Open Positions at Bryte Insurance Company Limited

Description

Who we are

Bryte Insurance Company Limited is the premier, proactive commercial risk specialist in Southern Africa. Applying our unparalleled sector insights, proven expertise, and foresight, we partner with customers and brokers to protect their businesses and improve their risk profile across the continent. Bryte Insurance Company Limited approaches customer risk with purpose, proactively working with brokers and customers to enable better risk decisions.

Requirements

Key Tasks and Accountabilities

• Pricing of existing and potential new lines of business of Bryte’s short term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
• Manage and lead the pricing team, consisting of approximately 10 people.
• Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that Bryte meets its ongoing financial targets.
• Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
• Develop and/or co-develop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
• Overall responsibility for pricing tools used by Bryte, including contracting, budgeting, implementation, and alignment to best practices.
• Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Bryte Actuarial units and governance policies.
• Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
• Lead complex pricing assignments and projects that require high levels or integration across various business units.
• Provide actuarial support and advice to the business including insights into underlying performance.
• Create and maintain business reports to monitor the profitability and identify market opportunities.
• Support and participate in Profitability Review and Performance Assessment discussions.
• Support Reserving, Finance, market-facing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
• Assist in managing the flow and quality of data.

Business Support Specific

• Translate Income statement deviations from targets into underwriting and pricing actions.
• Play a thought leadership role in data and analytics within Bryte and help drive pricing initiatives into general underwriting processes.
• Provide price and renewal strength monitoring against targets.
• Help translate capital charges and reinsurance cost into pricing processes.
• Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
• Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.

Relationships

Internal

• Business partners
• IT and Data Management
• Underwriting
• Claims
• Finance
• Risk Management
• Sales and Distribution

External

• Consultants and software providers
• Bryte Insurance Partners
• Network of contacts within the actuarial profession
• Participation in professional/ industry groups/ working parties.

Qualifications & Experience

• Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
• Qualified FASSA designation of the Actuarial Society of South Africa or an international equivalent will be given preference.
• Minimum five years’ short term insurance pricing experience, including modelling and deployment.
• Experience of providing actuarial advice to senior management
• Underwriting and portfolio management experience with market practice acumen
• 5 or more years general management experience
• Experience in project management and past exposure to large IT development projects.

Behaviors

• Demonstrate ability to collaborate effectively across functions and influence outside of own function.
• Exhibits self-motivation and drive; takes initiative without the need for approval.
• Professional, enthusiastic, and positive attitude.
• Demonstrate a proactive mindset to help drive business and profitability initiatives.
• Able to meet deadlines and work under pressure.
• Ability to manage a team of people to achieve the required performance outcomes.

Knowledge

• Intermediate knowledge of actuarial professional guidance and relevant legislation, with exposure to pricing best practice an advantage.
• Advanced knowledge of finance and accounting practices, financial analysis, and reporting; ability to apply this knowledge appropriately to diverse situations.
• Intermediate knowledge of and awareness of economic trends, directions, major issues as they impact underwriting and pricing context, with ability to translate into action.
• Proficient product knowledge; understanding how policy wording is born out in policy response and claims handling processes. Familiarity with commercial and personal lines policy wordings an advantage.
• Proficient knowledge of the insurance industry's trends, directions, major issues, regulatory considerations, and trendsetters.
• Knowledge, insight, and understanding of business concepts, tools, and processes that are needed for making sound decisions in the context of the company's business; ability to apply this knowledge appropriately to diverse situations.
• Knowledge of practices and policies governing disclosure of information about the organisation, its business activities, and employees; ability to apply this knowledge appropriately to diverse situations.
• Knowledge of IT governance as it pertains to the software development cycle, with experience in drafting specifications and testing procedures.

Technical Skills

• Proficiency in English with a preference for proficiency in at least one other language.
• Accomplished communicator of technically complex concepts to various audiences, combined with well-developed presentation and interpersonal skills.
• Advanced computer literacy skills, e.g. SAS, VBA, Pricing Software, etc.
• Advanced knowledge of statistical and actuarial pricing tools and methods e.g., have in the past fit and validated pricing bases deployed into production.
• Knowledge of IT architecture, fault diagnosis and debugging as it pertains to dissemination of prices across integrated information and administration systems.
• Advanced knowledge of the policy underwriting life cycle and the calculation, measurement and monitoring of inflation indexation, changes in exposure, rate change at each stage.
• Intermediate knowledge and past exposure to enterprise underwriting strategy development and implementation.
• Advanced knowledge of portfolio management and optimisation methods and supporting analytics, that help coordinate underwriting work across business regions and units.
• Proven track record at root cause analysis of pricing processes and systems, and a well-developed ability to generate relevant practical solutions.

Closing date: 11 July 2024

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Description

Who we are.

