Senior Manager Product Development and Pricing - Johannesburg, South Africa - Hollard Recruitment

Hollard Recruitment

Verified Company

Johannesburg, South Africa

1 week ago

Posted by:

Thabo Mthembu

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Description

Job Advert Summary:

Hello an exciting new opportunity has just become available in our Hollard Life Solutions, Actuarial area.

We are looking to recruit a Senior Manager:
Product Developement and Pricining.

The primary purpose of this role is to design, develop, price and maintain HLS insurance products (life risk and simple short-term products) and to support the administration thereof.

A key aspect is business enablement, with a requirement to collaborate with cross-functional teams to deliver on our shared vision.

It is requirement for the person to give input into the strategic direction that the products should take. It is also required that ongoing product profitability is managed within our risk appetite.

Accountability
:
General

Outputs required to achieve this accountability:
Participate in defining and implementing the product strategy for our Partner Business to help contribute to the overall HLS strategy

Build and manage relationships with key business partners (retail and non-retail), providing consultation from a Product Actuary perspective.

Lead and manage a small team of product development and pricing specialists.

Key responsibility:
Product design

Outputs required to achieve this accountability:
Conceptualise new products and product enhancements based on input from distribution teams, clients and the marketing actuarial function.

Contribute towards the creation of our customer value propositions in alignment with product concepts and overall product strategy.

Define product architecture and product process to optimally deliver the customer value propositions.

Key responsibility:
Product development and Pricing
***Outputs required to achieve this accountability: Develop detailed specifications defining product and process designs and submit for system development and actuarial pricing.

Develop and draft policy clauses and policy wording in conjunction with Legal function.

Define, draft and own customer touchpoints:

List customer touch points.
Design and draft all customer communications per touch point as well as supporting rules, with assistance from Customer Communications Specialist.

Provide specialist input to operational and administrative functions with the development of product processes and rules and integrate their feedback and suggestions into the product development process.

Provide specialist input to operational and procurement functions with the identification, selection and integration of suppliers of ongoing services such as policy administration, claims fulfilment, and binder functions.

Assist Project Management and IT functions with the systems implementation of all product elements and processes and the testing thereof.

Provide specialist input to Sales and Marketing functions with the development of sales scripts and marketing material and give final approval, where necessary.

Manage the engagement with reinsurers for risk mitigation options, where necessary.

Manage the product design and pricing approval process, including HAF engagements.

Key responsibility:
Product maintenance and supporting activities

Outputs required to achieve this accountability:
Manage policy queries and provide input into escalated claims.

Monitor product profitability and feedback into product redesign and repricing initiatives.

Manage the insights from profitability monitoring to lead proposals for actions to be taken to optimize product performance.

Plan and coordinate migration of policies between products when required as a consequence of product development.

Required Knowledge and Experience:

Strategic pricing skills

Advanced technical pricing skills

Specialist Product development skills and knowledge relating to life insurance risk products, especially funeral and credit life products

Experience in short-term products, in addition to life products, would be an advantage

Experience with cell captives would be an advantage

Cross-functional team collaboration and stakeholder engagement skills

Confident communication and engagement with external partners.

Solution-oriented leader with consultative style

Strong communication skills

Proactive work approach with strong implementation skills.

People management experience

Educational Requirements:

Fellow Qualified Actuary

Minimum of 10 years' of experience in a life insurance or reinsurance risk business.

Minimum of 5 years' experience in financial services product development and pricing, of life risk business.

Minimum of 3 years' experience in a team management position.