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  • Posted: May 20, 2022
    Deadline: Jun 3, 2022
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    Momentum is a trusted partner on your journey to financial wellness. We guide you by offering leading advice, products and services. We are committed to helping you fulfill your lifelong financial needs, by providing relevant and unique solutions to suit your budget and individual circumstances. It is our aim to build and maintain enduring relationships by p...
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    Actuarial Specialist

    Role Purpose    

    • To assist with actuarial product management tasks as an Actuarial Specialist in the Legacy Solutions Product Management team in Cape Town.

    Requirements    

    • Matric/Grade 12;
    • An actuarial or B-degree with mathematics or statistics as majors;
    • Good progress with actuarial subjects where pass in A111, A112, A113, A211 and A213 or equivalent would be essential.
    • Experience in product management, product development and/or product pricing in the individual life insurance industry would be an advantage;
    • Proficiency in insurance products, contracts and knowledge of the relevant industry legislation and relevant industry agreements;
    • Sound numerical skills and computer literacy is essential especially in the use of MS Excel and MS Work;
    • Skills/experience in data management and extraction would be an advantage.

    Duties & Responsibilities    

    • The product management of legacy solutions by adequately balancing the objectives of the different stakeholders:
    • Profitability management of existing products;
    • Implementation of changes to align with legislation;
    • Identify system errors, propose the most appropriate way to fix these and ensure the successful implementation;
    • Ensure that clients are treated fairly through product design, communication and advice, and address any areas on the in-force book where improvement in this respect is required;
    • Extraction of maximum value on legacy products through reinsurance optimisation and other initiatives.
    • Play a role in the consolidation of legacy products which will involve the following:
    • Rationalisation of the existing product range and providing the necessary specifications;
    • Planning and implementation of the migration of business from one system platform to another;
    • Analyse system data, specification and create output files and reports as required by the business in respect of the consolidation and migration of the product ranges.
    • (Co-)create the appropriate product enhancements/changes to be made on legacy solutions together with other product specialists and segment managers:
    • Documenting and reviewing all existing product bases;
    • Propose the appropriate enhancements/changes to existing products and benefits;
    • Monitor the experience of important actuarial basis items (e.g. mortality, lapses, etc.) and propose and/or implement rectifying actions where appropriate.
    • Positively influence and participate in change initiatives.
    • Continuously develop own expertise in terms of professional, industry and legislative knowledge in order to propose the most relevant and innovative client solutions and comply with governance requirements. 
    • Contribute to continuous innovation through the development, sharing and implementation of new ideas. 
    • Providing the business requirements and supporting the implementation of:
    • Improving client value through the levers that drive it;
    • Legal and compliance requirements;
    • Product, process and data improvements.
    • Produce special quotations for new and existing Metropolitan Life products.
    • Test the implementation of system product changes.
    • Providing support to the service areas in terms of product content.
    • Managing own performance and development.
    • Ensuring effective and consistent service delivery and support to both internal and external clients in line with the Company Values and Treating Customers Fairly Principles.

    Competencies    

    • Ability to examine and interpret data and provide insights
    • Strong technical expertise
    • Achievement orientation
    • Effectively manage time and ensure optimal productivity.
    • Client-centric and focus on proving customer service
    • Excellent analytical and communication skills
    • Results and solution focused
    • High degree of self-motivation and can work independent of supervision
    • Naturally inquisitive mind set, with a strong innovative tendency
    • Self Confidence
    • Flexibility to cope with pressure and setbacks
    • Delivering results and meeting expectations

    go to method of application »

    Actuarial Product Specialist - Africa

    Role Purpose    

    • The purpose of this role is to perform actuarial product development tasks as well as product and risk management of all retail risk and savings products for a number of African subsidiaries.

    The incumbent will form part of the team responsible for:

    • Product design
    • Setting the risk management framework,
    • Product pricing, and
    • Maintaining existing products
    • Ensuring that product remain competitive, relevant and meets profitability targets

    The incumbent will play a key role in the Legacy Solutions Product Development team servicing the MM Africa Segment at the Bellville office.

    Requirements    

    • Nearly qualified actuary or good progress with the actuarial exams;
    • Two to Three year’s work experience, preferably in product development.
    • Proficient in MS Office Packages (MS Outlook, MS Word, MS Powerpoint, MS Excel)

    Experience in the following will be advantageous:

    • Moses;
    • Prophet;
    • SQL;
    • VBA

    Duties & Responsibilities    

    • Contributing to the delivery of innovative, value-for-money products to the market through the development, pricing and design of new products.
    • Ensuring ongoing competitiveness and attractiveness of the individual life risk product range both from a product and pricing perspective.
    • Delivering efficient and consistent service and support to all internal and external clients, hence ensuring a quality interaction and relationship with all stakeholders.
    • Collaboration with all the other relevant stakeholders (internal and external) such as valuations, claims, underwriting, reinsurance partners etc.
    • Understanding and using actuarial models both in terms of the regulatory and commercial environment.
    • Contributing towards projects, initiatives, queries and team initiatives.
    • Living the MM values namely Accountability, Diversity, Excellence, Integrity, Innovation and Teamwork.
    • Investigating, proposing and obtaining approval for the proposed product range changes;
    • Driving and controlling successful implementation of product suite initiatives through to delivery including:
    • Provide useful product and market insights to the segment businesses;
    • Benefit design, basis setting and pricing;
    • Close liaison and input into underwriting, enrolment and claims departments;
    • Setting up of all administration, systems, legal and other required processes to deliver the product to market;
    • Developing a close working relationship with the key distribution channels to ensure buy in to all products initiatives;
    • Providing technical input and oversight of the product specific aspects contained in Client Facing Documents e.g. the User Guide and Contract.
    • Ongoing monitoring and maintenance on each of the products in the range including:
    • Monitoring sales volumes and experience in order to propose corrective actions and identify opportunities;
    • Special quotes and queries;
    • Building relationships and interacting with other disciplines in the organisation to ensure proactive management actions are taken;
    • Underwriting (including claims), Valuation and Investment management;
    • Applying health insights in mortality and morbidity to improve client value as well as the profitability of Client Value Propositions.

    Competencies    

    • Achievement orientation;
    • High degree of self-motivation and can work independent of supervision
    • Delivering results & Meeting Customer Expectations
    • Working with people and relationship building;
    • Analytical and conceptual thinking;
    • Proactive

    Method of Application

    Use the link(s) below to apply on company website.

     

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