Corporate Actuarial Specialist

2 weeks ago

Centurion, South Africa Momentum Insure Company Limited Full time

**Introduction**

Through our client-facing brands Metropolitan and Momentum, with Multiply (wellness and rewards programme), and our other specialist brands, including Guardrisk and Eris Property Group, the group enables business and people from all walks of life to achieve their financial goals and life aspirations.

**Role Purpose**

An exciting opportunity for an actuarial specialist exists within the Actuarial team of Momentum Insure. The individual will be responsible for assistance with regulatory reporting, reserve setting, reinsurance and forecasting within Momentum Insure.

**Requirements**:

- Minimum 3 to 5 years' experience in an actuarial environment within the Short-term Insurance industry
- A degree in Actuarial Science
- Good progress with ASSA (or similar professional body) examinations
- Microsoft Office skills
- SQL skills and experience with ResQ would be an advantage

**Duties & Responsibilities**

**Risk Reporting**:

- Identify areas of non-compliance and implement requirements necessary
- Quarterly Capital Dashboard
- Quarterly Risk Dashboard

**Assist with the completion of statutory returns**:

- Calculation of capital requirements as per the standard formula
- Completion of quarterly and annual QRT
- Assisting legal and compliance team with completion of qualitative return
- Any ad-hoc FSCA/PA information requests
- Assist with audit/HAF review process of all returns

**Assist with setting adequate technical provisions**:

- Calculate quarterly reserves using sound actuarial techniques (eg. Chain ladder, Average cost per claim, Bornhuetter Ferguson, Mack)
- AURR calculations
- Assist in year-end audit on technical provisions (including preparing and validating data)
- Analysis of change of technical provisions

**ORSA and Financial Soundness reviews**:

- Assist in developing a model to be used as part of the ORSA and normal financial soundness review processes to assess economic capital for comparison with regulatory capital
- Assist in building and maintenance of forecasting models to assist in the planning, budgeting, capital management and ORSA scenarios in the business

**IFRS 17**:

- Assist in the implementation of IFRS 17
- Assist with IFRS 17 Reporting

**Reinsurance**:

- Preparing reinsurance renewal data
- Monitoring claims for potential recoveries
- Assist in ensuring claims are reported to reinsurers and submitting adjustment figures timeously to ensure payment of recoveries due
- Ascertain impact of various reinsurance structures on capital requirements in collaboration with reinsurance broker

**Supporting other members of the actuarial / finance/ underwriting / risk and compliance function**:

- Assist with input and insight into financial results and risk reports

**Competencies**
- Knowledge of SAM Technical specifications
- Experience in setting adequate reserves for insurance products
- Experience in estimating capital requirements and structuring reinsurance arrangements
- Knowledge of IFRS 17 will be an advantage
- Knowledge of actuarial professional guidance notes
- Good communication skills -; verbal and written
- Strong technical and problem-solving skills
- Knowledge of general insurance products
- Self-starter
- Ability to persuade and influence
- Client Service Orientation
- Ability to manage expectations
- Responsible & accountable
- Resourceful problem solver
- Ability to work in a team and independently

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