Actuarial Pricing Specialist

Innovation Group; Johannesburg; On-site; ZAR 400 000 - 800 000; Full time

Job summary

Join a forward-thinking company as an Actuarial Pricing Specialist, where your strategic thinking and passion for actuarial science will make a significant impact. In this role, you will develop and maintain pricing models, analyze product pricing and profitability, and leverage data insights to inform strategic recommendations. You'll work collaboratively across teams to ensure competitive and profitable pricing for various products. This position offers a permanent contract with access to medical aid and provident fund, making it an excellent opportunity for those looking to advance their careers in the actuarial field.

Benefits

Access to medical aid

Provident fund

Qualifications

• Strong analytical mindset with experience in predictive analytics.
• Registered with a recognized actuarial institute.

Responsibilities

• Develop and maintain pricing models for various products.
• Analyze profitability and provide strategic recommendations.
• Collaborate with multiple teams to drive pricing strategies.

Skills

Analytical Skills

Predictive Analytics

Pricing Strategy

Project Management

Education

BSc in Actuarial Mathematics

BSc in Actuarial Science

Job description

If you are a strategic thinker with a passion for actuarial science and a drive to make a significant impact, join our team as an Actuarial Pricing Specialist! In this role, you will develop and maintain pricing models, analyze product pricing and profitability, plan and manage product concept projects, and leverage data and market insights to inform strategic recommendations. If you have a strong analytical mindset and experience in predictive analytics, we want to hear from you!

Minimum Requirements

• BSc (Actuarial Mathematics) / BSc (Actuarial Science) or similar degree and registered with a recognized actuarial institute. Core Principles: CT1-CT9 / A100's; A200's and A401 / CM1-2; CB1-3; CS1-2
• Completed at least two Core Practice Modules CA1 / (A301), and / or one Specialist Principles examination preferable F103 / ST3 General Insurance or ST8 / SP8 General Insurance Pricing
• A minimum of 3 years pricing experience
• Pricing experience in the short-term Insurance Industry or automotive value add products will be an advantage

Responsibilities

• Determine pricing for regulated and non-regulated products and ensure they are accurate, competitive, and profitable.
• Develop, maintain, and update pricing methodology and pricing models for different types of channels, clients, and products and their respective scenarios.
• Analyze the cause of loss ratio and other relevant factors to provide recommendations and assumptions for pricing models.
• Continuously track product and client profitability and detailed tracking of the revenue and costs by understanding all the levers of profitability and executing appropriately to pull these levers.
• Strategy formulation and execution including implementing new pricing methodology and concepts in response to changes in the market.
• Understand the overall business and drive customer service culture within the organization.
• Meet deliverables agreed in SLA or personal measurements.
• Adhere to the Customer Experience (Internal and External).
• Provide insights on sales, retentions, and strategies to improve customer products.
• Develop actionable plans to drive up National Insurance Repository (NIR) and reduce direct and transfer pricing expenses by understanding transactional behavior and driving changes in this base to reduce channel costs.
• Ensure continuous analysis/understanding of Innovation Group value proposition (pricing, rewards, product features) relative to the competition and enhance the product to drive market share growth through tracking market share and developing actionable plans to reach our market share targets and continuous tracking and optimization of product sales across channels.
• Work with the Sales team, Customer Value Management team, Channel Development team, Marketing team, and Analytics team to drive appropriate actions.
• Present data analytics and provide recommendations to corporate and management.
• Governance & Controls: Adhere to Pricing Governance Framework, including processes and required sign-off. Forums that will ensure principles are monitored.
• Create a culture of ownership and accountability throughout the organization in support of our company values.
• Have confidence, ownership, and accountability for work product and work submissions.
• Ensure Learning and Development plans are in place and are measured.
• Cross-skill in terms of other positions within the team.
• Keep up to date with legislation and regulatory requirements.
• Oversee the applicable activities within the pricing team to ensure effective delivery of business outcomes.
• Create effective workforce plans to ensure that current and future business requirements can be met.
• When required, adhere to performance management.

What we offer

• Permanent contract
• Access to medical aid and provident fund