Job Description

Introduction

Momentum Group Limited (Momentum Group) is a significant player in South Africa's life insurance and integrated financial services sectors. We are a proud Level 1 B-BBEE South African-based group dedicated to building and protecting our clients' financial dreams. Our client-facing retail and specialist brands, including renowned names such as Momentum, Metropolitan, Guardrisk, and Eris Properties, play a pivotal role in fulfilling this purpose.

Our federated model emphasises empowerment, accountability, and continuous engagement with all our stakeholders. Designed in close consultation with leaders across the group, this operating model aims to unleash each business unit's inherent energy and commercial drive through our collaborative federated approach. Visit us at www.momentumgroupltd.co.za

Disclaimer

As an applicant, please verify the legitimacy of this job advert on our company career page.

Role Purpose

Take holistic accountability to achieve the objectives set for product (Underwriting & Product), this includes driving the development of new initiatives within a product and seeing them through to implementation.

Requirements

Experience and Qualifications

The following experience and qualification will be required:



Grade 12 or equivalent qualification
Bachelor's Degree with specialisation in Actuarial Science
Progression with the actuarial board exams
5 years' management experience
5 - 8 years actuarial short-term insurance experience

Duties & Responsibilities

Responsibilities and work outputs:

Internal Process



In close collaboration with the product owner, plan for and take joint accountability for the implementation of the product (this includes product development in response to the products' strategies and the market needs)
Conduct by-annual product reviews to monitor and maintain the ongoing viability of existing initiatives with product to ensure that they still profitable, appropriately costed, competitive, marketable, and meet clients need, in order to deliver on the objectives for the product
Facilitate a team of people from different disciplines to enable collaboration with all stakeholders both internal and external to the Momentum Group
Ensure the implementation of development strategies to ensure the delivery to the products' strategic focus areas around client obsession, growth and excellence to enable our safety value proposition.
Ensure that the product development capability operates on an innovative, profitable, competitive and financially viable basis through an optimised packaging model
Ensure that products operate within the Momentum Group's governance framework and that products continue to be maintained within this framework.
Align all product development solutions to development principles of the Momentum Group for new business and existing business that are relevant to the product and set objectives
Work collaboratively with the other business unit's and provide excellent, effective and efficient product development capabilities.
Actively participate in the research and monitoring of the industry, target market and competitors to identify opportunities and threats as well as areas for improvement or optimisation in operations
Contribute to related processes to continuously grow the target market and influence client experience
Influence new business, marketing and communication processes incorporating product development, and client experience to improve the understanding and acceptance of product solutions in the market
Contribute to the optimisation and delivery of the client value proposition in partnership with other products and BU's (where relevant)
Develop, build and maintain product development process in respect of client experience, client management and business development
Continuously strive to enhance and improve the product development processes.
Design, implement, monitor and report on a process to gather organisational intelligence regarding the application product development practices, processes, documentation and business values.
Contribute and ensure compliance to the Momentum Groups' governance, relevant legislation and risk mitigation strategies
Identify and mitigate risk associated with the existing initiatives with the product by assessing the relevant features
Provide insights to other functional areas, segments and channels to enable innovative client centric solution and client experience design
Improve client offering through enhancements on existing initiatives within the product in order to ultimately increase shareholder value
Reporting on the products' performance and compliance to keep the relevant stakeholders and also measure the performance, and regulatory compliance
Build costing models in order to conduct sensitivity testing for value of new business (where relevant)
Build financial projection models to simulate the probable value of the initiatives within the product or the client outcomes given proposed changes, and apply judgement on the suitability of the proposed solutions

Client Services

Provide authoritative, expertise and advice to clients and stakeholders
Build and maintain relationships with clients and internal stakeholders
Make recommendations to improve CVP and business outcomes
Participate and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service

People

Create a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity
Demonstrate exemplary leadership behaviour, through personal involvement, commitment and dedication in support of organisational values
Select and recruit suitably qualified talent in line with Employment Equity principles and the Momentum Group values and/ or behaviours
Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness
Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members
Execute effective workforce planning practices to ensure that staffing requirements are accurately forecasted
Identify employee growth and development needs and schedule interventions to enable ongoing development, training and personal growth.
Effectively manage performance within the team in order to ensure business objectives are achieved
Encourage innovation, change agility and collaboration within the team

Finance

Contribute to the financial planning process within area
Identify opportunities to enhance cost effectiveness and increase operational efficiency
Provide input into the risk identification processes and communicate recommendations in the appropriate forum

Competencies

Competencies required:

Business Acumen
Client/ Stakeholder Commitment
Drive for Results
Collaboration
Impact and influence
* Self-Awareness and Insight