ACTUARIAL and PRODUCT DEVELOPMENT MANAGER
Summary of Key Duties & Responsibilities :
1. PRODUCT DESIGN
1.1 Evaluate new product ideas.
1.2 Design new products for the Company and obtain approval from the Statutory Actuary.
1.3 Review existing products in line with market and business requirements. 1.4 Continually research on new market opportunities for the Company.
2. PRICING AND PROFIT TESTING
2.1 Develop initial pricing models on new products including re-insurance and reassurance (where applicable) that incorporates all the policyholder options to determine feasibility.
2.2 Profit test new products before approval by the Statutory Actuary.
3. COMPETITOR PRODUCT ANALYSIS
3.1 Carry out an analysis of competitor products using market intelligence. 3.2 Assess competitor product designs.
3.3 Conduct a comparative analysis with existing products
4. RISK ANALYSIS
4.1 Evaluate anticipated risk profile and financial impact of new products and/or features.
4.2 Recommend appropriate risk mitigation measures in liaison with the Risk Manager
5. SYSTEM SUITABILITY AND ADMINISTRATION READINESS 5.1 Recommend appropriate system changes on all new products.
5.2 Train administration staff on all new products
5.3 Ensure that the administration team is ready to administer the products before rolling out.
6.1 Ensure that the developed products comply with legal and regulatory requirements.
6.2 Design products in compliance with sound Actuarial principles. 6.3 Obtain regulatory approval on all new products before rolling out.
7. MARKETABILITY ANALYSIS
7.1 Review and sign-off marketing material, application forms, contractual documentation and prospectuses.
7.2 Conduct training to the sales teams on all new product parameters.
8. ANY OTHER DUTIES
8.1 Undertake any other duties as may be assigned by Management from time to time.
Qualifications, Experience, Knowledge, Skills &Attributes
• 6 “0” Level passes including English Language including Mathematics, all obtained within no more than two sittings.
• At least 2 Advanced Level passes including Mathematics with a ‘B’ or better.
• Degree in Actuarial Science, Mathematics, Applied Mathematics or equivalent
• Significant progress (Diploma level or higher) towards an Actuarial qualification with a recognized Institute.
• 5 years’ experience in similar Role and in an insurance environment + Experience in both Life and Short-term products.
• Technical and Analytical + Actuarial Modelling
• Computer literacy – Highly competent in Excel, SQL and VBA programming
• Extensive knowledge of insurance products
• Report writing and documentation skills
• Good inter-personal and Communication skills (Oral and written)
Applicants should email their applications together with certified copies of certificates of academic and professional qualifications and a detailed Curriculum Vitae, including contact telephone numbers, clearly marked Actuarial & Product Development Manager/Premium Accounting Officer/Premium Accounting Clerk to [email protected] no later than Sunday 14 July, 2019.