Specialist: Product Development

Company Assupol Life
Reference # SPD
Published 23/11/2017
Contract Type Permanent
Location Menlyn, Gauteng, South Africa
Introduction
Purpose:
Assist in development and pricing of new products, and monitor and maintain the profitability of new and existing products
Job Functions Administration
Industries Financial Services
Specification
Duties & Responsibilities:
1.Assist in developing and pricing 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
•Assist in the finalization of recommendations to the Assupol Life Actuarial Committee
•Perform pricing for target profitability and expense recoupment and assist in the obtaining of Actuarial Certificate from Statutory Actuary.
•Prophet work done with Actuarial Valuations department.
•Ensure final pricing and product offering will be market competitive (TCF)
•Assist with operational matters around product roll-outs application forms, quote package and administration system readiness
•Collaborate with other departments (like Client Services, Underwriting and Client Services) to improve systems and processes
•Maintain open relationship and interaction with the sales field
•Develop sales aids, marketing concepts and presentations to support sales
•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
•Assist with 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 (advantage)
•Close to qualification (advantage)
2. Technical/Legal Certification
•Prophet experience (advantage)
3. Experience
•3 to 5 years in long-term insurance
•Product development and pricing (advantage)
4. Knowledge
•Legislation - LTIA, FAIS
•Code of Conduct of ASSA
5. Skills
•MS Office - Access, Excel, Word, PowerPoint, VBA
•Analytical
•Communication
•Leadership
6. Attributes
•Attention to detail
•Technical
•Work with diverse people
Job Closing Date 12/01/2018
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