Purpose

• Provide expert advice and support in the development and pricing of Corporate Umbrella products, ensuring sound commercial and financial decisions to meet financial targets.

Key Responsibilities

• Be part of the Corporate Benefits Umbrella Solutions team, managing Liberty’s umbrella products.
• Serve as a senior member of the Umbrella Solutions Management team, responsible for the development, maintenance, pricing, and financial performance of these products.
• Collaborate with internal stakeholders, including Valuations, Special Quotes, Investment Product, Risk Product, Finance, and Distribution, to ensure competitive pricing while achieving internal financial targets.
• Work closely with the Umbrella Product Management and Technical Marketing teams on a daily basis, providing necessary support.
• Engage in specialist actuarial modelling and analysis focused on product pricing and profitability.
• Design, manage, and own models and reports used for internal decision-making.
• Participate in strategic discussions with internal business departments on product pricing and distribution strategies.
• Conduct modelling and financial feasibility studies for both new and existing products.
• Manage and develop junior staff, overseeing their work output and professional growth as needed.

Minimum Experience

• 5 years’ experience in a similar environment, of which at least 3 years at a specialist level.

Additional Minimum Experience

• Experience in the life insurance, investments, or retirement benefits industry
• Specialist knowledge of actuarial product pricing and/or reserving
• Expertise in actuarial modelling
• In-depth knowledge of life insurance products (essential); knowledge of employee benefits products (an added advantage)
• Experience with IFRS 17 reporting and modelling (particularly for Group Insurance and Investment Products) preferred
• Embedded value/profit reporting and modelling experience preferred
• Experience with Umbrella Fund or Corporate Investment products would be an added advantage

Minimum Qualifications

• Bachelor’s Degrees and Advanced Diplomas [NQF Level 07] in Actuarial Science, Mathematics, Statistics, or a related field.
• Associate member of the Actuarial Society of South Africa (ASSA).

Process

• Consult in area of expertise to provide specialist input into the development and amendment of policies, processes and procedures.
• Understand and apply existing best practice frameworks to assist in the implementation of identified subject matter processes and standards.
• Determine probabilities and assess risk through the application of mathematical modelling techniques and statistical concepts.
• Translate and communicate complex specialist area information to users in a practical and usable format to enhance business utility.
• Identify, diagnose and recommend improvements and provide specialist advice and support; ensuring that solutions are appropriate and effective.
• Make recommendations to existing products based on market needs, product performance and competitor analysis to increase sales volume and profitability.
• Perform required actuarial and other analyses for management reporting, and make recommendations to support these analyses.
• Create and update database/s with findings, recommendations and relevant information to enhance the identification of trends and analysis.
• Accountable for the improvement of quality, service and work outputs, continuously recommending improvements.
• Plan for the organisation of work outputs and process improvement activities in light of a specific situational context related to the area of specialisation.
• Proactively identify area of specialisation related problems, determine cause and effect and recommend the best option to implement corrective action based on previous experience.