Actuarial Manager

2 months ago

Sandton, Gauteng, South Africa The Recruitment Council Full time
Actuarial Manager Job Description

The Recruitment Council is seeking an experienced Actuarial Manager to join our team. As an Actuarial Manager, you will be responsible for leading a team of Actuarial Analysts and providing strategic guidance on actuarial solutions across our short-term insurance brands, products, and distribution channels.

Key Responsibilities:
  • Business Requirements Identification: Conduct in-depth analysis to extract complex business requirements using interviews, workshops, and documentation reviews.
  • Pricing Development and Deployment: Manage pricing development, deployment, and performance monitoring for all brands and products.
  • Business Needs Documentation: Clearly document business needs, root causes, assumptions, and goals to ensure alignment with business objectives.
  • Solution Development: Provide solutions that evolve as more information becomes available, ensuring continuous improvement.
Stakeholder Engagement:
  • Relationship Building: Build and maintain relationships with internal (actuarial) and external (business) stakeholders.
  • Project Progress Communication: Keep stakeholders informed of project progress, ensuring clear and actionable feedback is provided.
  • Timely Communication: Ensure consistent and timely communication with the business.
Actuarial Modeling:
  • Model Development: Translate business goals into defined actuarial models, supporting growth initiatives.
  • Model Maintenance: Develop, maintain, and implement actuarial models that are precise and fit for purpose.
  • Model Performance Monitoring: Continuously monitor model performance and provide feedback to the business.
  • Data Documentation: Ensure that data and assumptions are clearly documented.
Data Collection & Analysis:
  • Data Analysis: Analyse data from multiple sources to identify trends and inform business decisions.
  • Data Verification: Verify data accuracy and ensure consistency with credible financial data before use.
  • Data Review and Sign-off: Collaborate with the Senior Manager to review and sign-off data used for actuarial models.
Model Deployment & Testing:
  • System Changes Management: Manage systems changes, ensuring timely delivery of solutions and compliance with quality standards.
  • Pricing Impact Analysis: Perform impact and sensitivity analyses to predict the effect of pricing changes on profitability and policy growth.
  • Model Effectiveness Monitoring: Document and monitor deployed models to ensure effectiveness and accuracy.
Insights & Reporting:
  • Report Design: Lead the design and creation of reports that identify trends, patterns, and actionable insights.
  • Insight Presentation: Present and communicate data-driven insights to key stakeholders in a clear, impactful manner.
  • Recommendations: Translate monitoring results into actionable recommendations for future modeling efforts.
Leadership & Team Management:
  • Team Communication: Communicate business objectives, strategy, and values to the team to inspire commitment and extraordinary results.
  • Performance Management: Manage performance, set clear objectives, and hold team members accountable for their contributions.
  • Succession Planning: Develop pipelines for succession planning and provide coaching for professional growth.
Continuous Improvement & Innovation:
  • Process Improvement: Identify areas for improvement in existing processes, collaborating with senior colleagues to implement new ideas.
  • Staying Current: Stay informed on business developments and modeling techniques, ensuring that the team remains proactive in their approach.
  • Data Maintenance: Ensure data processes are current and well-maintained.
Operational Compliance:
  • Regulatory Compliance: Ensure compliance with regulatory codes and the standards set by the Actuarial Society of South Africa.
  • Compliance Monitoring: Monitor team performance to identify and resolve compliance issues.
Mentorship & Capability Building:
  • Mentorship: Mentor and coach team members, helping them develop technical skills in data analysis and modeling.
  • Expertise Development: Support the growth of analytical, aggregation, and modeling expertise within the team.

Behavioral Competencies:

  • Action Oriented: Takes on challenges with urgency and enthusiasm.
  • Manages Complexity: Simplifies complex problems by focusing on key elements.
  • Manages Ambiguity: Remains effective in uncertain or unclear situations.
  • Resilience: Recovers from setbacks while maintaining a positive outlook.
  • Business Insight: Applies deep business knowledge to advance organizational goals.
  • Accountability: Holds self and others accountable for meeting commitments.
  • Effective Communication: Tailors communication to various audiences, ensuring clarity.
  • Collaboration: Builds partnerships and encourages teamwork to achieve common objectives.
  • Directing Work: Provides direction and removes obstacles to ensure timely delivery.
  • Financial Acumen: Applies financial insights to make informed business decisions.
  • Optimizing Work Processes: Continuously improves processes for better outcomes.
  • Developing Talent: Supports the development of team members to achieve their career and organizational goals.
  • Persuasion: Uses compelling arguments to secure support and commitment.

Skills:

  • Actuarial/Statistical Software: Proficient in actuarial/statistical software and advanced Microsoft Office skills.
  • Financial and Economic Modeling: Expertise in financial and economic modeling.
  • Numerical and Analytical Capabilities: Strong numerical and analytical capabilities.
  • Communication Skills: Excellent written and verbal communication skills.
  • Presentation and Reporting Abilities: Strong presentation and reporting abilities.
  • Data Management: Ability to manage data collection, analysis, and mining processes effectively.

Qualifications:

  • Actuarial Science Degree: Bachelors/Honours degree in Actuarial Science or equivalent.
  • Actuarial Qualification: Progressing toward or completed Actuarial qualification.

Experience:

  • Actuarial Work Experience: Minimum of 4 years experience in actuarial work within a short-term insurance environment.
  • Management Experience: 1-3 years experience managing resources and delivering on objectives.

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