Manager: Actuarial Valuations and Statistical Analysis

1 week ago

Centurion, Gauteng, South Africa Road Accident Fund Full time
Job title : Manager: Actuarial Valuations and Statistical AnalysisJob Location : Gauteng, CenturionDeadline : April 03, 2025Quick Recommended Links
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Key Performance Areas

Valuation of Outstanding Claims Provision

  • Build, develop and assess models for reserving/valuation using appropriate techniques to ensure that the data is accurate, and that model processes are effective, efficient, of high quality, well documented and verifiable.
  • Data manipulation to determine reserves.
  • Development of an appropriate valuation model/method.
  • Setting of valuation assumptions.
  • Running the model and producing results.
  • Applying sensitivity and scenario testing to the results.
  • Producing the valuation report.
  • Standardize the actuarial valuation report to Actuarial professional guidance.
  • Oversee that the actuarial results are correctly interpreted and reported in the RAF's quarterly and annual financial statements.
  • Manage the whole actuarial valuation process.

Development and Management of Funding Model

  • Data manipulation for modelling future projections.
  • Development of an appropriate modelling method – deterministic and/or stochastic.
  • Set projection or modelling assumptions.
  • Running model and reporting on results.
  • Producing report on required funding from National Treasury and demonstrating period required by RAF to become solvent.
  • Oversee that the actuarial results are correctly interpreted and applied.

Quotation of "Loss of Earnings" and "Loss of Support" Benefits for Motor Vehicle Claims

  • Developing model and assumptions for benefit quotations.
  • Data manipulation to state of quotation of loss of earnings or loss of support benefits – especially the model input.
  • Running model to produce benefit results.
  • Check quotation results actuarially for reasonability.
  • Produce quotation report.
  • Manage the quotation processing.

Modelling of Regulatory Solvency Capital Requirements and Providing Technical Actuarial Information for ESB Reporting

  • Use actuarial valuation results to compile the FSB report.
  • Run a few model scenarios that are required for statutory reporting.
  • Produce reports as appropriate.

Providing Executives with Input to the Strategic Plan

  • Apply the Funding Model for financial projections.
  • Set of model assumptions to make them suitable for projection purposes.
  • Run model for Strategic Plan results.
  • Apply scenario and sensitivity testing to model results.
  • Produce necessary report on findings and results.
  • Responsible for correct interpretation and application of actuarial results.
  • Oversee and manage all related process.

Providing Monthly Claims Statistics for Management Reporting

  • Extract data and data reports from IT claim system.
  • Provide results in statistical and graphical form to provide information for monthly, quarterly, half-yearly and annual management reporting.

Actuarial Investigations

  • Investigate mortality and morbidity experience to assist in setting the quotation of loss of earnings and loss of support benefits.
  • Assist with expense investigation for the company budgeting purposes.
  • Produce appropriate reports for different relevant users of investigation results.
  • Oversee that the actuarial investigation results are correctly interpreted and applied.

Manage Actuarial Department Risks

  • Assist with reviewing and monitoring risk mitigating tasks or measures.

Policy Review and Implementation

  • Contribute to the development and implementation of departmental policy, procedures and processes.
  • Keep up to date with effective policy and practice execution strategies.

Reporting

  • Prepare and submit reports as and when required to provide progress updates and/or inform management decisions.
  • Develop reports/ policies/ procedures and guide the process through the alignment of the documents to the overall RAF's Strategy.
  • Develop functional reporting systems, for management, projects or performance reporting.

Stakeholder Management

  • Facilitate and manage communication with relevant internal and external stakeholders in relation to investments and proactively and progressively manage the relationships.
  • Manage relationships with vendors, service providers or procurement teams and ensure that all relevant procured items are invoiced and paid on time.
  • Communicate with all levels of stakeholder contact.
  • Represent the Fund in relevant external activities and events.

People Management

  • Ensure the sourcing, development and retention of a high-performance team.
  • Manage staff in the department to ensure that they achieve their objectives in line with the strategic objectives of the RAF. Manage the implementation of human capital processes and procedures to control/regulate workplace conflict and/or institute corrective measures and consultation processes to address deviations from standards.
  • Allocate, direct, motivate and evaluate subordinates to help them achieve their individual goals.

Qualifications and Experience

  • Bachelor's Degree/ Advanced Diploma in Actuarial Science/ Mathematics related qualification.
  • Postgraduate in Actuarial Science/ Mathematics related qualification will be an added advantage.
  • At least eight (8) professional actuarial exam passes/ exemptions will be an added advantage.
  • Relevant 6 - 8 years' experience in Actuarial environment of which 2 years must have been on a management/ supervisory level/ area of expertise.
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