Job Description

Job Title: Head: Corporate Actuarial (Valuations)
Location: Johannesburg
Duration: Permanent
JOB CONTEXT:
As our Head of Corporate Actuarial, you'll be the mastermind behind our actuarial valuation system, overseeing its development and maintenance to ensure data integrity and precision. Reporting to our Executive Actuary, you'll be responsible for delivering accurate and timely life and non-life valuations, while also providing actionable insights and reports to our executive team and various committees. If you're a seasoned actuary with a passion for leadership and innovation, this role is your chance to shine!
KEY RESPONSIBILITIES:
Management of the actuarial function:

• Oversee both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
• Oversee the preparation of and review monthly valuation data.
• Oversee the application of ORSA methodology and SAM processes and procedures.
• Maintain the integrity of actuarial and valuation data.
• 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.
• Develop pricing models, ensure validity of assumptions and sufficiency of pricing (COID and Non-COID products).
• Set premium rates.
• Develop and maintain Actuarial systems.
• Monitor experience (reserving and pricing).
• Responsible for capital and solvency management and investment management through liability matching (ensure that assets are appropriate in terms of nature, amount and duration for liabilities that are held.
• Responsible for the end-to-end management of the reinsurance process, including but not limited to negotiating treaties, facilitating transfers, setting and maintaining new strategies, mitigating risks and managing reinsurance renewals annually.
• Prepare actuarial specific areas in all the Group regulatory returns:
• Monthly, Quarterly, Annual.
• ORSA and SAM reporting.

Staff management and monthly reporting:

• Manage, supervise and training of staff.
• This includes both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
• 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.

Regulatory compliance:

• 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.

REQUIRED QUALIFICATION:

• NQF Level 7: Bachelor's degree - Actuarial Science.
• Qualified Actuary.
• Member of Actuarial Society /Institute of Actuaries.

REQUIRED EXPERIENCE (relevant or in a similar role):

• Minimum 8 years' experience in an insurance regulatory environment
• Minimum 5 years' experience within actuarial environment, with specific experience related to valuations.
• Advanced Excel.
• Insurance knowledge is essential.
• Reporting experience.
• Valuation experience.
• Life and non-life experience.
• Knowledge of the Insurance Acts (long and short term) including SAM, IFRS17.
• Actuarial guidelines.
• Experience leading/managing a team.

REQUIRED COMPETENCIES AND SKILLS:
Objectivity:

• Able to put own feelings, views, beliefs, and attitudes aside from a situation and remain neutral and non-judgmental.

Attention to detail:

• The ability to highlight inconsistencies and inaccuracies in detailed information.

Knowledge/Information Management:

• The creation, sharing, using, and managing of knowledge and information in an organization.

Financial acumen:

• Able to apply sound financial principles and processes to the business and ensure profitability, compliance, and continued growth.

Interpersonal awareness / empathy:

• Understanding other people. It includes the ability to hear accurately and understand unspoken, partly expressed thoughts, feelings, and concerns of others. Included in this competency is an emphasis on cross-cultural sensitivity. Requires the ability to keep one's emotions under control and restrain negative actions when faced with opposition or hostility from others or when working under stress.

Judgement and Decision-making:

• Identifying and understanding issues, problems, and opportunities; comparing data from different sources to draw conclusions; using effective approaches for choosing a course of action or developing appropriate solutions; taking action that is consistent with available facts, constraints, and probable consequences.

Leading and supervising:

• Provides others with a clear direction; motivates and empowers others; recruits staff of a high caliber; provides staff with development opportunities and coaching; sets appropriate standards of behavior.

Managing performance (goal/target setting):

• Accepts and tackles demanding goals with enthusiasm; works hard and puts in longer hours when it is necessary; seeks progression to roles of increased responsibility and influence; identifies own development needs and makes use of developmental or training opportunities.

Motivating People (includes Creating and Selling the Vision):

• Establishing systems and processes to attract, develop, engage, and retain talented individuals; creating a work environment where people can realise their full potential, thus allowing the organisation to meet current and future business challenges.

Analytical thinking:

• Analyses numerical data and all other sources of information, to break them into component parts, patterns, and relationships; probes for further information or greater understanding of a problem; makes rational judgements from the available information and analysis; demonstrates an understanding of how one issue may be a part of a much larger system.

Personal Attributes:

• Results driven
• Initiative
• Methodical

Operational/Strategic Impact:

• Operational impact at a senior level across organisation.
• Strategic input and direction within the business unit/department.

Number of Subordinates

• Direct, 4-5
• Indirect, 12-15

PACKAGE & REMUNERATION:

• Negotiable depending on Qualifications and Experience.