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.
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