Job Description

Closing Date 2023/08/14
Reference Number MMH221213-1
Job Title Actuarial Product Specialist
Position Type Permanent
Role Family Actuarial
Cluster Momentum Life
Remote Opportunity Some of the time
Location - Country South Africa
Location - Province Western Cape
Location - Town / City Bellville
Introduction

Momentum Metropolitan (MM) is a South African based financial services group listed on the South African stock exchange, the JSE. The core businesses of MM are long and short-term insurance, asset management, savings, investment, healthcare administration and employee benefits. These product and service solutions are provided to all market segments through operating brands Metropolitan and Momentum. The incumbent will play a key role in the Mmerge Product Development team servicing the MM Africa Segment at the Bellville office.
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, annuities 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

Requirements

• Nearly qualified actuary or good progress with the actuarial exams;

• Two to Three yearxe2x80x99s work experience, preferably in product development.

• Experience in the following will be advantages:

• Moses;

• Prophet;

• SQL;

• VBA

• Proficient in MS Office Packages (MS Outlook, MS Word, MS Powerpoint, MS Excel)

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

Policy

We are committed to Employment Equity, diversity and inclusion when recruiting internally and externally. All appointments are made in alignment to our Employment Equity goals and we encourage people with disabilities to apply.

Momentum Metropolitan