Reserving and Corporate Actuary

The Focus Group Sandton, South Africa 18 September 2024 Mid 1000000 - 1500000 Full Time Cost to Company 3 years - 5 years Skills Actuarial Analysis Artificial Intelligence Banking Data Finance Insurance Modeling Industries Banking Financial Services Insurance Job Description
Our Client
A large JSE listed Financial Services Group, with different business verticals, and a leader in its various financial services businesses with an innovative leadership and organizational culture.
The role sits within its Short Term Insurance Business Vertical, where they offering market-leading insurance coverage through their innovative business model which has made them one of South Africa’s fastest growing short-term insurance companies with comprehensive products that provide protection against current and emerging risks facing clients in the motor and home sectors.
They are looking to scale their business to international markets which now include Europe, Rest of Africa and the Middle East. The Division employs over 1 000 people who are committed to putting their customers and ?nancial advisers ?rst by providing unique and innovative solutions and cover.
Key Purpose of this role
Lead the strategic development of actuarial reserving processes and methodologies, leveraging cutting-edge technology related (AI) solutions and advanced analytics to drive informed decision-making and support business development. Foster innovation and collaboration across teams, shaping the future of the reserving function in a dynamic, growth-oriented environment.
Education and Experience
Matric
Honours degree in Actuarial Science
Fellow of the Actuarial Society of South Africa (FASSA) OR Close to completing all examinations to register with FASSA
4-5 years proven experience in a Short-Term Insurance organization
Some experience at management level
Skills and Knowledge
Pro?ciency in MS O?ce (Excel, PowerPoint and Word) Actuarial reserving and modelling - Advanced level VBA & SQL - Intermediate level
Programming skills - R or Python (advantageous) Predictive analytics modelling (advantageous) Non-Life Reserving Techniques
Stochastic Modelling Techniques IFRS 17
SAM Financial Soundness Standards (advantageous) Relevant Actuarial Practice Notes
Areas of responsibility may include but are not limited to
Lead the development, enhancement and implementation of robust reserving processes and methodologies using actuarial and advanced modelling techniques.
Monitor experience and assess reserve adequacy, making enhancements as necessary based on emerging data and trends. Use data analytics to analyze historical experience to assist Senior Management with strategic decision-making processes. Stay updated with and ensure compliance to the relevant regulatory requirements and standards (IFRS 17, SAM, APNs etc.)
Serve as the AI Champion for the Corporate Actuarial team, identifying and implementing opportunities to integrate arti?cial intelligence and machine learning techniques into actuarial processes.
Collaborate closely with the wider Group, including the AI and Operational Analytics teams to develop and implement AI solutions that enhance actuarial models, data analysis, and decision-making processes.
Lead and provide guidance on AI-related initiatives within the Corporate Actuarial function.
De?ne and articulate a strategic vision for the future development of the reserving function, incorporating advancements in technology, analytics, and regulatory requirements.
Lead initiatives to streamline processes and enhance the scalability of reserving methodologies, ensuring readiness for business growth and expansion into new markets.
Champion innovation and collaboration within the actuarial team, fostering a culture of continuous improvement and knowledge sharing.
Collaborate with underwriting, ?nance, claims and pricing teams to optimize the reserving process and provide feedback into strategic decision-making processes.
Manage deliverables and relationships with external audit, Head of Actuarial Function, Group Risk and the Prudential Authority. Presentations to the Actuarial Committee and Senior Management on model enhancements and ?nancial results. Company Description
A large JSE listed Financial Services Group, with different business verticals, and a leader in its various financial services businesses with an innovative leadership and organizational culture.