Specialist: Product Development (Insurance)

Specialist: Product Development_Insurance

Location: Pretoria

Salary: R70 000 (neg)

Description

Our client in the long term insurance sector is looking for a Specialist in Product Development to assist in development and pricing of new products, and monitor and maintain the profitability of new and existing products.

Assist in developing and pricing products & System design (Individual Life, Direct Marketing and Group Schemes)

• Research of new market developments and generation of new product ideas
• Competitor analysis and feedback from sales staff are used to indicate areas where product development is required
• Research product feasibility including administration requirements
• Check compatibility with business ethics
• Assist in the finalization of recommendations to the Life Actuarial Committee
• Perform pricing for target profitability and expense recoupment and assist in the obtaining of Actuarial Certificate from Statutory Actuary.
• Prophet work done with Actuarial Valuations department.
• Ensure final pricing and product offering will be market competitive (TCF)
• Assist with operational matters around product rollouts application forms, quote package and administration system readiness
• Collaborate with other departments (like Client Services, Underwriting and Client Services) to improve systems and processes
• Maintain open relationship and interaction with the sales field
• Develop sales aids, marketing concepts and presentations to support sales
• Price group funeral cover

Monitoring of in-force business

• Monitor and analyse in-force data
• Perform experience analysis based on report received from reinsurers and valuations department to confirm lapse assumptions and mortality/morbidity assumptions
• Develop amendment bases for changes to in-force business
• Monitor and maintain value of in-force business
• Contribute to the assessment of performance of group schemes and recommend actions when needed
• Report to management

Maintenance of reinsurance treaties

• Research risk rates and reinsurance terms available in the market - including the use of financial reinsurance
• Oversee that data and information are provided to reinsurers for special projects
• Maintain relationship with current and potential future reinsurers
• Contribute to ensure that optimal levels of reinsurance are in place

Provide professional input & support to the Group

• Answer client queries of a technical nature that was escalated by staff members
• Attend to ombudsman queries of a technical nature
• Assist with amendments to policies where support is required
• Answer values and product related queries from other departments

Requirements

• B Degree Actuarial Sciences
• Passed the A-level subjects
• Close to qualification
• Prophet experience - Technical Certification
• 3 to 5 years in long-term insurance
• Product development and pricing

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