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
The successful incumbent will be responsible for managing and/or supervising other actuarial staff. The person would also be required to clarify client requirements and translate actuarial concepts into client-friendly terminology. Pricing and product development for commercial lines short-term insurance are key aspects of the role.
Requirements
- A Bachelor’s degree in Actuarial Science, Statistics, Business Sciences or Business Mathematics.
- A qualified actuary (FIA, FFA, or FASSA) is highly advantageous.
- At least 8 years of experience in actuarial modeling, pricing, and product development in the short-term insurance sector.
- Experience in Commercial pricing and product development will be an advantage
- Demonstrated proficiency in advanced pricing and product development is an advantage.
- 5-8 years of management experience is desirable.
Duties & Responsibilities
- Maintain, develop, and implement market leading Short-term Insurance pricing models.
- Explore and identify data and rating enhancements to inform pricing models.
- Ownership of model performance against actual experience and acting on model weaknesses.
- Developing and implementing pricing strategies for new and existing business to achieve growth and profit objectives.
- Support the development of new and innovative products and maintain existing products.
- Drive, implement and maintain proper governance on pricing developed/deployed.
- Support/advise the business using data and analytics.
Competencies
- Passion for Short-term Insurance (STI) and pricing STI products
- Business acumen
- Client/ Stakeholder commitment
- Drive for results
- Leads change and innovation
- Motivating and inspiring team
- Collaboration
- Impact and influence
- Self-awareness and insight
- Diversity and inclusiveness
- Growing talent
- Good communication skills
Knowledge:
- Actuarial modelling
- Statistical analysis techniques
- Short term insurance pricing and product development (Commercial business advantageous)
Skills:
- Microsoft Excel
- VB scripting
- SQL (where applicable)
- Experience with software packages like SQL, SAS, R, Python, Willis Towers Watson, Earnix and AKUR8
- Advanced Microsoft Office, in particular Excel, user.
- Experience with programming and mining large datasets for commercial value.
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