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Insurance Group Corporate Actuary

3 months ago

Johannesburg, Gauteng, South Africa Nedbank Full time
Job Classification
  • REQ: Refilwe Falatsi
  • Closing Date: 21 June 2024
  • Division: Nedbank Insurance | Client Solution Actuarial
  • Employment Equity Statement: Preference will be given to Individual from underrepresented groups.
Job Family

Risk, Audit & Compliance

Career Stream

Actuarial

Leadership Pipeline

Manage Self Technical

FAIS AffectedJob Purpose

Nedbank Insurance (NI) comprises two life licences and one non-life insurance license and is managed as a single management entity within the Wealth Cluster of Nedbank. In addition to this NI needs to meet the regulatory requirements for three SAM regulated insurance solo entities as well as a Designated Insurance Group. There are separate Life and Non-Life Corporate Actuarial teams and Life and Non-life Product/Pricing teams.

This role reports to the Chief Actuary and works with the Life and Non-Life teams to design, develop, implement, and manage regulatory as well as internal management deliverables across the portfolio of entities over the end-to-end actuarial control cycle. This includes ensuring the production, analysis, and presentation of regulatory and statutory reporting, along with other management information and financial risk reporting resulting in a strong control environment which enables management in making correct strategic decisions.

Accountability will be to internal and external stakeholders of Nedbank Insurance, in line with Nedbank's Client Value Proposition. The role provides exposure to the various facets of an Insurance Group across the value chain. It will also involve engagement with the Chief Actuary, Chief Financial Officer, Heads of Actuarial teams, Heads of Actuarial Function, Risk Management and Executive and Insurance Board subcommittees. The person fulfilling the role is expected to have a strong technical knowledge of insurance reporting, capital and risk management while enjoying engaging and working with stakeholders and mentoring and growing more junior staff.

Job Responsibilities


• Coordination of Group actuarial deliverables across the entities including SAM Returns, Economic Capital, ORSA Capital Projections and Stress and Scenario Testing, setting risk appetites and risk reporting.

• Review of technical actuarial work ensuring consistency of methodologies across entities and supporting teams to reduce reliance on 2nd line HAF thereby improving 1st line efficiency.

• Development of methodologies across bases and entities that meet regulatory requirements, Group requirements, as well as achieve optimal outcomes for the business.

• Supporting 1st line teams to develop and implement control and documentation requirements to meet good practices, Cluster and Group risk and reporting requirements, as well as requirements of external assurance providers.

• Coordinate and lead internal technical peer review forum to review actuarial models, methodologies, assumptions and results before submission to the Actuarial Control Committee for approval.

• Coordination of reporting to the Actuarial Control Committee, Enterprise Risk Committee, and Board Committees ensuring high quality, fit for purpose content.

• Support the business to ensure and demonstrate that regulatory requirements, actuarial guidance and good practices are followed (FSIs, APNs etc). Driving improvement and monitoring new requirements and developments to ensure NI proactively implements these.

• Support the business to meet the Group Model Risk requirements that is fit for purpose.

• Ensuring independent model validation as per Group Model Risk requirements are met.

• Performing investigations / analyses across the entities which require an enterprise view such as expense analysis and allocations across entities and product lines that are accurate and optimal.

• Ad hoc support to 1st line teams where needed.

• Assist in driving insight into the business and aiding in commercial decisions around book management.

• Understand and embrace the Nedbank vision and demonstrate the values through interaction with team and stakeholders.

• Drive and maintain knowledge sharing within the team.

• Ensure personal growth and enable effectiveness in performance of roles and responsibilities.

• Participate and support corporate responsibility initiatives for the achievement of business strategy.

• Seek opportunities to improve business processes, models and systems though agile thinking.

• Contribute to a culture conducive to the achievement of transformation goals.

People Specification
  • Accuracy of reports and records
  • Drafting / Creating reports
  • Built and Managed Client and Stakeholder Relationships
  • Managing conflict situations
  • Communication internal and external stakeholders
  • Managing stakeholder expectations
  • Interacting with diverse people
  • Working in a fast-paced and changing environment
  • Working within a team
  • Data Analytics
Essential Qualification

B.Degree in Actuarial Science (Hons)

FASSA or AMASSA

Minimum Experience Level
  • FASSA with relevant life valuations experience or AMASSA with at least 7 years of working experience.
  • Experience working in a Life Valuations team.

Desirable:

• Experience with IFRS17

• Experience with Prophet and/or R

• Experience managing staff

• Experience with HAF interactions

• Experience working with Scrum/ Agile / Scaled Agile

Technical / Professional Knowledge
  • Business writing skills
  • Business principles
  • Business terms and definitions
  • Governance, Risk and Controls
  • Data analysis
  • Relevant software and systems knowledge
  • Banking knowledge
  • Insurance
Behavioural Competencies
  • Technical/Professional Knowledge and Skills
  • Quality Orientation
  • Technology Savvy
  • Communication
  • Continuous Improvement
  • Monitoring Information

Please contact the Nedbank Recruiting Team - Refilwe Falatsi