Actuarial Analyst – Product Development
Botswana Life Insurance Limited (Botswana Life) is Botswana’s longest servicing and only home-grown life insurer. Established in 1975, Botswana Life has a proud 46-year history and is a subsidiary of the renowned Botswana Insurance Holdings Limited (BIHL) Group listed Botswana Stock Exchange (BSE). As an icon in Botswana, Botswana Life has become synonymous with life insurance in the country and as a trusted partner to Batswana. At Botswana Life, we provide financial solutions that make a positive difference in the lives of our clients and employees. We are committed to creating a world where everyone is financially secure and can walk tall in confidence that we have them covered.
Role Purpose
Botswana Life is looking for suitably qualified candidates to fill in the role of Actuarial Analyst – Product Development. The role purpose involves the management of new and existing retail products. Ensuring the premiums are sufficiently profitable for the business and benefits are appropriate for the clients. Ensuring that systems are showing accurate premiums and benefits as per the product design.
Role Responsibilities
- Drafts Product Specifications of new products and changes to existing products
- Prices new products and new features of existing products using Prophet
- Prepares pricing reports and presentation to management and actuarial forums
- Maintains the Individual life quotation system and resolving quotation related issues
- Checks and approves quotations to sales and distribution for special quote requests
- Maintains the Individual life application forms and quotation forms
- Checks and maintains application forms for new products
- Checks monthly reinsurance premiums calculated by the Actuarial Assistant
- Checks reinsurance profit commission calculations
- Compiles product performance results
- Assesses Product Profitability assessment
- Checks results of testing of administration systems to ensure that the system is doing the calculations as expected
- Analyses competitor product offering and proposing measures to counter competition
- Reviews flyers and brochures compiled by the analyst for marketing purposes
- Maintains the Sales Aids
- Provide product training to administration staff and product training support to brokers, agencies and tied agents
- Project management of all product related project activities
Experience and Role-Specific Knowledge
- Actuarial Science Degree or related degree
- Minimum of three (3) years actuarial experience
- Actuarial Pricing Principles
- Nearly/Qualified actuary
- Life insurance Product Knowledge
- Understanding of insurance market in Botswana
- Prophet modelling
Competencies
- Work with prophet to price products
- Write concise reports
- Analyse cashflows to produce results for pricing and monitoring performance of existing products
- Critical and Creative Thinking
- Presentation to Management and to other forums
- Team Player
- Work with minimum supervision
- Analytical and ability to draw logical conclusions
- Collaborate with other Product staff & across business functions
- Self starter
Closing date: March 13, 2025