A leader in the Insurance industry, based in Johannesburg, is looking to fill the vacant position of Actuarial Analyst. Reporting to the Finance Executive, the position is located either in Johannesburg
The Actuarial Analyst supports all actuarial reporting functions, and collaborates with key
business stakeholders to optimise the economic performance of the product portfolio by optimising benefit design, pricing and long-term profitability for both existing books and new business flows. The Actuarial Analyst plays a key operational role in the preparation of data, analysis and reports to enable the company to meet its periodic actuarial valuation and reporting requirements. It also plays a key support role in the development and maintenance of product strategy, business rules, product pricing and profitability, analytics, compliance and risk management.
1. Actuarial valuations:
- Ownership of the in-house cash flows projection model (“R”-language) used to value the in-force book. This entails the following: coding of new products and product features onto the model as and when need arises; preparation of data (including in-force build-up) for use as inputs into the projections model;
- Maintenance of agreed and signed-off methodologies for all actuarial and valuation calculations, including details of all assumptions used in these calculations.
- Ownership of valuation assumptions used throughout the year.
- Ongoing persistency studies; economic assumptions (yield curves, inflation rates etc.) and expense analysis;
- Establishment and maintenance of a decision-making forum responsible for reviewing and signing off all decisions regarding actuarial and valuation calculations.
- Provide insights based on monthly analysis of the projection model’s outputs and reporting tofacilitate executive decision making. These are the key elements of the discussions with Executive Team: VNB by product; detailed reserves build-up; and Embedded value build-up.
- Ownership of year-end valuation process and liaisons with external Statutory Actuary for sign-off of annual VIF and EV reports.
2. Product strategy and repository:
- Support any research conducted to understand competitor product offerings and their targeted customer segments, and support the development of a robust and compelling product strategy;
- Identify potential opportunities for new products or revisions to existing ones;
- Provide ongoing technical input and support to the owner of the product repository across all existing products and benefits sets.
3. Product pricing and profitability:
- In collaboration with reinsurance partners, build, operate and maintain analytical tools to monitor reinsurer margins, facilitate effective reinsurance pricing decisions and raise awareness of the need to initiate negotiations where appropriate;
- Conduct market research on competitor pricing and build, operate and maintain analytical tools that enable effective retail pricing decisions to maintain attractive margins and optimise volume / value trade-offs;
- Provide regular ongoing communication to the Executive regarding effects of pricing initiatives on product performance and highlight any implications for affected parties;
- Establish analytics and standard reports to measure the economic performance of all products within the product portfolio. Product mix includes both fully-underwritten life cover and simpler non-underwritten products;
- Establish analytics and reporting to track and understand drivers of changes in product performance across all products within the product portfolio.
4. Compliance and regulation:
- Have a sound knowledge of the Long Term Insurance Act (LTIA), Financial Services Board Act (FSB), Financial Advisory & Intermediary Services Act (FAIS) and other applicable regulations and legislation governing the pricing, rules, and features and benefits of existing products;
- Ownership of relationship with the Cell Captive Provider on data requirements needing to comply with SAM requirements as a standalone Cell;
- Monitor product compliance against applicable regulations, highlight any issues in a timely manner, and propose modifications to ensure that the products remain compliant at all times;
- Provide support and direction to key business stakeholders as required on the regulatory obligations imposed on any proposed, new or existing products within the portfolio by existing legislation or changes in legislation.
5. Collaboration and teamwork:
Collaborate with other teams and functions across the business to optimise product performance and support the achievement of corporate priorities and goals.
- Actuarial or equivalent mathematical qualification;
- At least 3 years’ experience in life valuations with explicit exposure to VIF/EV reporting as well as persistency and expense investigation experience;
- Experience developing pricing models and product profitability;
- Knowledge of Life Insurance products and concepts;
- Knowledge of the Financial Services Industry;
- A commercial and entrepreneurial bias.