Head of Actuarial
Rand Mutual
- Parktown, Johannesburg
- Permanent
- Full-time
- Support and participate in the execution of the Life product strategy in an agile manner
- Understand the business needs and related gaps to inform the design of product solutions
- Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design
- Partner with various business stakeholders (including Sales and Distribution and the CEO of RMA Life) to design innovative products that consider the end to end customer journey and policy lifecycle
- Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk and IT
- Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution
- Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities
- Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk and pricing analysis, producing product approval presentation, and support product filing and implementation
- Analyse product profitability and recommend product design changes where necessary
- Continually review, identify and promote best practices and opportunities for improvement to the products
- Assume overall responsibility for each product project
- Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections
- Analyse data to identify trends and key insights
- Develop and report on key performance and experience monitoring metrics
- Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified
- Produce regular and ad-hoc reports and presentations as required
- Compile reports and presentations for the Exco, Board and Actuarial Committee
- Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures
- Prepare or review product specifications and actuarial reports
- Support the RMA Life business as a member of the divisional exco team
- Oversee the application of ORSA methodology and SAM processes and procedures
- Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS)
- Plan and Budget actuarial matters and maintain a timetable of submission (financial projections)
- Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group
- Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc)
- Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees
- Monitor experience (reserving and pricing)
- Prepare actuarial specific areas in all the Group regulatory returns
- Monthly, Quarterly, Annual
- ORSA and SAM reporting
- Manage, supervise and training of staff
- Manage relationships within the company and stakeholders e.g. Statutory Actuary
- Lead and motivate a team to achieve targets
- Monthly reporting of the Key Performance indications for the actuarial reporting function
- Monthly report to FM on status of accounts and returns for EXCO submission
- Effective reporting and assessment of problem areas
- Ensure that all work is performed in terms of required standard and regulation
- Ensure that RMA’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to RMA)
- Ensure that all company policies and procedures are adhered to
- Ensure timely submission of various periodical reports, highlights of the previous month’s reports