Actuarial Specialist: Profitability

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Job Description

The Actuarial Specialist – Profitability is responsible for designing and maintaining actuarial models and frameworks that support profitability analysis, budgeting, and forecasting for the insurance portfolio. The role involves conducting detailed profitability assessments across the insurance value chain, driving actuarial input into business planning, and performing scenario testing to evaluate strategic impacts. The specialist will monitor performance against targets, provide actionable insights, and collaborate with cross-functional teams to optimize underwriting profit and overall portfolio performance. Strong analytical skills, actuarial expertise, and the ability to communicate complex concepts clearly are essential for success in this role.

Role responsibilities:

Framework & Model Development:

• Design and build actuarial models and analytical frameworks that underpin profitability analysis, budgeting, and forecasting for the insurance portfolio.

• Ensure these tools follow best practices (robust governance, documentation, testing) so they produce reliable insights and can be refined as business needs evolve.

• Continuously enhance the modeling infrastructure to improve efficiency and enable better decision-making across departments.

Profitability Analysis:

• Conduct in-depth profitability analysis across the insurance value chain – scrutinizing every element from pricing assumptions to claims outcomes – to ensure products and portfolios meet financial targets.

• Analyze key performance metrics (e.g. loss ratios) and identify drivers of profit or loss for various lines of business.

Business Planning & Budgeting:

• Drive the actuarial components of business planning and budgeting.

• Develop robust financial models and multi-year projections to inform strategy and forecast portfolio performance.

• Support the annual budgeting process by providing data-driven loss ratio forecasts and expense analyses that underpin the company's financial plan.

Scenario Testing & Forecasting:

• Perform scenario testing and "what-if" analyses to evaluate the impact of different strategies, assumptions, or market conditions on profitability.

• Conduct sensitivity analyses (e.g. claims inflation impacts, change in risk factors) and advise management on potential outcomes and risk mitigation strategies.

Performance Monitoring:

• Continuously monitor actual results versus budget and profit targets.

• Track variances in claims, expenses, and premium income, and prepare actionable reports with recommendations to improve performance when deviations arise.

• Translate actuarial findings into clear insights for senior management, facilitating data-driven decisions on pricing or portfolio adjustments.

Cross-Functional Collaboration:

• Collaborate closely with Underwriting, Claims, Finance, and other teams to improve profitability across the value chain.

• Provide analytical support and expert advice in initiatives (e.g. product refinements, claims management strategies, expense controls) aimed at optimizing underwriting profit and overall insurance portfolio performance.

Knowledge, Skills and Experience required:

• Education: Bachelor's degree in actuarial science. Strong theoretical grounding in insurance risk and finance is expected.

• Actuarial Credentials: Actively pursuing Actuarial qualification; part-qualified Actuary (having passed several actuarial exams) strongly preferred. Commitment to achieving Fellowship or equivalent credential is viewed favourably.

• Experience: Minimum 3 years of relevant experience in an actuarial or financial analysis role within the insurance industry (general/non-life insurance focus). Proven experience with insurance pricing, reserving, or financial planning & analysis is required.

• Analytical Skills: Very strong analytical and financial modeling skills – particularly advanced Excel proficiency for building and reviewing complex models. Demonstrated ability to synthesize large data sets and derive meaningful profitability insights is essential. High attention to detail and problem-solving acumen in a quantitative context are assumed.

Preferred Skills & Attributes:

• Technical Tools: Proficiency with data analytics and actuarial software or programming tools (e.g. SQL, R/Python). Experience using modern data tools to automate analysis and visualize results (such as Databricks, Power BI) is a plus.

• Communication: Excellent communication and presentation skills. Ability to explain complex actuarial concepts and model results in clear, non-technical language for executives and business unit leaders. Proven skill in writing concise reports and delivering insights/recommendations to inform strategic decisions is highly valued.

• Collaboration & Initiative: Team-oriented and proactive work style. Able to partner effectively with cross-functional stakeholders and contribute thought leadership in meetings. A can-do attitude, adaptability, and the drive to take ownership of projects will help in working within a dynamic, hybrid work environment.

Industry Knowledge & Expectations:

• Insurance Domain Expertise: In-depth knowledge of non-life insurance products and the Direct Non-Life insurance value chain. Understands how acquisition, distribution, underwriting, claims trends, expenses, and reinsurance each affect profitability, and is adept at assessing metrics like loss ratios and combined ratios to gauge performance.

• Regulatory Awareness: Good understanding of insurance industry regulations and financial reporting frameworks that impact profitability. Knowledge of IFRS 17 insurance contract accounting and solvency capital requirements (SAM/Solvency II or equivalent) is an advantage. The Analyst is expected to stay abreast of market trends (e.g. claims inflation, competitive pricing pressures) and emerging regulatory changes, ensuring that profitability analyses and assumptions remain up to date.

The Recruitment Process:

• TA Interview: This will be a discussion with the Senior Talent Acquisition Specialist to give you an understanding of our business, our culture & values and more context on the role. It will also allow us the opportunity to get to know you more and ensure OMI can meet your career aspirations.

• Panel Interview: This will be with 2 members of the Senior Leadership of the Hiring Team and 1 member of the HC Leadership Team.

• Technical & Psychometric Assessments: These will depend on the role and will sometimes happen concurrently with Vetting through an external service provider & Internal Verification.

• Final Feedback.

All About OMI:

Please note that, unfortunately, we cannot accept any applications after the closing date

Skills

Analytical Support, Analytical Thinking, Computer Literacy, Data Compilation, Data Controls, Data-Driven Decision Making, Executing Plans, Financial Analysis, Forecasting, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Performance Metrics, Risk Management

Competencies

Balances StakeholdersBuilds NetworksBusiness InsightCollaboratesCommunicates EffectivelyCultivates InnovationDecision QualityDrives Results

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

16 December 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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