Pricing Actuarial Specialist

2 days ago

Centurion, South Africa Secondments Recruitment Full time

**Job Advert Summary**:
The role of the Pricing Actuarial Specialist is to support the Head: Actuarial Short Term & Life with all product development and pricing functions. The Pricing Actuarial Specialist will clean, consolidate, validate and analyse data including policy movements, data reconciliations and preparation of actuarial investigations in order to come up with a pricing basis and models for purposes of technical pricing of the company’s products for both short-term and long-term insurance businesses. Part of the function is to build and implement pricing models that include system implementation and documentation of the modelling process, monitoring loss ratios and other key performance indicators to identify opportunities to improve pricing models and/or product design features. The Pricing Actuarial Specialist will research, develop, design and enhance products (crop, agri-asset, individual life and group life) to enhance the product offering to clients, including profit testing and product management. This position will report to the Chief Actuarial Officer.

**Minimum Requirements**:
Preferred Minimum Education and Experience
- Relevant 3-year qualification in Actuarial Science or Mathematical Statistics and a student member of the Actuarial Society of South Africa (“ASSA”).
- At least 3 actuarial exemptions from ASSA or from an equivalent recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).
- 2-4 years Actuarial Experience in Life and/or Short-term Insurance Industries either in product development and/or pricing. Agricultural specific insurance will be advantageous but not essential. Previous experience in a corporate (IFRS, SAM and/or ORSA) actuarial environment is advantageous but not essential.
- At least 3 actuarial exemptions from ASSA or equivalent recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).

Critical Competencies

Critical Competencies
- Knowledge of Actuarial Software or Programme/Database (VBA, SQL, PowerBI, R, Python, Basys, Moses, Prophet, or similar)
- Advanced Microsoft Office
- Relevant legislation applicable to insurance companies such as the Insurance Act of 2017 and associated Prudential Standards Financial Soundness for Insurers as well as International Financial Reporting Standards (“IFR17”)
- Actuarial Methodologies - Knowledge and understanding of the principles, regulations and legislation pertaining to acceptable actuarial policies
- Ability to understand Financial Statements, Accounting Ratios and Risk Metrics
- Short term and/or Life Insurance Corporate Actuarial (SAM, ORSA)
- Short term and/or Life Insurance Product Development & Pricing
- Reinsurance (short term and/or life insurance)
- Predictive Analytics and/or Machine Learning
- Statistical/Actuarial models and Analytical Methods

Additional Requirements
- Travel as and when required
- Extended hours as and when required

**Duties and Responsibilities**:
Key Performance Areas

**1. Corporate Actuarial (IFRS17, SAM, ORSA)**
- Assist with valuations (IFRS17 and SAM), cash flow and capital models (economic capital and/or regulatory capital).
- Assist with IFRS17 actuarial calculations for any new products or enhancement of products.
- Calculation of actual experience compared against valuation assumptions.
- Assist with solvency projections as a result of new business and/or enhanced products.
- Assist with the scenario and stress tests calculations in the periodic Own Risk and Solvency Assessment (“ORSA”) process for any new business and/or enhanced products.
- Assist with calculations of Embedded Value and Value of New Business periodically i.e. profit testing of new and existing products and report to the Chief Actuarial Officer.
- Provide an input in periodic risk reports on technical provisions, capital requirements, key risk indicators and ORSA process.
- Make an input into risk appetite metrics compared against the risk limits periodically.
- Calculate the impact that the company’s strategy and corresponding financial projections will have on the company’s solvency over the business planning horizon.

**2. Product Development and Pricing**
- Perform technical pricing on new and renewal business (crop, agri-asset and individual credit life).
- Pricing of new group schemes and reviewing of existing group schemes based on claims experience.
- Assist in the review and enhancement of existing products and solutions and support product development initiatives.
- Assist in researching and developing new and innovative products.
- Assist with product management, ensuring all product and pricing related documents for the product are reviewed and maintained appropriately.
- Calculate premium discounts to be offered and justify them.
- Develop and implement new rating and pricing models for existing and new products.
- Perform mix of business, claims, expense, new business, lapse and loss ratio analysis.
- Conduct scenario testing a

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