Expert Behavioural Pricing(Job Number: 90244454) Description The Expert: Behavioural Pricing is responsible to support effective, efficient and appropriate product development for the rewards within RBB. Responsible for ensuring that the relevant actuarial best practice guidelines and other regulations are followed to ensure that we develop and price products that balance customer needs and shareholder requirements.Key accountabilities
Develop the scenario planning and sensitivity analysis on all proposed pricing strategies for the medium and long term.
Introduce behavioural pricing techniques to create programme mechanisms which prevents excessive financial risks
Introduce fact based and data based substantiation to programme benefit
Introduce fact based and data based substantiation to key assumptions underpinning key programme usage assumptions
Develop appropriate risk scenarios to highlight pricing risks to the Rewards programme and design relevant mitigating actions
Implement the appropriate pricing structure bearing in mind current risk models, profitability, new business volumes, cancellations and changes in the market.
Develop and implement a “toolbox" with principles and strategies for pricing design, implementation and communication based on the feedback from all stakeholders.
Manage and commission research customer price elasticity and ensure research forms an integral part of medium and long term pricing strategies.
Drive pricing strategies to ensure customer satisfaction, profitability and consistency by constant monitoring of customer behaviour and reaction to pricing changes.
Manage the collation, modelling, and dissemination of key inputs to pricing such as costs, competitor pricing and customer value.
Leverage customer behaviour data to enable behavioural segmentation, customer journey visualization, and journey orchestration.
Develop the reward offering and mix, and oversee marketing activities to drive more profitable customer behaviours.
Ensure that the desired client behaviours are clearly reflected in the client.
Ensure the pricing rules are in support of the overall Rewards value proposition and is perceived to be enhancing value and perception of the programme
Ensure product design is efficient: simple to administer, minimal underwriting requirements, maximising system capabilities, minimise capital requirements.
Support in developing relevant training and communication material to explain key rewards programme value concept with simple analytical tools
Accountability: Stakeholder Management
Create a network of alliances and business partners to optimize the operation of the value chain.
Develop, manage and maintain effective relationships with service providers from within the group.
Develop and maintain a network of alliances throughout the industry, signing up the required alliances to ensure optimal delivery of Financial Solutions.
Build and maintain strong relationships with all Executives to ensure that the correct long term view is obtained for the growth and success of the Reward program
Proactively develop relationships with key external stakeholders, vendors and Industry leaders, including local regulators, key clients and external regulatory bodies to ensure that ABSA gets appropriate co-operation when required and that the Group meets and is seen to meet regulatory compliance.
Accountability: Risk and Governance
Update and action all risk requirements in line with RBB procedure and policies,
This includes RCA, Principle Risks, Key Operational Risks, IBAM etc. so as to report on the compliance adherence within data and information management and manage overall business risk reporting
Inform all Staff of the correct procedure for sign off and approval to achieve compliance and reduce reputational and financial losses
Deliver strategy to cater for Record Management and business continuity to adhere to compliance and also cater for business continuity.
Manage Compliance with Data Privacy and CPA.
Ensure that required regulation and compliance policy is applied as appropriate, eg PASA, PSSF, PCI, 3D Secure, Introducer policy, KYC etc.
Ensure that regular review meetings are held across the partnership landscape and that key SLA items such as BCM, incident management, compliance feedback, etc.
Accountability: People Management
Provide leadership (both strategic and operational leadership) to the Absa Rewards and VAS team related to functional responsibilities and overall business goals aligned to the Rewards & VAS area strategic intent and RBB vision
Optimise human capital by continuously driving higher performance by ensuring high levels of productivity and conducive interpersonal environment
Coach team members on all the processes and controls that they have to execute in their daily work and ensure that they understand the reasons for the controls and the consequences for failing to adhere to prescribed processes.
Develop a high performing team by conducting periodic performance discussions and assisting employees within area of responsibility to prepare the portfolio of evidence for formal performance
Contribute to the development of Employee Value Proposition (EVP) action plans.
Develop a high performing team by embedding formal performance development plans and informal coaching as well as training requirements within allocated budgets.
Ensure behaviours and performance is aligned to Absa values by providing honest and constructive feedback.
Actively coach and develop staff in their development through institution of career path plan and mentor talent, where possible.
Keep abreast of developments within area of expertise, reading internal circulars, bulletins, etc. and implement training interventions to ensure imparting of skills and understanding.
Define the relevant PD objectives relating to the execution and achievement of strategic milestones.
Education and Experience Required
NQF Level 7: Honors/Master’s Degree
Honors degree in Actuarial Science, Mathematics, Statistics, Finance
Risk Management Degree or Actuarial Science (Preferred Qualifications)
5 years retail banking and pricing/product experience
5 years analytical experience with regards to model building and the evaluation of strategies
Knowledge & Skills:
Understanding of different Pricing methodologies and strategies
Sound understanding of Financial and Management Accounting – Cost Allocation theories etc.
Good understanding of ABSA Pricing and Product systems
Communication, Networking and People skills
Understanding of customer analytics and segmentation models
Understanding of statistical models
Understanding of Customer Experience processes and policies
Project Management Skills
Ability to manage diversity and complexity
Problem Solving Leadership
Inspirational People Leadership
Collaboration and Influencing