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Actuarial Consultant

3 months ago

Johannesburg, Gauteng, South Africa Absa Bank Limited Full time
Bring your possibility to life Define your career with us

  • With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary

Overall job purpose


To plan, manage and monitor the implementation of actuarial activities and processes in order to deliver on approved operational plans in an effective and efficient manner.

This role supports sound management of business performance and financial risk.

Job Description:

Role Requirements:

  • Qualified Actuary or significant progress with Actuarial exams (1 or 2 exams away from qualifying)
  • At least 5 years' Group Life experience, including Product Development and Pricing experience
  • Ability to work independently, be selfmotivated and passionate about executing effectively and with high quality
  • Manage a small team of actuarial students to support delivery
  • Passionate about continuous improvement and disruptive innovation, whilst challenging the traditional ways of working
  • Strong, professional and confident communication and networking skills
  • Supportive of and passionate about a diverse working environment and working with colleagues with diverse cultural backgrounds
  • Ability to engage with a range of different stakeholders
Key accountabilities

The role will be responsible for the following across Absa's Life Insurance entities in South Africa and the rest of Africa:

  • Support the development of the Group Life product strategy in partnership with the Business Development function-
  • Understand the competitive landscape and general commercial and economic environment through market research in order to help inform product design
  • Develop, review and maintain the Group Life product offering to ensure it remains competitive and meet specific customer needs
  • Develop, review and maintain the Group Life pricing guideline and philosophy in partnership with the Head of Pricing
  • Develop quoting process, including setting appropriate decision making mandates and review processes for larger schemes
  • Monitor claims experience and profitability metrics against budget and risk appetite targets and recommend corrective action where required
  • Ensure appropriate reinsurance structures are in place whilst considering the pricing, earnings volatility and concentration risk across the portfolio
  • Collaborate with reinsurance partners to optimize the product and pricing proposition
  • Support the Head of Actuarial Function to deliver the requirements of the relevant guidelines and standards relating to the soundness of product features and terms and conditions
  • Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures
Education

Bachelor's Degree:
Actuarial Science

  • Absa Bank Limited reserves the right not to make an appointment to the post as advertised_