Specialist Product Analyst at Old Mutual South Africa

Job Description

Design and Implement market leading, fit-for-purpose products that are optimally priced to support the growth and development of the business. Lead the financial analysis for each developed product in the portfolio and establish targeted assumptions of ongoing progress for growth in volume and price. Draft and maintain underwriting guidelines and training documents.

Design and Implement market leading, fit-for-purpose products that are optimally priced to support the growth and development of the business.

• Define and implement initiatives that will improve or develop innovative and / or fit-for-purpose products to enhance the customer experience.
• Implement the consolidation of products and migration to the business systems working closely with internal stakeholders (incl. application of regulatory demarcation rules).
• Track and report on all product performance, utilisation & profitability with support from Pricing, Business Intelligence and Finance.
• Leverage deep understanding of business processes and product constructs to enhance or design new products and services using existing or identified systems that will meet the changing needs of the customer across the value chain.
• Understand the end-to-end customer value chain to identify and implement opportunities to improve the profitability of the product offering through risk-based selection and / or product rationalisation / design.
• Ensure that defined underwriting standards are upheld and that technical underwriting controls are managing the identified risks.
• Identify competitor intelligence and perform market research including detailed analysis of information supporting product development initiatives.
• Collaborate with actuarial, underwriting and marketing functions to ensure the relevance and marketability of solutions, soliciting and incorporating meaningful input in the product development process.
• Closely monitor the developments in the insurance marketplace, financial landscape, and regulatory environment to incorporate into current and future product designs.
• Support learning and development for any new products to help articulate differences in product features/benefits.
• Deliver and implement new products at a high efficiency level- liaising between different divisions and department ensuring all aspects of the new products have been considered and are being attended to, including wordings, marketing, system development and reporting.
• Approve above mandate referrals by combining research outcomes, past experience, intuition and commercial / business acumen to fully understand the risk and the impact of the referral.

Continuous improvement to ensure effective service

• Ensure statutory and legislative knowledge is always current in order to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
• Ensure adherence to organisational policies, practices and procedures.
• Identify solutions to enhance cost effectiveness and increase operational efficiency.

Service delivery to ensure customer satisfaction

• Maintain service, quality and desired outputs across the business process by ensuring compliance to tactical policies, procedures and standards.
• Establish productive operational relationships with key stakeholders in the various channels and administrative teams.
• Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
• Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.

Ensure cost efficiency through financial and corporate governance

• Contribute to the development and implementation of fit for purpose budgets.
• Manage supplier relationships, and budgets associated with projects.

Manage quality people practices

• Align own behaviour with the organisation culture and values.
• Share and transfer product, process and systems knowledge to colleagues and team members.
• Collaborate and work with the business to deliver required service levels.