Chief Actuary

Bring your possibility to life Define your career with us
- With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.Job Summary

To provide strategic direction in the formulation of the actuarial business model and strategy, influencing and enabling organisation wide adoption. This role is key contributor to sound management of business performance and financial risk.

**Job Description**:

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- Manage the development and launch of quality and competitive products in line with business strategy and in compliance with the Group’s requirements for managing Product Risk.
- Oversee effective operation of the New Product Approval and Product Review Committee, including complete and accurate documentation, management information and sign-off from all functional specialists.
- Ensure products meet customer needs by engaging with channel and conducting/considering market research; ensure product design and documentation is easy to understand and free of ambiguity.
- Oversee product design is efficient: simple to administer, mínimal underwriting requirements, maximising system capabilities, minimise capital requirements.
- Manage product development considering the end-to-end risk implications and capability requirements throughout the life of the product, including system design, operational processes, policyholder documentation and termination/maturity considerations.
- Regularly review the performance and appropriateness of the product in line with the Group Product Review Standard _(or equivalent)_ and against the targets and business case set at outset.
- Monitor the sales & profitability of individual product lines; investigate discrepancies and feedback findings into the product design.
- Continually monitor competitors’ product offerings in terms of design and pricing to identify gaps and opportunities. Stay abreast of developments in the external environment, including regulatory changes and industry trends and codes.
- Ensure that reinsurance partners’ research and expertise are fully utilised to enhance understanding of customer needs, industry developments and design efficiencies.
- Regular interaction with distribution channels to enhance understanding of customer needs and industry developments, and to ensure product education (to both consumers and sales agents) is accurate.
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- Manage and ensure that a product pricing process exists that ensures accurate and complete premium rates are determined that are fair to all stakeholders of the entities, including the customer and the shareholder. Ensure that the pricing process complies with the requirements of all applicable legislation, considers local industry norms, are based on generally accepted actuarial best practice and is benchmarked against similar competitor products.
- Ensure the appropriate and well-designed models are used in the pricing process that adhere to the Group’s minimum requirements for models as set out in various Group Standards, particularly with regards to model validation, version control and documentation.
- Ensure that a process is in place to align the pricing and latest reserving bases and that the most recent trends in experience are considered when setting the basis, but that possible future changes are also considered. Prior to launch, acquire HAF / Statutory Actuary sign-off on premium rates and provide New Product Approval sign-off in respect of premium rates.
- Continually monitor experience & profitability of product lines against expectations at outset and feedback findings into premium rates.
- Ensure appropriate interaction with Product Development to enable alignment in respect of targeted product design and features. At all times during pricing, ensure the requirements of local regulations are considered, as well as any applicable actuarial and industry body guidelines.
- Ensure that reinsurance partners’ demographic experience and rating expertise is optimally utilised to enhance in-house experience and expertise.
- Report annually to the Group Actuarial Committee on the profitability of existing and new products and give comfort to the GAC that Treating Customer Fairly principals were appropriately considered during pricing.
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- Oversee the liability valuation, regulatory capital calculation and embedded value calculation function and ensure adherence to relevant actuarial gu