Pricing Assistant Manager - 2nd Line

Old Mutual is seeking an experienced Pricing Assistant Manager to join their team in Johannesburg. This role is crucial for overseeing and enhancing pricing strategies within the short-term insurance sector, contributing to the company's growth and development through robust, risk-based modelling. The position operates within the second line of defence, providing actuarial oversight and ensuring sound financial practices across Old Mutual Insure and its associated entities.

About the Role

This is a key actuarial role focused on the strategic implementation and monitoring of pricing models. You will be instrumental in supporting the business's growth trajectory by ensuring that pricing strategies are aligned with risk appetite and market dynamics. The role involves working closely with various actuarial functions to uphold high standards in pricing and product development. Furthermore, you will contribute to other critical actuarial assessments, including reserving, Solvency Assessment and Management (SAM), and International Financial Reporting Standard 17 (IFRS 17) compliance. Your work will directly influence data-driven decision-making and the overall financial health of the company's product portfolio.

The responsibilities of this position are diverse and demand a thorough understanding of actuarial principles within the insurance industry. Key duties include:

• Supporting the integration of an actuarial risk framework across a multi-channel and multi-product environment, facilitating strategic, data-informed decisions.
• Ensuring that best practice actuarial frameworks and processes are consistently applied.
• Providing essential oversight for business areas requiring actuarial sign-off, encompassing pricing, product development, reinsurance, and transactional proposals.
• Assisting in the approval workflow for all new products and product modifications.
• Collaborating with the Head of Actuarial Control Function (ACF) to validate the appropriateness of methodologies, underlying models, and assumptions used for premium rates, technical provisions, and capital requirements.
• Conducting regular rate adequacy analyses to evaluate current pricing levels and identify opportunities for optimisation.
• Monitoring portfolio profitability across different products, segments, channels, and underwriting cohorts, proactively identifying emerging risks and adverse trends.
• Contributing to the development and review of underwriting guidelines to ensure they align with the pricing strategy and the company's risk tolerance.
• Assessing the quality and sufficiency of data used in pricing calculations.
• Reviewing the calculation of risk-based premiums.
• Evaluating projections for new business acquisitions as part of due diligence.
• Engaging with pricing teams across the organisation to share best practices, discuss rate changes, analyse price strength, and report findings.
• Regularly reviewing actuarial projections.
• Supporting the ACF team with additional review areas, such as SAM calculations, reinsurance structures, and Own Risk and Solvency Assessments (ORSA).
• Reviewing controls within actuarial functions to gauge their effectiveness.
• Maintaining up-to-date knowledge of statutory and legislative requirements to advise on risk mitigation, resolve customer complaints, and enhance customer experience while adhering to governance standards.
• Ensuring compliance with organisational policies, practices, and procedures.
• Identifying opportunities to improve cost-effectiveness and operational efficiency.
• Maintaining service quality and expected outcomes by adhering to policies, procedures, and standards.
• Fostering productive working relationships with key stakeholders across various channels and administrative teams.
• Developing work routines to meet operational plans and achieve service delivery goals.
• Sharing knowledge and contributing to the creation of new standards, control systems, and procedures.
• Contributing to the development and implementation of suitable budgets to ensure cost efficiency and financial governance.
• Aligning personal conduct with the organisation's culture and values.
• Transferring product, process, and systems knowledge to colleagues.
• Collaborating with HR and IT teams to achieve required service levels.
• Actively sharing information, insights, and ideas with team members.

What They're Looking For

The ideal candidate will be a near or recently qualified Actuary with 3-5 years of experience specifically in pricing within the short-term insurance sector. A strong command of Generalised Linear Model (GLM) pricing techniques and portfolio management is essential. Experience with Emblem and Radar software is required, and familiarity with Akur8 would be advantageous. A solid understanding of machine learning principles and proven stakeholder management skills are also critical for success in this role.

In South Africa, a role at this level typically commands a competitive salary, reflecting the specialised actuarial skills and experience required. Actuarial positions are highly valued, and career progression often involves moving into senior management roles, Head of Actuarial functions, or specialised consultancy. Employers range from large established insurers like Old Mutual to smaller niche players, as well as consulting firms and regulatory bodies.

Minimum Requirements

• Near or newly Qualified Actuary.

• 3-5 years’ experience in pricing within the Short-term Insurance Industry.

• Strong knowledge of GLM pricing techniques and portfolio management

• Emblem and Radar experience

• Akur8 experience advantageous

• Strong knowledge of machine learning

• Stakeholder management

Competencies

• Strategic: Is able to understand, identify and acts on broader opportunities in order to drive longer term, value-adding change.  Applies judgement effectively. Identifies and acts on market and/or competitor trends/opportunities

• Customer: Putting the customer at the heart of business decisions and driving to improve value for customers.

• Collaboration: Creates trust, respect and builds meaningful relationships. Able to handle a wide range of relational challenges to ensure collaboration across boundaries.

• Leading with Influence: Influences and rallies people behind common goals; actively supports growth and inspires others to exceed expectations. Communicates clear strategies and objectives for own function.

• Innovation: Generates creative/out of the box solutions. Challenges the status quo and/or demonstrates ability to relate to challenges from a range of diverse but relevant perspectives. Willing to take calculated risks when introducing novel ideas.

• Personal Mastery: Learns and actively works to build self-awareness; develop through experience and feedback from others. Copes effectively with stress and has the resilience to take on stretching and challenging assignments. Adjusts effectively to work within new work structures, processes, requirements and cultures.

• Executing: Displays consistent energy, drive and perseverance in order to deliver results. Demonstrates a willingness to take calculated risks to achieve stretch performance goals.

The Recruitment Process:

• TA Interview: This will be a discussion with our Senior Talent Acquisition Specialist to give you an understanding of our business, our culture & values and more context on the role. It will also allow us the opportunity to get to know you more and ensure OMI can meet your career aspirations.

• Panel Interview: This will be with 2 members of the Senior Leadership of the Hiring Team and 1 member of the HC Leadership Team.

• Technical & Psychometric Assessments: These will depend on the role and will sometimes happen concurrently with Vetting through an external service provider & Internal Verification.

• Final Feedback.

All About OMI:

https://www.oldmutual.co.za/about/old-mutual-insure/

https://www.linkedin.com/posts/old-mutual-insure_i-work-at-old-mutual-insure-of-course-activity-7161674472469524483-w0j6?utm_source=share&utm_medium=member_desktop

Please note that, unfortunately, we cannot accept any applications after the closing date

 

Skills

Competencies

Balances Stakeholders

Builds Effective Teams

Builds Networks

Business Insight

Communicates Effectively

Develops Talent

Directs Work

Drives Results

Education

Bachelor of Science (BS): Actuarial Science (Required), NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

24 August 2026 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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