Product Development Officer at Old Mutual Kenya

Job Description

• Develop, price and monitor experience of life insurance products in East Africa.
• Work closely with distribution channels, providing expert and technical support to assist in enhancing sales e.g. responding to client queries on product performance, developing quotation tools.
• Support product marketing through training and providing support to distribution channels in the field.

Key Tasks And Responsibilities

• New product development and major reviews of existing products –
  • Creation of pricing models (Excel and Prophet) and pricing specification documents.
  • Competitor analysis
• Assist in building product rules on the various Life systems, working with the system vendors. Test and monitor deployment.
• Regularly monitor product rules on the various Life systems, investigate and propose fixes for the system vendors to implement. Test and monitor deployment.
• New business support - Retail
  • Drafting responses to customer queries on benefits and projected values.
  • Creation and review of (Web and Excel) quotation tools per product
  • Review of surrender and maturity values for all products that are not in the Life System.
• Corporate Business support –
  • Calculation of profit shares for schemes
  • Creation and review of quotation tools
• Client services support – responding to difficult customer queries specific to nature of query and product rules that apply.
• Regular reinsurance optimization projects: - modelling scenarios
• Proposing and implementing changes to minor product rules and processes to improve operational efficiency and customer experience.
• Regular reporting of the performance of new and reviewed products.
• Updating advisor packs to incorporate important information.
• Ad hoc tasks as requested by management from time to time.

Skills And Competencies

• Extensive experience in product pricing and profit-testing.
• Proficiency in Prophet.
• Proficiency in Excel and Visual Basic Application.
• Excellent critical thinking and problem-solving skills.
• Good business acumen

Knowledge & Experience

• 4-5 years of experience in product development and/or actuarial valuations.
• Technical knowhow.
• Knowledge of the Kenyan life products market.

Qualifications

• Bsc. Actuarial Science.
• Actuarial qualifications; passed at least 7 actuarial examinations.