This is an exciting opportunity for a well-seasoned product actuary in Kenya. Essential to the success of these roles are knowledge of the local markets, the financial landscape, challenges and opportunities in the mentioned countries. The successful candidates will be part of the Exec teams in the regions providing strategic input on product propositions for the identified markets. All incumbents will report directly to the OML Director: Customer Solutions.
Be part of a dynamic team responsible for predominately life products across key regions on the African continent. This includes setting product strategy in support of business strategy, product development, product management and oversight along with managing a local team/s responsible for product development and management
- Strategy development and execution
- Developing the predominately retail and corporate Life Product strategy for the region/countries, in support of the region/country’s business strategy.
- Responsibility for innovative new product development and the management of the existing book of products ensuring the business meets both customer and shareholder expectations
- Where relevant, assist with the design, development and implementation of customer Rewards schemes and product development and management supporting Integrated Financial Services aspirations and implementation.
- Ensuring robust governance of all Life Product development, enhancement and management.
- Track performance and take up of new or revamped products.
- Assisting regions/countries develop business cases supporting new products and sign off.
- Implementing new products or product amendments by clarifying business requirements to ensure IT implementations
- Potentially owning multiple high-priority product developments simultaneously.
- Determine country integrated product set profitability, taking into account entire value chain and propose initiatives to improve
- The role needs to ensure that product experience is continuously reviewed compared to assumptions and perform rate reviews where required.
- Needs to ensure product remains relevant and robust in terms of product features, underwriting and claims practices.
- Need a clear understanding of product profitability and the various profit levers to advise exco on business decisions.
- Drive the product thinking behind integration of products (INCL NON-LIFE) wrt Integrated Financial Services strategy
- Being the “design authority” (in conjunction with the value chain partners – Service, IT, Customer,
- Digital, Distribution and Marketing) of the end to end life product solution.
- Working with all stakeholders to determine the country-by-country life product roll-out plan.
- Engage regularly with RoA Life Business Partner and RoA Life Lob Executive
- Engaging where required with industry bodies, regulators and the media
- Present product performance report to Regional/country Exco at least quarterly.
- Global and local market research regarding all in country product propositions and technical detail
- Continually reviewing, identifying and promoting best practices and opportunities for improvement to the processes and organisation based on observation and lessons learned.
- Spend sufficient time in Region if not bases in Region in order to stay abreast of local nuances and product uptake behaviour.
- Managing and leading life product resources across geographies.
- Operating in a multi-located team environment and development of a community of life product resources, across geographies.
- Developing skills and competencies of life product resources.
- Working with centers of excellence in South African-based Customer Solutions in terms of support and development of skills and competencies.
- Qualified actuary.
- 10+ years’ product development/management or related experience in the insurance industry.
- Experience in operating with multiple project teams.
- Experience in owning the development and management of complex, multi-disciplined projects
- Broad insurance and financial product knowledge is essential.
- Commercial business experience will be advantageous
- Strong working knowledge of systems, applications, business processes and operations of products will be an advantage.
- Excellent communication skills and stakeholder management with strong influencing skills.
- Analytical problem solver.
- Travel, as required, across the region and to and from South Africa
Business Decisions, Business Processes, Product Development, Product Strategies, Profitability, Strategy Development, Taking Initiative
Fellow Of The Institute Of Actuaries: Actuarial Science (Required)
23 October 2021
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