Pricing Specialist at Old Mutual South Africa

Job Purpose

Manage the implementation of the pricing strategy to support the growth and development of the business through a risk-based pricing model across all product sets and distribution mechanisms. Identify market opportunities through competitor and market analysis and to produce business intelligence on underwriting performance and / or profitability of the business.

Job Objective

Manage the implementation of the pricing strategy to support the growth and development of the business.

• Develop, maintain and control tactical pricing structures ensuring key underwriting/financial matrices within the business plan are achieved.
• Use actuarial modelling tools and techniques to develop and maintain rating models, continuously optimizing the rating structure for product lines as required.
• Perform regular rate indications to set expectations for future losses and premium required to maintain desired financial performance.
• Develop and maintain insights into competitive benchmarking of rates and use this to help optimize rating structures.
• Assess profitability of different product segments with a view to optimizing rating structures and providing guidance to underwriting.
• Develop and implement risk/return pricing standards and risk management methodologies based on actuarial and economic principles.
• Develop pricing indications to attain an underwriting profit. Price alternative structures as needed.
• Use predictive modelling techniques to gain insights into retention and new business, combined with insights on competitive benchmarking, to refine and optimize rating plans.
• Use analytical tools to gain insights into the insurance portfolio, including monitoring trends, changes and risk.
• Provide input on the structure and pricing of new product features or changes to product features.
• Assess and qualify the impact that changes to the pricing strategy have on portfolio/product performance.
• Make recommendations on data collection, tools, software and business processes to maximize insights and efficiency of the pricing function.
• Monitor exposure accumulations to find opportunities for profitable growth and risk control.
• Lead the review of new product strategies, design, pricing and implementation.

Minimum Requirements

• Bachelor’s degree in Actuarial Science.
• 5 – 8 years’ experience in pricing within the Insurance Industry.
• Strong knowledge of LTV principles and how they can be applied in pricing.
• Strong knowledge of statistical modelling software (Emblem, SAS, R).

Shortlisted candidates will be subjected to the following statutory checks:

• ITC
• Criminal
• References
• Qualifications