Job Description

• Manage the implementation of the pricing strategy to support the growth and development of the business through a risk-based pricing model across all product sets and distribution mechanisms. Identify market opportunities through competitor and market analysis and to produce business intelligence on underwriting performance and / or profitability of the business.
• Manage the implementation of the pricing strategy to support the growth and development of the business.
• Develop, maintain and control tactical pricing structures ensuring key underwriting/financial matrices within the business plan are achieved.
• Use actuarial modelling tools and techniques to develop and maintain rating models, continuously optimizing the rating structure for product lines as required.
• Perform regular rate indications to set expectations for future losses and premium required to maintain desired financial performance.
• Develop and maintain insights into competitive benchmarking of rates, and use this to help optimize rating structures.
• Assess profitability of different product segments with a view to optimizing rating structures and providing guidance to underwriting.
• Develop and implement risk/return pricing standards and risk management methodologies based on actuarial and economic principles.
• Develop pricing indications to attain an underwriting profit. Price alternative structures as needed.
• Use predictive modelling techniques to gain insights into retention and new business, combined with insights on competitive benchmarking, to refine and optimize rating plans.
• Use analytical tools to gain insights into the insurance portfolio, including monitoring trends, changes and risk.
• Provide input on the structure and pricing of new product features or changes to product features.
• Assess and qualify the impact that changes to the pricing strategy have on portfolio/product performance.
• Make recommendations on data collection, tools, software and business processes to maximize insights and efficiency of the pricing function.
• Monitor exposure accumulations to find opportunities for profitable growth and risk control.
• Lead the review of new product strategies, design, pricing and implementation.
• Continuous improvement to ensure effective service
• Ensure statutory and legislative knowledge is always current in order to resolve complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
• Ensure adherence to organisational policies, practices and procedures.
• Identify solutions to enhance cost effectiveness and increase operational efficiency.
• Service delivery to ensure customer satisfaction
• Maintain service, quality and desired outputs across the business process by ensuring compliance to tactical policies, procedures and standards.
• Establish productive operational relationships with key stakeholders in the various channels and administrative teams.
• Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
• Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.
• Manage quality people practices
• Align own behaviour with the organisation culture and values.
• Share and transfer product, process and systems knowledge to colleagues and team members.
• Collaborate and work with the business to deliver required service levels.
• Actively share information with other team members regarding successes, issues, trends and ideas.

Experience, knowledge & skills required

• Bachelor’s degree in Actuarial Science.
• 5 – 8 years’ experience in pricing within the Insurance Industry.
• Strong knowledge of LTV principles and how they can be applied in pricing.
• Strong knowledge of statistical modelling software (Emblem, SAS, R).
• Understanding of actuarial and other insurance related models.

Competencies

• Balances Stakeholders
• Builds Networks
• Business Insight
• Collaborates
• Communicates Effectively
• Cultivates Innovation
• Decision Quality
• Drives Results

Education

• NQF Level 7 – Degree, Advance Diploma or Postgraduate Certificate or equivalent