Head of actuarial pricing

The successful candidate will be responsible for the following key performance areas:

• Pricing of existing and potential new lines of business short- term insurance offerings including Commercial Lines, Personal Lines, Marine, Engineering and Hospitality.
• Manage and lead the pricing team, consisting of approximately 10 people.
• Managing various stakeholders across the business, including Broker Distribution and Underwriting, to ensure that the company meets its ongoing financial targets.
  • Analyse portfolio results on an ongoing basis to guide pricing decisions and inform alternative courses of action, where necessary to achieve the business goals.
  • Develop and/or co-develop the required pricing best practice, including systems design and procedures to achieve business goals. Assist in the required implementation of systems and tools as needed.
• Overall responsibility for pricing tools used, including contracting, budgeting, implementation and alignment to best practices.
• Translate organisation plans into implementable pricing bases and risk management strategies. Ensure that process and standards are consistent with other Actuarial units and governance policies.
  • Predict the outcome of alternative courses of action with reasonable accuracy using statistical techniques, design criteria and required specifications.
  • Lead complex pricing assignments and projects that require high levels or integration across various business units.
• Provide actuarial support and advice to the business including insights into underlying performance
• Create and maintain business reports to monitor the profitability and identify market opportunities.
• Support and participate in Profitability Review and Performance Assessment discussions.
• Support Reserving, Finance, market-facing business units, Broker Distribution, Claims, Risk, Capital Management, and other functions on pricing, and strategic business decisions as required.
• Assist in managing the flow and quality of data.
• The role operates at the professional level, with middle management responsibility for multiple teams.

Business Support Specific

• Translate Income statement deviations from targets into underwriting and pricing actions.
• Play a thought leadership role in data and analytics within and help drive pricing initiatives into general underwriting processes.
• Provide price and renewal strength monitoring against targets.
• Help translate capital charges and reinsurance cost into pricing processes.
• Do research and provide consultation on Business Unit level on pricing and underwriting decision taking.
• Participate in analyses related to Mergers & Acquisitions and/or special projects that are outside of normal business as usual or geographic responsibilities.

Stakeholders

Internal

• IT and Data Management
• Underwriting
• Claims
• Finance
• Risk Management
• Sales and Distribution

External

• Consultants and software providers
• Insurance Partners
• Network of contacts within the actuarial profession
• Participation in professional/ industry groups/ working parties

Qualifications

• Minimum NQF Level 7, i.e. University degree in Actuarial Science or a related field.
• Qualified FASSA designation of the Actuarial Society of South Africa or and international equivalent will be given preferenceBusiness partners.