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The role will be focused on managing the entire Life and Pensions product development life cycle from strategic planning to technical and tactical activities.
- Chair the business unit product development Committee
- Develop a conceptual framework that collates unstructured product ideas into a technical sound product offering that can be marketed tested.
- Develop research briefs to guide the Marketing and Sales functions to carry market research and identify innovative solutions for all market segments.
- Driving product solutions through market requirements, product contract, and positioning in liaison with marketing teams
- Develop new products and revamp existing products and work closely with business development teams to identify the best distribution channel to help achieve set revenue and customer number targets
- Analyse and create projections for future market trends
- Analyse and recommend potential partner relationships for products
- Facilitate development and communication of a roll out plan in conjunction with marketing
- Review product performance including analysis of root cause for variance and propose remediation measure
- Develop structures and processes to review, monitor and report on similar product offerings from both traditional and non-traditional competitors.
Initiate and oversee all product development projects over the entire product life cycle. This will involve obtaining and coordinating support from other stakeholders i.e. sales, marketing, underwriting and claims.
- Work and liaise with Actuarial, Legal and Risk Functions to ensure all compliance requirements are met for products
- Drive the product approval process both within the Company and externally with the Appointed Actuary as needed and the Insurance Regulator and other government bodies – where relevant
- Develop and continually review product training manuals, content for marketing brochures, company website etc.
- Be an active member of The Actuarial Association of Kenya (TASK) and a Company representative in the Association of Kenya Insurers (AKI) and participate in Industry discussions and projects and assess their impact on the Life and Pensions Business
- Perform any other duties as may be assigned from time to time
- Delegated Authority: As per the approved Delegated Authority Matrix
Key Performance Measures
- As described in your Personal Score Card
Knowledge, experience and qualifications required
- University Degree in Actuarial Science – or other highly numerate subject area.
- Fully Qualified or Nearly Qualified Actuary with a recognized actuarial professional body
- 4-6 years’ relevant experience in the insurance industry
Leadership category responsibility framework (Core Competencies)
Change Leaders in Britam need to:
- Strategically lead a function to service customers from a sustainable and growing customer base whilst increasing profit;
- Continuously configure and adapt the functional area to most effectively suite the future view of the business;
- Introduce new concepts so that they are adopted appropriately at the right time (manage the rate of change);
- Be in touch with the changing industry, customer needs and international best practice;
- Improve the efficiency of the function by appropriately challenging managers about operational and tactical issues;
- Ensure the function has the most appropriate people capability through effective inspirational leadership, people development, and optimized succession planning;
- Ensure clarity of expectations for individuals in the function and other stakeholders across the group;
- Facilitate functional integration;
- Ensure the development and establishment of appropriate behaviour and values (culture) within the function that aligns with the strategic direction and values of the business;
- Co-ordinate between functions and divisions to ensure optimization of the value chain and resources;
- Ensure alignment of strategy, objectives and deliverables within the function;
- Develop innovative partnerships and distribution channels to increase Britam’s market penetration;
- Ensure a seamless experience for clients;
- Appropriately allocate funds and capital to maximize shareholder value;
- Adequately manage operational risk;
- Increase operational efficiency;
- Provide access to accurate and consistent information and services across all channels;
- Improve quality and speed of decision making across the business.
Technical/ Functional competencies
- Knowledge of insurance regulatory requirements
- Knowledge of insurance and pensions products
- Analytical –highly analytical and ability to challenge status quo based on quantitative facts and impacts
- Report writing-ability to develop reports