Actuarial Specialist (Short-Term Insurance)

Lets Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

The Actuarial Specialist is primarily responsible for data analysis and providing insights into business performance and facilitating data-driven solutions that support business plans.

Pricing and Product Support

• Support pricing reviews, product enhancements and rating analysis.

• Build and review actuarial models to assess pricing adequacy and support product development.

Reserving and Valuations

• Perform monthly roll forward and full quarterly reserve valuations.

• Perform outstanding Claims Reserves / Case Reserves (OCR) and incurred but not reported (IBNR) sufficiency analysis.

• Perform quarterly review of Solvency calculations.

• Prepare Valuation, Risk, Capital and Reinsurance reports

• Support Earnings at Risk, SAM and ORSA calculations for group and regulatory reporting.

Reinsurance Optimization

• Perform reinsurance adequacy, structure and competitor analysis.

• Analyse facultative placements and provide input into reinsurance decision-making and optimization.

Business Profitability Review

• Review profitability and performance of lines of business against budget and strategic targets.

• Analyse portfolio trends, market developments and key business performance drivers.

• Interpret financial and operational results to provide insight on profitability, variances and emerging trends.

Data Collection & Analysis

• Conduct detailed data quality checks and investigate variances to ensure alignment with policy terms, financial records, operational processes and reporting requirements.

• Develop and maintain dashboards, KPI reports and analytical tools to provide timely and reliable management information across the business.

Model Governance and Monitoring

• Monitor the performance, appropriateness and ongoing relevance of actuarial models and recommend enhancements where required.

• Support model validation, testing, documentation and implementation to ensure models remain fit for purpose.

• Maintain appropriate governance and controls over actuarial models, assumptions and reporting outputs.

Business Partnering and Management Support

• Provide actuarial, risk and commercial input to management on portfolio performance, profitability, pricing adequacy and emerging business trends.

• Support management decision-making through the preparation and presentation of actuarial analyses, insights and recommendations.

Regulatory and Board Reporting

QUALIFICATIONS / EXPERIENCE

• 3-5 years relevant work experience. Experience within financial services is desired.

• Degree in Mathematics, Statistics or Actuarial or related field

• Progress toward a recognised actuarial qualification (ASSA, IFoA, SOA, or equivalent).

• Certificate of Proficiency in Short-Term Insurance

• P&C Insurance experience required with IFRS17 experience preferred.

• Strong technical skills and attention to detail

• Microsoft Office (Word, Excel, Power Point, Access)

• Programming skills (Visual Basic) will be an advantage

• Good interpersonal skills and ability to work with a team

• Good communication skills (both written and verbal)

• Ability to work under deadline pressure

Skills

Competencies

Education

Closing Date

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