We're currently seeking a highly qualified individual to fill the role of HEAD OF PRODUCT DEVELOPMENT & PRICING at a prominent insurance company, specializing in a range of insurance products for employees spanning various industries, including COID cover, occupational injuries cover, funeral cover, and more. Reporting to the Executive Actuary, the Head of Actuarial will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business. The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the company’s Life business. JOB DESCRIPTIONJob Title: Head - Product Development & PricingWork Location: Parktown,JohannesburgEmployment Type: Permanent, On-site DUTIES AND RESPONSIBILITIES: 1. Product Design and Development: Support and participate in the execution of the Life product strategy in an agile manner.Understand the business needs and related gaps to inform the design of product solutions.Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design.Partner with various business stakeholders (including Sales and Distribution and the CEO of the company Life group) to design innovative products that consider the end-to-end customer journey and policy lifecycle.Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk, and IT.Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution.Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities.Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk, and pricing analysis, producing product approval presentation, and support product filing and implementation.Analyse product profitability and recommend product design changes where necessary.Continually review, identify, and promote best practices and opportunities for improvement to the products.Assume overall responsibility for each product project. 2. Data Analysis and Reporting: Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections.Analyse data to identify trends and key insights.Develop and report on key performance and experience monitoring metrics.Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified.Produce regular and ad-hoc reports and presentations as required.Compile reports and presentations for the Exco, Board and Actuarial Committee. 3. Legal and compliance: Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures.Prepare or review product specifications and actuarial reports. 4. Oversee the provision of actuarial business support: Support the group Life business as a member of the divisional exco team.Oversee the application of ORSA methodology and SAM processes and procedures.Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS)Plan and budget actuarial matters and maintain a timetable of submission (financial projections).Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.Monitor experience (reserving and pricing).Prepare actuarial specific areas in all the Group regulatory returns.Monthly, Quarterly, Annual.ORSA and SAM reporting. 5. Staff management and monthly reporting: Manage, supervise and training of staff.Manage relationships within the company and stakeholders e.g. Statutory Actuary.Lead and motivate a team to achieve targets.Monthly reporting of the Key Performance indications for the actuarial reporting function.Monthly report to FM on status of accounts and returns for EXCO submission.Effective reporting and assessment of problem areas. 6. Regulatory compliance: Ensure that all work is performed in terms of required standard and regulation.Ensure that company’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and aligns to the standards and norms of the company).Ensure that all company policies and procedures are adhered to.Ensure timely submission of various periodical reports, highlights of the previous month’s reports. QUALIFICATIONS, SKILLS, AND EXPERIENCE: 1. Qualification Requirements: NQF Level 7: Bachelor’s degree – Actuarial Science.Qualified Actuary.Member of Actuarial Society /Institute of Actuaries. 2. Minimum Experience: Minimum 8 years’ experience in an insurance regulatory environment.Minimum 5 years’ experience within actuarial environment, with specific experience related to life insurance pricing and product.Proven experience in pricing and product management and strategy development.Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python). 3. Required Competencies and Skills: Objectivity.Attention to detail.Knowledge/Information Management.Financial acumen.Interpersonal awareness / empathy.Judgement and Decision-making.Leading and supervising.Managing performance (goal/target setting).Motivating People (includes Creating and Selling the Vision).Analytical thinking. PACKAGE & REMUNERATION: Will be agreed based on qualifications, applicable experience, and previous earnings. SPECD Recruitment is a proudly South African Level 1, 100% BBBEE Company. We offer innovative and pragmatic talent solutions, backed by a highly passionate team of professionals. We connect our clients with the right talent, for the right job, at the right time to take their business to the next level. The team at SPECD Recruitment has more than 13 years’ experience recruiting in the markets we specialize in - IT, Digital, Technology, Online Gaming, Advertising, Media, Design and Finance. We offer our clients a complete range of services designed to guide them through all phases of their hiring projects, from early conceptualization to final execution. Our Recruitment Consultants and Partner Network have a proven track record of finding the right calibre of candidates that will fit our client’s culture and style preferences#J-18808-Ljbffr