Actuarial Specialist - Product Development - Johannesburg at Absa Group Limited (Absa)

Job Summary

Overall job purpose    

• To plan, manage and monitor the implementation of product development activities and processes in order to deliver on approved operational plans in an effective and efficient manner. This role supports sound management of business performance and financial risk.

Role requirements:

• Significant progress with Actuarial exams (at least 12)
• Ability to work independently, be self-motivated and passionate about executing effectively and with high quality
• Passionate about continuous improvement and disruptive innovation, whilst challenging the traditional ways of working
• Strong, professional and confident communication and networking skills
• Supportive of and passionate about a diverse working environment and working with colleagues with diverse cultural backgrounds
• Ability to engage with a range of different stakeholders

Job Description

Key responsibilities

• Proven experience in developing insurance value propositions for market segments
• Understand the competitive landscape and general commercial and economic environment through market research in order to help inform product design
• Design and implement value propositions that consider the target market, profitability and sensitivity thereof, marketability, distribution method, competitiveness, risk characteristics, consistency with other products, administration systems, service standards, reputation, regulatory and industry requirements, reinsurance terms and capacity, and tax
• Maintain products throughout the product life cycle
• Conduct comprehensive product research and develop a strong product knowledge
• Develop a strong knowledge of best practice in relevant areas
• Develop business cases that are reliable, robust, and well tested
• Implement new reinsurance treaties and amendments to existing treaties
• Identify new opportunities resulting from post-implementation management information
• Identify and understand risks in the project and know the obstacles that are in the path, and put in place risk mitigation strategies
• Drive a customer-centric mindset across distribution, manufacturing, operations and service
• Demonstrate ability to apply experience to new problem areas, domains and challenges

Education

• Bachelor's Degree: Actuarial Science