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Product Development Specialist – Corporate Segment – (21000026)
- Product Ideation and Market Research: Generate, develop, communicate and conduct market research for new Corporate product ideas in the market.
- Product Design and Pricing: Determine technical premiums for new and repackaged Corporate products.
- Product Risk management: Identify and analyse risks relating to new and repackaged Corporate products, and setting out proposed risk mitigation measures.
- System and Process Capabilities: Drive the operationalization of new products i.e. ensure processes and systems are in place to administer the complete product administration cycle.
- Product Approvals: Drive the product approval process both within the Company and externally with the Insurance Regulator and other government bodies – where relevant.
- Compliance Requirements: Work with the Legal and Risk functions to ensure that all compliance requirements with respect to products are met.
- Product Documentation: Develop and continually review product training manuals and content for marketing brochures that are appropriate to the target market and distribution channel of the products.
- Work with the Innovation and other teams to turn data insights into profitable products.
- Work with the marketing team to improve the look and feel of Britam product offerings.
- Own and improve the Britam Corporate client journey with focus on customer centricity.
- Perform any other duties as may be assigned from time to time
Knowledge, experience and qualifications required
- University Degree in Actuarial Science – or other highly numerate subject area.
- Good progress in examination from the Institute and Faculty of Actuaries or any equally recognized professional actuarial body (attempted and passed at least 8 actuarial exams).
- At least 3 years’ experience in an actuarial or product development function in a very busy office.
- Experience across product lines preferred i.e. life and non-life.
- Proven experience working across functions and with multiple stakeholders.
- A keen eye for innovation in the insurance and financial services space preferred.
Leadership category responsibility framework (Core Competencies)
Team Leaders in Britam need to:
- Operationally lead a team to service customers from a sustainable and growing customer base whilst increasing profit;
- Ensure the company’s objectives are met by being a vision carrier and by implementing strategy and operational outputs;
- Effectively run the business and manage staff in order to enable functional leaders to focus on developing strategy;
- Effectively identify and define key performance areas, deadlines and goals for their team in order to optimise operational effectiveness;
- Ensure the department has the most appropriate people capability through effective inspirational leadership, people development, effective selection and optimised succession planning;
- Create a high performance, proactive culture and motivated team;
- Monitor operational implementation, budgets, plans, goals and outputs in order to ensure alignment with the departmental strategy;
- Ensure that department priorities are adhered to and effectively communicated;
- Effectively disseminate knowledge within the correct context, towards subordinates as well as management;
- Appropriately model the company values while setting the pace and energy for delivering;
- Benchmark operational activities internally as well as externally in order to be a leader in the industry;
- Effectively manage and communicate change within the department in order to increase staff and process effectiveness;
- Provide access to accurate and consistent information and services across all channels;
- Adequately manage operational risk.
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Team Leader Competency Descriptions
- Leading and Supervising – Provides team with a clear direction based on the overall strategy and objectives of the department; motivates and empowers others with a clear sense of purpose; creates a positive climate that fosters learning and development; acknowledges high potential talent within the team; sets and articulates the departmental strategy and organisational values through own personal behaviour.
- Adhering to Principles and Values – Upholds and encourages ethical behaviour and departmental values; demonstrates integrity; encourages team and individual responsibility towards the community and the environment; models the organisational values during every day interactions.
- Analysing – Analyses numerical data and all other sources of information, breaking them into component parts, patterns and relationships; probes for further information or greater understanding of a problem; makes rational judgements from the available information and analysis; demonstrates an understanding of how one issue in the team or department may be a part of a much larger system / issue in the organisation.
- Planning and Organising – Sets clearly defined team objectives; plans activities and projects well in advance and takes account of possible changing circumstances; identifies and organises resources needed to accomplish tasks, projects and team objectives; manages time effectively; monitors team performance against deadlines and milestones.
- Delivering Results and Meeting Customer Expectations- Focuses on customer needs and satisfaction; sets high standards for quality and quantity; monitors and maintains quality and productivity; works in a systematic methodical and orderly way; consistently achieves project and team goals.
- Deciding and Initiating Action – Ensures team objectives are met; takes responsibility for decisions, actions, projects and people while focussing on the achievement of team results; takes initiative and works under own direction; initiates and generates activity; makes quick, clear decisions with all information available; team decisions and actions take into account possible impact on all parts of the department.
- Relating and Networking – Easily establishes, as well as assists others in building meaningful relationships with customers and staff; relates well to people at all levels in the department; builds effective networks within, as well as outside the department; facilitates the resolutions of conflict and manages disagreements within team with tact and diplomacy.
- Persuading and Influencing- Gains clear agreement and commitment from team members; promotes the departmental strategy and objectives during team conversations; promotes ideas on behalf of the team and / or department; takes care to manage the team’s impression and brand on others.
- Creating and Innovating- Produces new ideas, approaches, and insights; facilitates the creation of innovative products or designs; produces a range of solutions to problems.
- Formulating Strategies and Concepts – Works strategically to realise team goals; understands and effectively communicates the departmental strategy; translates the departmental strategy and vision into operational responsibilities; takes into consideration departmental strategy during all tasks, projects and decision-making; takes account of a wide range of issues across, and related to the team.
- Working with People – Shows respect for the views and contributions of team members; shows empathy; listens, supports and cares for others; consults others and proactively shares information and expertise with them; builds team spirit and reconciles conflict; adapts to the team and fits in well.
- Presenting and Communicating Information – Speaks fluently; expresses team objectives, opinions, information and key points of an argument clearly; responds quickly to the needs of the team and to their reactions and feedback when communicating; projects credibility.
Technical/ Functional competencies
- Excellent oral and written communication skills with the ability to translate and communicate complex insurance and actuarial principles to a non-technical audience.
- Ability to build and maintain effective working relationships with all stakeholders within each client segment.
- Ability to think clearly and analytically.
- Ability to identify and solve all problem types i.e. both technical and non-technical.
- A keen eye for innovation in the insurance and financial services both traditional and non-traditional (FinTechs etc.) spaces.