Product Actuary

Client Assupol Life
Published 19/01/2017
Contract Type Permanent
Location Menlo Park, Gauteng, South Africa
Introduction
Purpose:
Develop and price new products, manage and maintain the profitability of new and existing products.
Job Functions Administration
Industries Insurance
Specification
Duties & Responsibilities:
1.Develop and price products & System design (Individual Life, Direct Marketing and Group Schemes)
•Research of new market developments and generation of new product ideas
•Competitor analysis and feedback from sales staff are used to indicate areas where product development is required
•Research product feasibility including administration requirements
•Check compatibility with business ethics
•Make recommendations to the Assupol Life Actuarial Committee
•Perform pricing for target profitability and expense recoupment and obtain Actuarial Certificate from Statutory Actuary. Prophet work done with Actuarial Valuations department.
•Ensure final pricing and product offering will be market competitive (TCF)
•Manage operational matters around product roll-outs application forms, quote package and administration system readiness
•Collaborate with other departments (like Client Services, Underwriting and Claims) to improve systems and processes
•Maintain open relationship and interaction with the sales field
•Develop and manage sales aids, marketing concepts and presentations to support sales
•Ensure that product diversification targets can be met with the product offering made available
•Price group funeral cover
2.Monitoring of in-force business
•Monitor and analyse in-force data
•Perform experience analysis based on report received from reinsurers and valuations department to confirm lapse assumptions and mortality/morbidity assumptions
•Develop amendment bases for changes to in-force business
•Monitor and maintain value of in-force business
•Contribute to the assessment of performance of group schemes and recommend actions when needed
•Report to management
3.Maintenance of reinsurance treaties
•Research risk rates and reinsurance terms available in the market – including the use of financial reinsurance
•Oversee that data and information are provided to reinsurers for special projects
•Maintain relationship with current and potential future reinsurers
•Contribute to ensure that optimal levels of reinsurance are in place
4.Provide professional input & support to the Group
•Answer client queries of a technical nature that was escalated by staff members
•Attend to ombudsman queries of a technical nature
•Manage and oversee amendments to policies where support is required
•Answer values and product related queries from other Assupol departments
Requirements
1. Formal Education:
•B Degree Actuarial Sciences
•Passed the A-level subjects
•Qualified actuary, or very close to qualification

2. Experience:
•More than 5 years in long-term insurance
•1 year Product development and pricing
•Prophet experience (advantage)

3. Knowledge
•Legislation - LTIA, FAIS
•Code of Conduct (ASISA)

4. Skills
•MS Office
•Analytical
•Communication
•Leadership
Job Closing Date 27/01/2017
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