Specialist: Product Development

Our client in the long term insurance sector is looking for a Specialist in Product Development to assist in development and pricing of new products, and monitor and maintain the profitability of new and existing products.

Description:

Assist in developing and pricing products & System design (Individual Life, Direct Marketing and Group Schemes):

· Research of new market developments and generation of new product ideas

· Competitor analysis and feedback from sales staff are used to indicate areas where product development is required

· Research product feasibility including administration requirements

· Check compatibility with business ethics

· Assist in the finalization of recommendations to the Life Actuarial Committee

· Perform pricing for target profitability and expense recoupment and assist in the obtaining of Actuarial Certificate from Statutory Actuary.

· Prophet work done with Actuarial Valuations department.

· Ensure final pricing and product offering will be market competitive (TCF)

· Assist with operational matters around product rollouts application forms, quote package and administration system readiness

· Collaborate with other departments (like Client Services, Underwriting and Client Services) to improve systems and processes

· Maintain open relationship and interaction with the sales field

· Develop sales aids, marketing concepts and presentations to support sales

· Price group funeral cover

Monitoring of in-force business:

· Monitor and analyse in-force data

· Perform experience analysis based on report received from reinsurers and valuations department to confirm lapse assumptions and mortality/morbidity assumptions

· Develop amendment bases for changes to in-force business

· Monitor and maintain value of in-force business

· Contribute to the assessment of performance of group schemes and recommend actions when needed

· Report to management

Maintenance of reinsurance treaties:

· Research risk rates and reinsurance terms available in the market – including the use of financial reinsurance

· Oversee that data and information are provided to reinsurers for special projects

· Maintain relationship with current and potential future reinsurers

· Contribute to ensure that optimal levels of reinsurance are in place

Provide professional input & support to the Group:

· Answer client queries of a technical nature that was escalated by staff members

· Attend to ombudsman queries of a technical nature

· Assist with amendments to policies where support is required

· Answer values and product related queries from other departments

Requirements:

· B Degree Actuarial Sciences

· Passed the A-level subjects

· Close to qualification

· Prophet experience – Technical Certification

· 3 to 5 years in long-term insurance

· Product development and pricing

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