Bryte Insurance Company Limited is the premier, proactive commercial risk specialist in Southern Africa. Applying our unparalleled sector insights, proven expertise and foresight, we partner with customers and brokers to protect their businesses and improve their risk profile across the continent. Bryte Insurance Company Limited approaches customer risk with purpose, proactively working with brokers and customers to enable better risk decisions.

This role reports into the Chief Underwriting Officer and is responsible for product underwriting across Bryte Broker Distribution, Bryte Specialist Insurance and Bryte Botswana, with some governance review support of Bryte Insurance Partners and takes overall responsible for the following.

Requirements

Key Tasks and Accountabilities

• Personal lines
• Commercial lines
• Flexiflite
• Farmers
• Body Corporate
• Accident and Health
• Liability
• Asset All Risks
• Coordinate, manage and report on Underwriting Quality and Product adherence across Bryte Underwriting and ensuring profitability targets are achieved throughout the portfolio.
• Assist Distribution in identifying opportunities for growth within our risk appetite and profitability requirements.
• Managing Underwriting delegation of authority to regions and others.
• Monitor and report on adherence to risk appetite across the portfolio.
• Developing and implementing product and underwriting enhancements.
• Developing, reviewing, and enhancing all required underwriting guidelines.
• Overseeing the underwriting first line of defence governance function, including:
• Adherence to risk appetite
• Exception reporting
• Accumulation monitoring and adherence.
• Managing Bryte’s Underwriting Operational Risk Register.
• Responsible for the Underwriting Risk register and control framework. This includes continual consideration of emerging risks, with appropriate solutioning, as necessary.
• Product wording/s maintenance upkeep and enhancements to ensure alignment with legal constructs and market opportunities.
• Maintain and Manage Bryte’s Sasria relationship, including implementation and meeting operational requirements.
• Develop, maintain, and implement Underwriting training and peer to peer reviews.
• Co-ordinate Technical Underwriting Reviews for all the regions; ensuring these are done on an annual basis.
• In co-operation with all Bryte Underwriting Lines of Business; provide and consolidate key data on environment, market, competitor, business segments, products, and marketing activities.
• Manage all Risk engineering functions. This includes (such as but not limited to):
• Setting risk surveying rules
• Management of risk surveying team, which includes a team of risk engineers.
• Ensuring that surveying production volumes are met within service level agreements and quality requirements.
• Continual drive to create efficiencies and improved customer service in this space.
• Expand talent and capability within the Risk Engineering Team:
• Identify new and additional Risk Engineering opportunities which will expand Bryte Risk Engineering service to customers to include additional services like Cyber Security reviews, building resilient property and asset management risk control services, provide Climate Risk reviews to help clients manage their ESG exposure as it relates to Climate Risks etc.  
• Financial forecasting and budgeting for the area, with quarterly and monthly reporting as required.
• In co-operation with all Bryte Underwriting Lines of Business monitor review and drive Service excellence in all aspects to all customers.

Stakeholders

Internal

• Underwriting
• Claims
• Risk Management
• Sales and Distribution

External

• Bryte Insurance Partners
• Network of contacts within the industry
• Participation in professional / industry groups

Qualifications & Experience

• Minimum NQF Level 7, i.e. University degree
• Minimum 5 – 8 years’ short term insurance experience, including technical underwriting and policy wording.
• Experience in providing underwriting advice to senior management.
• 5 or more years general management experience
• Experience in project management advantageous.

Behaviour

• Demonstrate ability to collaborate effectively across functions and influence outside of own function.
• Exhibits self-motivation and drive; takes initiative without the need for approval.
• Professional, enthusiastic, and positive attitude.
• Demonstrate a proactive mindset to help drive business and profitability initiatives.
• Able to meet deadlines and work under pressure.
• Ability to manage a team of people to achieve the required performance outcomes.

Knowledge

• Intermediate knowledge of and awareness of economic trends, directions, major issues as they impact underwriting context, with ability to translate into action.
• Proficient product knowledge; understanding how policy wording is born out in policy response and claims handling processes. Familiarity with commercial and personal lines policy wordings essential.
• Proficient knowledge of the insurance industry's trends, directions, major issues, regulatory considerations, and trendsetters.
• Knowledge, insight, and understanding of business concepts, tools, and processes that are needed for making sound decisions in the context of the company's business; ability to apply this knowledge appropriately to diverse situations.
• Knowledge of practices and policies governing disclosure of information about the organisation, its business activities, and employees; ability to apply this knowledge appropriately to diverse situations.

Technical Skills

• Proficiency in English with a preference for proficiency in at least one other language.
• Accomplished communicator of technically complex concepts to various audiences, combined with well-developed presentation and interpersonal skills.
• Advanced knowledge of the policy underwriting life cycle.
• Intermediate knowledge and past exposure to enterprise underwriting strategy development and implementation.
• Advanced knowledge of portfolio management and optimisation methods and supporting analytics, that help coordinate underwriting work across business regions and units.

Closing date :17 July 2024