Santam is the market leader in the general insurance industry in Southern Africa. We are a large, diversified, expanding and transforming company and whilst based in South Africa, we are rapidly moving into a number of emerging markets, both in Africa and Asia. Our success is rooted in our passion for our clients and everything we do is centred on our delivery of Insurance Good and Proper.
About UsWith over 106 years of experience, Santam is Africa's leading general insurance company with a market share exceeding 24% in South Africa. Our client solutions business leads with a culture and work environment that truly provides meaningful opportunities for personal and professional growth. This is a contributing factor to Santam being recognised this year, and for the fourth consecutive year, as a Top Employer by the Top Employers Institute, the only general insurer in South Africa to achieve this rating.
This speaks volumes about our focus on best people practices, as well as our commitment to optimising and improving our business performance by selecting employees who are ready to thrive and perform with purpose.
Santam Client Solutions (SCS) Pricing function is a key insurance capability of Santam's SCS business unit, ensuring the achievement of the business unit's growth and profit targets. Close collaboration with internal stakeholders, such as Underwriting, Operations, Distribution and Claims is required, to achieve these financial targets. And similarly, a proper understanding of the needs for external stakeholders and our clients is essential.
What will you do?To provide technical pricing leadership to the development, management and execution of a comprehensive pricing strategy for Santam Client Solutions (SCS) business. This role involves identifying market opportunities through competitor and market analysis and producing business intelligence on underwriting performance. The role ensures the sustained profitable growth of the division through the implementation of risk-based pricing models across all products and distribution mechanisms. The role includes the following key areas of accountability:
Development, maintenance and implementation of risk-based pricing models across all products and distribution mechanisms within SCSDevelop and grow a world class pricing team in support of the SCS strategic objective to grow in its target marketsEnsure SCS pricing governance and controls are in place to safeguard the premium adequacy of the portfolioKey accountabilities and responsibilities include:
Develop and execute pricing strategies aligned with business objectives to ensure profitability for SCS while remaining competitive in the marketBuild, maintain and implement scientific risk pricing models, ensuring pricing models are regularly updated through ongoing refinements and testingBuild pricing adequacy reporting frameworkApply advanced actuarial/statistical techniques using modern technology tools in analysing data and implementing pricing initiatives.Technical pricing innovation and improvement on existing models to achieve short-term and long-term business targetsContribute to the governance of the actuarial pricing functions across the Santam group to ensure consistent practices are applied across the groupInput into product development and business processes where requiredMonitor market conditions and identify opportunities through competitor and market analysisBuild, lead and mentor the pricing team, ensuring personal and professional development of the team and fostering a culture of excellence and continuous improvementWhat do you need?Bachelor's degree in actuarial science, statistics or similar qualification
• Fully or nearly qualified actuary or similar
• Proven track record of at least 8 years' experience within short term insurance pricing environment.
• At least 4 years' management of a pricing function.
• Good knowledge of Commercial and Personal products is essential.
Skills
• Technical pricing skills
• Management of a pricing function
• Skilled in leading and coaching staff to keep pricing talents engaged and productive
• Excellent English communication & report-writing and presentation skills
• Establish interpersonal relationship, negotiating and networking skills
• Ability to influence
• Ability to work under pressure with appropriate prioritisation skills
• Results-orientated and deadline driven
• Analytical skills and problem-solving abilities
• Creativity and ability to innovate and find new solutions to new challenges
• Able to organise own and others' workloads to achieve priorities and objectives
• Demonstrate capability to think of the organisation holistically
• Empowering others
The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.
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