Manager: First-line Actuarial Services

**Vacancy Details**:
Employer**:AVBOB Mutual Assurance Society**

**AVBOB**, AFRICA’S LARGEST MUTUAL ASSURANCE SOCIETY PROVIDING A ONE-STOP FUNERAL INSURANCE AND BURIAL SOLUTION, HAS A VACANCY FOR: MANAGER: FIRST-LINE ACTUARIAL SERVICES

**PURPOSE OF THE JOB**:
This role is responsible for the first-line actuarial functions in the Society under the guidance of the Chief Risk Officer. This includes the life insurance valuations (Financial Soundness Valuation (FSV), Solvency Assessment and Management (SAM) and IFRS 17), product pricing and data analytics. The valuations team of actuarial staff reports directly to this position, who is responsible for the coordination and management of the staff and the activities of the department. The incumbent is primarily tasked with the production of actuarial reporting and valuation results in line with financial and regulatory reporting standards. In addition, this position is responsible for the actuarial pricing and data analytics department through its manager. Additionally, the incumbent coordinates the actuarial systems design and function, oversees the optimisation of systems and procedures and coordinates projects across a number of disciplines to achieve objectives. The incumbent performs, researches and advises across the business as an expert in the field.

**Key Performance Areas**
- Management of the valuations team responsible for all first line actuarial valuations including Financial Soundness Valuation (FSV), Solvency Assessment and Management (SAM) and IFRS 17 valuations. This includes, but is not limited to:

- Actuarial data processes.
- Experience investigations of demographic assumptions (mortality, withdrawal, premium escalation take-up, retrenchment).
- Valuation run setup, execution and consolidation of results.
- FSV, SAM and IFRS 17 valuation reports.
- Value of New Business (VNB) report.
- Second-line deliverables required by the external Head of Actuarial Function (HAF) to carry out review of first-line work.
- Audit deliverables and queries to ensure timeous sign-off of actuarial liabilities.
- Maintenance and improvement of actuarial models (DCS, Prophet, Qlikview and Excel).
- Actuarial sections of annual and quarterly regulatory returns.
- IAS 19 (at and post retirement employee benefit) valuation model that is audited by the External Auditors.
- Input into ORSA scenarios and calculation of consequent ORSA cashflow projections.
- Draft the quarterly report to the Management Actuarial Committee (MAC).
- Draft the quarterly report to the Actuarial and Risk Committee (ARC), a sub-committee of the Board.
- Present the quarterly reports and valuation reports at the MAC and ARC meetings.
- Calculation of the ad-hoc special bonus allocated to qualifying member policies every second or third year.
- Calculation and calibration of the following risk appetite metrics for review by the HAF:

- solvency capital risk appetite metric.
- member capital metric.
- earnings-at-risk risk appetite metric.
- Provide specialised input into the special bonus declaration management, capital management and risk appetite policies including determination of surplus apportionment principles.
- Providing input and support to service departments (Claims, Policy Services) and other professional departments (Finance, Product Development).
- Responsibility for coordination and implementation of IFRS 17 actuarial deliverables.
- Provide leadership to the Manager: Pricing and Analytics whose department is responsible for actuarial pricing. This includes but is not limited to:

- Performing the actuarial pricing of individual products and monitor this to enhance and optimise the products.
- Draft pricing reports for review by incumbent and sign-off by second-line HAF before being presented at the ARC.
- Price key group schemes and group schemes with non-standard risk characteristics.
- Manage individual and group scheme pricing model and processes to ensure it stays up to date and competitive in the market.
- Assess the financial reporting requirements and solvency capital requirements of new products and/or strategic partnerships.
- Collaborate with practical and pragmatic solutions as part of the multi-faceted product implementation team.
- Build relationships with key stakeholders in the product development process.
- Provide leadership, under the guidance of the CRO, to the Manager: Pricing and Analytics whose department is responsible for specific analytics. This includes but is not limited to:

- Establish and maintain appropriate analytical processes, models, systems and capabilities to deliver powerful actuarial analytics.
- Oversee the development and maintenance of appropriate systems and reporting mechanisms to meet the group’s data requirements for actuarial analytics.
- Review report of actuarial analytical findings and present recommendations to the appropriate forums and committees.
- Establish and maintain product analytics including pricing, emerging ex