Product Expert: Development & Management


Your time is now to be your exceptional best at Old Mutual!


Job Description

Old Mutual is the leading provider of guaranteed annuities and smooth bonus solutions in South Africa. If you want to be part of this leading team – keep reading.


This is a specialist role which specifically undertakes the development and maintenance of Old Mutual’s Annuity Strategy proposition in terms of the so-called ‘Default Regulations’ of the Pension Funds Act. Annuity Strategy is the next frontier in the annuity market in the South African retirement fund industry – be part of this exciting opportunity and make your mark.


This is a specialist role that designs and develops and/or maintains innovative product offerings; as well as manages, maintains, innovates and enhances existing products through its life cycle. Delivers results through setting specific objectives, quality standards and timeframes, ensuring attainment of goals, diagnosis and interpretation of information.


Job Description:

The Annuity Strategy proposition encompasses two key aspects: an appropriate products offering and a customer friendly engagement model. This role encompasses both these aspects.
Being part of a broader team which develops and manages annuity products, there will be the scope to enjoy participation in technical work relating to annuities as well as the involvement in product delivery and support to the Old Mutual businesses on the African continent.
Undertakes the specialist functions of planning and coordinating the execution of market-/ competitor-/customer focused- research, interpreting findings and giving input into the creation of the product strategy.
Facilitates the design and development of product propositions, including the planning and management of the feasibility, prototyping, testing, refinement, and changes.
Develops and defines a business case for the product development/build.
Undertakes effective ongoing stakeholder engagement and collaboration through all the stages of the product development.
Defines and develops the product CVP; and manages the final product testing and build with various business partners and stakeholders within a project driven environment.
Undertakes the functions of (giving input into, as well as dealing with, more complex aspects of the following): rendering specialist product support, management of the book; product enhancements; and product performance tracking and reporting.
Key Results Area:

Product Development

Defines and develops a robust business case for new product developments.
Facilitates idea generation, product concept definition and evaluation processes with stakeholders.
Integrates the digital imperatives identified into the product development process.
Interrogates research results and distills findings and conclusions that will enable the creation of the product customer value proposition (CVP).
Manages the implementation of effective knowledge management through the establishment of robust processes and procedures
Plans and manages the execution of market/competitor customer focused research and interprets findings.
Plans, co-ordinates and interrogates the model/prototype development, testing, reporting and changes.
Plans, co-ordinates and manages the final product testing /validation /changes and co-ordinates with various business partners to ensure a smooth product build.
Undertakes feasibility testing and ongoing collaboration, communication and alignment with stakeholders.
Works collaboratively with project managers and product owners to drive project delivery.
Product Management

Receives, investigates and proposes solutions for requests from the business for tactical interventions/ possible customisations of New Business.
Reviews and evaluates existing products, investigates changes and implements these through the correct protocols and processes.
Undertakes escalations, technical input and decision making/authorisations relating to special quotes, changes, waivers and error corrections.
Undertakes periodic product experience reviews, recommends and drives changes; and undertakes monthly financial reporting.
Qualification, skills and experience requirements

University graduate with a degree majoring in actuarial, finance, statistics, mathematics, investments or similar. Honours degree will be advantageous.
Possibly pursuing actuarial/ CFA professional qualifications or attained these qualifications.
Minimum 5 years of relevant financial services experience (of which 3 years is management experience, if leading a team). Relevant experience in the retirement fund industry including value-chain project implementation and/or financial services product management is preferred.
Agile project management experience.
Strong numerical, analytical and technical ability, particularly firm understanding of financial mathematics (compound interest calculations)
An understanding of actuarial principles and calculations will be advantageous.
Ability to perform complex analysis and modelling.
Knowledge of pensions regulations that have an impact on product development.
Experience with Microsoft Office suite, with advanced Excel Skills. VBA experience will be beneficial.
Excellent interpersonal and communication skills (both written and verbal). Ability to work in a team and with a wide variety of stakeholders.
Motivated self-starter, who shows initiative, looks for ways to improve existing processes and is able to complete tasks within agreed timelines with minimal guidance.
Strong sense of ownership and accountability. Willing to learn and grow
Comfortable with ambiguity. Quick learner with ability to plan and prioritise