Head of Corporate Actuarial

4 weeks ago

Johannesburg, South Africa Specd Full time

Job Title: Head - Corporate Actuarial
Work Location: Parktown, Johannesburg
Employment Type: Permanent, On-site

DUTIES AND RESPONSIBILITIES:
1. Management of the actuarial function:

  • Oversee both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
  • Oversee the preparation of and review monthly valuation data.
  • Oversee the application of ORSA methodology and SAM processes and procedures.
  • Maintain the integrity of actuarial and valuation data.
  • Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS).
  • Plan and budget actuarial matters and maintain a timetable of submission (financial projections).
  • Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.
  • Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).
  • Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.
  • Develop pricing models, ensure validity of assumptions and sufficiency of pricing (COID and Non-COID products).
  • Set premium rates.
  • Develop and maintain Actuarial systems.
  • Monitor experience (reserving and pricing).
  • Responsible for capital and solvency management and investment management through liability matching (ensure that assets are appropriate in terms of nature, amount and duration for liabilities that are held.
  • Responsible for the end-to-end management of the reinsurance process, including but not limited to negotiating treaties, facilitating transfers, setting, and maintaining new strategies, mitigating risks, and managing reinsurance renewals annually.
  • Prepare actuarial specific areas in all the Group regulatory returns.
  • Monthly, Quarterly, Annual.
  • ORSA and SAM reporting.

2. Staff management and monthly reporting:
  • Manage, supervise and training of staff.
  • This includes both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
  • Manage relationships within the company and stakeholders e.g. Statutory Actuary.
  • Lead and motivate a team to achieve targets.
  • Monthly reporting of the Key Performance indications for the actuarial reporting function.
  • Monthly report to FM on status of accounts and returns for EXCO submission.
  • Effective reporting and assessment of problem areas.
3. Regulatory compliance:
  • Ensure that all work is performed in terms of required standard and regulation.
  • Ensure that the position of the company is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to that of the organisation.
  • Ensure that all company policies and procedures are adhered to.
  • Ensure timely submission of various periodical reports, highlights of the previous months reports.
QUALIFICATIONS, SKILLS, AND EXPERIENCE:1. Qualification Requirements:
  • NQF Level 7: Bachelors degree Actuarial Science.
  • Progress towards actuarial exams Qualified or nearly qualified.
  • Actuarial Society /Institute of Actuaries.
2. Minimum Experience:
  • Minimum 8 years experience in an insurance regulatory environment.
3. Knowledge and Skills Required:
  • Advanced Excel.
  • Insurance knowledge is essential.
  • Reporting experience.
  • Valuation experience.
  • Life and non-life experience.
  • Knowledge of the Insurance Acts (long and short term) including SAM, IFRS17.
  • Actuarial guidelines.
  • Experience leading/managing a team.
PACKAGE & REMUNERATION:
  • Will be agreed based on qualifications, applicable experience, and previous earnings.

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