Specialist: Product Development (Insurance)

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