Actuarial Manager

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JOB PURPOSE

Responsible to drive compliance with IFRS 17 in the 1Life Corporate Actuarial

team. Provide actuarial technical support and develop models to calculate IFRS

17 results. In addition, provide actuarial technical support and coach/mentor

junior analysts within the 1Life Actuarial team. Use

statistical models to analyze data and calculate the probability of pricing/

products.

RESPONSIBILITIES

Actuarial Modeling

Develop, maintain and implement actuarial models and processes.

Models to be fit for purpose and able to estimate the reality accurately.

Models (and any form of estimation) to be clearly documented with the scope of

use, definitions, data, and assumptions made.

Monitor models to ensure model performance and that they are communicated

back to the business.

Assess business implications and make recommendations to ensure compliance

with IFRS 17 (where the standard allows for discretion).

Stakeholder Engagement

Collaborate with internal (Actuarial) and external (Business) stakeholders.

Keep stakeholders informed and up to date with project/analysis delivery and

provide clear and concise feedback to stakeholders.

Maintain measurable service levels on business requests and provide feedback

that speaks to the business issue observed.

Be on time and prepared for meetings with Business.

Model deployment and testing

Plan and deliver the group IFRS 17 project requirements and manage the team

on a day-to-day basis to meet project timelines to ensure quality.

Ensure peer review of the IFRS 17 models is performed.

Analyze the results, to ensure the model is performing as expected and

producing the results required. Effective impact and sensitivity

analysis to be performed before any deployment is done. Translate results

from the impact/sensitivity analysis to Business, to provide insight and what

various pricing/product changes will mean to profitability and policy growth.

Maintain and develop documentation on model for pricing/product and clearly state what needs to be deployed and how testing will be done to ensure the deployment is successful. Ensure monitoring process are in place to measure the performance of the model for pricing/product.

Data Collection & Analysis

Use data from a wide range of sources to analyse key themes and identify

possible impacts on the business.

Extract data used for actuarial models.

Data/information to be reconciled against credible data sources (for example

financials) to ensure the data is complete and accurate.

Ensure definitions and assumptions are aligned to the problem statement.

Insights and Reporting

Ensure status updates are communicated to the relevant stakeholders.

Translate the monitoring results so they can be understood by Business.

Provide an ecosystem where data and data analysis is nimble and easy to

access by any team member.

Provide insights to inform the Business of future modelling endeavours.

Ensure reports are accurate and complete and regularly validated against

credible data sources.

Review of results on a regular basis and ready to be presented to the Actuarial

Senior Management level.

Project Management

Deliver small-scale or medium-scale projects while working within an established

program management plan.

Meet project deadlines of the group IFRS 17 project team.

Improvement / Innovation

Review existing operations in own area of work and implement innovation

processes to generate new ideas and ensure continuous improvements are

delivered.

Stay up to date with Business developments and develop solutions proactively

within Business.

Continuous development/research of modelling techniques and feature

engineering to improve model estimates.

Leadership and Direction

Communicate the local action plan; explain how this relates to the functions

strategy and action plan and the broader organizations mission and vision;

motivate people to achieve local business goals.

Performance Management

Develop and propose own performance objectives; take appropriate actions to

ensure achievement of agreed objectives, using the organizations performance

management systems to improve personal performance. OR Manage and report

on team performance, set appropriate performance objectives for direct reports

or project / account team members and hold them accountable for achieving

these, taking appropriate corrective action where necessary to ensure the

achievement of team / personal objectives.

Building Capability

Work within existing development framework to build own capabilities and those

of direct reports. Provide specialized training or coaching to others throughout

the organization in area of expertise.

Mentoring and coaching of junior staff on a technical and professional front.

Operational Compliance

Identify, within the team, instances of non-compliance with the organization/

actuarial policies and procedures and/or relevant regulatory codes and

codes of conduct, reporting these and escalating issues appropriately.

Maintain standards of integrity and professionalism as set out by the Actuarial Society of South Africa.

SKILLS

Modelling

Uses comprehensive knowledge and skills to act independently while providing

guidance and training to others on developing financial and economic models for

planning and monitoring purposes.

Numerical Skills

Uses a comprehensive understanding of numerical concepts to perform

mathematical operations such as report analysis independently while providing

guidance and training to others.

Strong background in mathematics and statistics.

Computer skills

Independently supports business processes with comprehensive understanding

and effective use of standard office equipment and standard software packages,

while also providing guidance and training to others.

Actuarial and statistical software.; Advanced Microsoft Office.

Data Collection and analysis

Provide technical guidance when required to analyse data trends for use in

reports to help guide decision making.

Review and Reporting

Works without supervision and provides technical guidance when required on

reviewing and creating relevant, lucid and effective reports.

Action Planning

Provide technical guidance when required to develop appropriate plans or

perform necessary actions based on recommendations and requirements.

Planning and Organizing

Provide technical guidance when required to plan, organize, prioritize and

oversee activities to efficiently meet business objectives.

Verbal Communication

Use clear and effective verbal

communications and provide technical guidance when required to express ideas,

request actions and formulate plans or policies.

Writing skills

Use clear and effective writing skills and provide technical guidance when

required to express ideas, request actions and formulate plans or policies.

Presentation skills

Communicate with other people and provide technical guidance when required to

speak in a clear, concise and compelling manner.

Analytical Processes

Provide technical guidance when required to support research schedules using

appropriate analytical processes and procedures.

Compliance

Provide technical guidance when required to achieve full compliance with

applicable rules and regulations in management and/or operations.

Actuarial Society of South Africa.

Data mining

Apply concepts of knowledge / skill and provide technical guidance when

required.

Data Management

Provide technical guidance when required to acquire, organize, protect and

process data to fulfill business objectives.

EDUCATION

General Education

Bachelors / Honours degree in Actuarial Science or similar (Essential)

Passed all CT exams and CA1 (Essential)

EXPERIENCE

General Experience

5 or more years experience within the long-term insurance industry (Essential)

Prophet experience (Essential)

Experience in IFRS 17 model building (Essential)

Managerial Experience

2 or more years experience of supervising and directing people and other

resources to achieve specific end results within limited timeframes (Essential)

ADDITIONAL INFORMATION

*SAQA Accredited Equivalent - it is the onus of the applicant to provide 1Life and its subsidiaries with certified evidence that their qualification(s) meet the equivalent NQF level required for this role at time of application. *Financial Sector Conduct Authority (FSCA) competency requirements: FAIS recognised qualifications / Regulatory Examinations / Class of Business Certification and / or CPD according to your DOFA (where applicable). As a registered Financial Service Provider, we are mandated to ensure that all our representatives are and remain fit and proper at all times. By applying for this role, you consent to having your relevant qualification and or accreditation or confirm that you are working towards meeting the competency requirements. You further consent to the relevant information being verified.

Information :

• Company : 1 Life Insurance
• Position : Actuarial Manager
• Location : Gauteng
• Country : ZA

How to Submit an Application:

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