Actuarial Manager

3 weeks ago

Johannesburg, Gauteng, South Africa Nedbank Full time
Job Classification
  • REQ: Refilwe Falatsi
  • Closing Date: 26 April 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 Affected

Job Purpose

This role provides the successful individual the opportunity to head up the team responsible for actuarial reporting of Nedbank Insurance's Life licences. This includes the production, analysis, and presentation of IFRS valuations and SAM returns, along with other important KPI's to assist 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 a Life Insurance business across the value chain. It will also involve engagement with the Chief Actuary, Chief Financial Officer and the Head of Actuarial Function, and Executive and Insurance Board subcommittees. The person fulfilling the role is expected to have technical knowledge of life insurance valuations while enjoying mentoring and growing staff and engaging and working with stakeholders.

Job Responsibilities

• Manage and guide the actuarial team responsible for the valuations on three life licences.

• Valuations of liabilities on IFRS basis and analysis of surplus arising.

• Preparation of actuarial components of SAM returns.

• Embedded Value calculations for internal business use.

• Economic Capital calculations.

• Review and analyse financial performance relative to various metrics.

• Monitor experience across products, comparing relative to market.

• Ensure continued stakeholder education and engagement on key findings via reports and presentations.

• Regularly monitor the profile of business taken on and understand the business impact thereof.

• Continuous improvement of models, systems, and reporting

• 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

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