pricing experience

People Management Experience

• Previous experience with the operational implementation of new concepts would be an advantage
• Proficient in the use of Prophet Actuarial modelling software

 KNOWLEDGE AND SKILLS (MAXIMUM OF 10):

•  Knowledge of coding languages such as SQL or Python would be beneficial.
• Excellent proficiency in actuarial cashflow modelling software. Specifically,
• Sound knowledge of consumer trends and movements in the Life Insurance industry
• Knowledge of actuarial principles and retail insurance products
• Proficient in the use of Prophet Actuarial modelling software
• Good computer knowledge - MS Outlook, Excel, PowerPoint and Word essential

COMPETENCIES (MAXIMUM OF 8):

• Analysing data and extrapolating insights
• Leading and working with People
• Building stakeholder relationships
• Entrepreneurial & Commercial Thinking
• Achieving Personal Work Goals & Objectives
• Adapting & Responding to Change
• Responsible & accountable
• Sound communication skills
• Business Acumen

Duties and Responsibilities    

• Strategically drive the thorough investigation of new initiatives, conceptualisation and the successful implementation.
• Establish and deploy new (or enhancements to) products and processes
• Accountable to ensure the following tasks are executed and driven per initiative, where relevant:

Industry, Competitor and Consumer research

• Concept design and documentation
• Stakeholder identification and buy-in
• Drive adequate levels of engagement with all stakeholders towards implementation of initiatives
• Compilation of business case for approval of funding requirements
• Compiling business requirement specifications to identify IT development needs
• Engagement with IT Agile Teams to execute new initiatives/enhancements to existing products with consideration and planning towards IT implementation cycles (Program Increments)

Engagement with expert stakeholders (data analytics vendors, reinsurers, etc.) where specific skills must be outsourced in the development and testing of solutions

• Drive the execution of new initiatives through the Product Governance processes
• Drive the execution of new initiatives/enhancements to existing products through the Product Governance framework via submissions to the following committees:
• Product Forum
• Group Actuarial Committee
• EXCO
• Actively devise and prepare for future strategic initiatives including obtaining stakeholder buy-in and preparation of business cases to obtain budgets during budget cycles.
• Ensure product compliance with regulatory standards.
• Development of actuarial models for existing and future business, and the implementation of these on the Prophet and other relevant system
• Conducting pricing exercises as and when new products are introduced or w.r.t. enhancements to existing products, using actuarial modelling techniques using Prophet.
• Gathering research insights in close collaboration with other departments to inform enhancements to the Provider product range
• Support sales channels w.r.t. queries of an actuarial nature and respond with high quality written communication, supported by actuarial calculators where required.
• Provide support to operational areas in the business w.r.t. monthly operational reports (such as reinsurance accounting, premiums under advice, etc.)
• Providing actuarial support to various other areas, and the broader business e.g. IT related investigations, testing support
• Responsible for in-depth monitoring of claims trends and reporting of insights to the monthly claims committee meetings
• Analysing PPS data and experience to better support the broader business in its functions
• Producing monthly reports on the business experience
• Compilation of management reports and special investigations from time to time including support of new initiatives/enhancements to existing products via the PPS Product Governance framework.
• Alignment of PPS Actuarial functions with published ASSA Guidance notes, and other regulatory requirements
• Actively coach and mentor actuarial team members to enhance their work competency levels
• Actively coach and mentor actuarial team members to enhance their work competency levels
• Create a culture of high performance, continuous optimisation and management of team performance