Careers at Momentum

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

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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