Head Actuarial - Product Development & Pricing

SUMMARY:

POSITION INFO:
JOB DESCRIPTION:


Job Title: Head Actuarial– Product Development and Pricing
Location: Johannesburg
Duration: Permanent



JOB CONTEXT:
Step into a high-impact leadership role where strategy meets innovation!
Reporting directly to the Executive Actuary, the Head of Actuarial: Product and Pricing will lead a dynamic team of actuarial experts on a mission to shape the future of life products. This isn't just about crunching numbers—it's about crafting smart, competitive solutions that drive real business value.
You'll be at the helm of product design, pricing innovation, actuarial modeling, and strategic projects, steering the team through complex challenges and bold ideas. From cutting-edge pricing strategies to regulatory submissions and business insights, your leadership will power the engine behind our company’s product success.


KEY RESPONSIBILITIES:
Product Design and Development:

• Support and participate in the execution of the Life product strategy in an agile manner.
• Understand the business needs and related gaps to inform the design of product solutions.
• Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design.
• Partner with various business stakeholders (including Sales and Distribution and the CEO of the company) to design innovative products that consider the end-to-end customer journey and policy lifecycle.
• Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk and IT.
• Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution.
• Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities.
• Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk and pricing analysis, producing product approval presentation, and support product filing and implementation.
• Analyse product profitability and recommend product design changes where necessary.
• Continually review, identify and promote best practices and opportunities for improvement to the products.
• Assume overall responsibility for each product project.

• Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections.

• Analyse data to identify trends and key insights.
• Develop and report on key performance and experience monitoring metrics.
• Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified.
• Produce regular and ad-hoc reports and presentations as required.
• Compile reports and presentations for the Exco, Board and Actuarial Committee.

• Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures.

• Prepare or review product specifications and actuarial reports.

• Support the business as a member of the divisional exco team.
• Oversee the application of ORSA methodology and SAM processes and procedures.
• Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS).
• Plan and Budget actuarial matters and maintain a timetable of submission (financial projections).
• Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.
• Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).
• Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.
• Monitor experience (reserving and pricing).
• Prepare actuarial specific areas in all the Group regulatory returns Monthly, Quarterly, Annual as well as ORSA and SAM reporting.

• Manage, supervise and training of staff.
• Manage relationships within the company and stakeholders e.g. Statutory Actuary.
• Lead and motivate a team to achieve targets.
• Monthly reporting of the Key Performance indications for the actuarial reporting function.
• Monthly report to FM on status of accounts and returns for EXCO submission.
• Effective reporting and assessment of problem areas.

• Ensure that all work is performed in terms of required standard and regulation.
• Ensure that the company’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to the company).
• Ensure that all company policies and procedures are adhered to.
• Ensure timely submission of various periodical reports, highlights of the previous month’s reports.

• NQF Level 7: Bachelor’s degree – Actuarial Science.
• Qualified Actuary.
• Member of Actuarial Society /Institute of Actuaries.

• Minimum 8 years’ experience in an insurance regulatory environment
• Minimum 5 years’ experience within actuarial environment, with specific experience related to life insurance pricing and product.
• Proven experience in pricing and product management and strategy development.
• Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).

• Able to put own feelings, views, beliefs, and attitudes aside from a situation and remain neutral and non-judgmental.

• The ability to highlight inconsistencies and inaccuracies in detailed information.

• The creation, sharing, using, and managing of knowledge and information in an organization.

• Able to apply sound financial principles and processes to the business and ensure profitability, compliance, and continued growth.

• Understanding other people. It includes the ability to hear accurately and understand unspoken, partly expressed thoughts, feelings, and concerns of others. Included in this competency is an emphasis on cross-cultural sensitivity. Requires the ability to keep one’s emotions under control and restrain negative actions when faced with opposition or hostility from others or when working under stress.

• Identifying and understanding issues, problems, and opportunities; comparing data from different sources to draw conclusions; using effective approaches for choosing a course of action or developing appropriate solutions; taking action that is consistent with available facts, constraints, and probable consequences.

• Provides others with a clear direction; motivates and empowers others; recruits staff of a high caliber; provides staff with development opportunities and coaching; sets appropriate standards of behavior.

• Accepts and tackles demanding goals with enthusiasm; works hard and puts in longer hours when it is necessary; seeks progression to roles of increased responsibility and influence; identifies own development needs and makes use of developmental or training opportunities.

• Establishing systems and processes to attract, develop, engage, and retain talented individuals; creating a work environment where people can realise their full potential, thus allowing the organisation to meet current and future business challenges.

• Analyses numerical data and all other sources of information, to break them into component parts, patterns, and relationships; probes for further information or greater understanding of a problem; makes rational judgements from the available information and analysis; demonstrates an understanding of how one issue may be a part of a much larger system.

• Results driven
• Initiative
• Methodical

• Operational impact at a senior level across organisation.
• Strategic input and direction within the business unit/department.

• Direct, 4-5
• Indirect, 12-15

• Negotiable depending on Qualifications and Experience.

NB! This job is now closed. You can apply for other jobs by uploading your CV.