Manager: Actuarial Claims Risk

7 months ago

Centurion, South Africa Ditshaba Full time

**Purpose**:
The Manager: Actuarial Claims Risk is responsible to manage the provision of Actuarial Claims Risk support and advice to the business

**Qualifications and Experience**
- Bachelor’s Degree/Advanced Diploma in Actuarial Science/Mathematics related qualification.
- Qualified Associate/Fellow Actuary of (ASSA/IFoA/SoA/CAS) or any other internationally recognized Actuarial Board).
- Postgraduate in Actuarial Science/Mathematics related qualification advantageous. Experience
- Relevant 6 - 8 years’ experience in an Actuarial environment of which 2 years must be on a management/supervisory level.

**Key Performance Areas**

**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.

**Manage the Assessment/monitoring of Calculation models for “Loss of Earnings” and “Loss of Support” benefits for motor vehicle claims.**
- Monitor the development and assessment of models for loss of income compensation calculations and reports using appropriate techniques to ensure that the data is accurate, and model processes are effective, efficient, high quality, well documented and verifiable.
- Data manipulation to test and calibrate calculation models.
- Monitor the setting of calculation assumptions such as mortality rates, interest rates, inflation, contingencies, earnings progression, taxation etc.
- Ensure proper documentation and audit trails for all models in the department.
- Carrying model validation.
- Development and review of model validation policies/ standards.

**Actuarial research and development**
- Research on state of the art modelling and loss of income calculation techniques and methodologies.
- Implement new and state of art calculation techniques and methodologies.
- Participate in the review and update underlying calculation assumptions and inputs to ensure relevance and appropriateness.
- Running models and reporting on results based on updated models.
- Research on factors and statistics that are more relevant for accurate determination of loss of income compensation.
- Manage the investigation of actuarial impact on proposals, new initiatives by the organisation

**Claims risk management.**
- Provide support to the claims administration team with developing reporting matrices and identifying risk management strategies that can be used in managing claims risks.
- Provide support to the claims administration team with modelling and establishing forecasts for claims volumes and settlements to monitor and improve operational efficiencies.
- Prepare risk management reports
- Manage actuarial department risks.
- Identify the types of risks associated with actuarial
- Understand the types of connection between risks and how they are related to the organisation as a whole
- Assist with reviewing and monitoring risk mitigating tasks/measures

**Manage the provision of actuarial expert advice.**
- Explain the technical aspects and scientific basis of loss of income calculations to internal and external stakeholders.
- Assist with interpretation of legal, medical and other information relevant for calculation of loss of Income compensation.
- Review on loss of Income calculations done by colleagues or other experts and external actuarial service providers.
- Review of research on loss of Income calculations and reports done by other experts and external actuarial service providers.
- When required, act as technical expert witness in cases involving loss of income compensation

**Accident data management and forecasting.**
- Participate in the development of models to forecast the number of accidents and claims.
- Manage accident data capturing, analysis and reporting from different sources

**Reporting..**
- Extract data and reports from IT claim system(s).
- Provide results in statistical and graphical form to provide information for monthly, quarterly, half-yearly and annual management reporting.
- Develop functional reporting systems, for management, projects or performance reporting.
- Prepare proposals, briefings, presentations, reports, and other documentation and provide management information both verbally and in report format.

**Actuarial investigations.**
- Provide investigation support on various aspects of the loss of income calculation inputs including, distributions of income by age group, geographical location, employment sectors, etc.
- Investigate the potential impact of various assumptions underlying loss of income calculations such as discount rates, mortality and morbidity rates, contingencies, earnings progression, inflation, taxation, remarriage, inheritance and accelerated benefits, etc.
- Provide expense investigation support for the budgeting purposes.
- Provide appropriate reports for different relevant users of investigation results
- Ensure that the actuarial investigation results are correctly interpreted

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