Job Classification
REQ: 133355 - Refilwe Falatsi
Closing Date: 4 October 2024
Division: Nedbank Insurance | Client Solution Actuarial
Employment Equity Statement: Preference will be given to individuals from underrepresented groups.
Job Purpose
This role provides the successful individual the opportunity to head up the team responsible for actuarial reporting of Nedbank Insurance's Life licences. This includes the production, analysis, and presentation of IFRS valuations and SAM returns, along with other important KPIs to assist management in making correct strategic decisions.
Accountability will be to internal and external stakeholders of Nedbank Insurance, in line with Nedbank's Client Value Proposition. The role provides exposure to the various facets of a Life Insurance business across the value chain. It will also involve engagement with the Chief Actuary, Chief Financial Officer and the Head of Actuarial Function, and Executive and Insurance Board subcommittees. The person fulfilling the role is expected to have technical knowledge of life insurance valuations while enjoying mentoring and growing staff and engaging and working with stakeholders.
Job Responsibilities
Manage and guide the actuarial team responsible for the valuations on three life licences.
Valuations of liabilities on IFRS basis and analysis of surplus arising.
Preparation of actuarial components of SAM returns.
Embedded Value calculations for internal business use.
Economic Capital calculations.
Review and analyse financial performance relative to various metrics.
Monitor experience across products, comparing relative to market.
Ensure continued stakeholder education and engagement on key findings via reports and presentations.
Regularly monitor the profile of business taken on and understand the business impact thereof.
Continuous improvement of models, systems, and reporting.
Assist in driving insight into the business and aiding in commercial decisions around book management.
Understand and embrace the Nedbank vision and demonstrate the values through interaction with team and stakeholders.
Drive and maintain knowledge sharing within the team.
Ensure personal growth and enable effectiveness in performance of roles and responsibilities.
Participate and support corporate responsibility initiatives for the achievement of business strategy.
Seek opportunities to improve business processes, models and systems through agile thinking.
Contribute to a culture conducive to the achievement of transformation goals.
People Specification
Accuracy of reports and records
Drafting / Creating reports
Built and Managed Client and Stakeholder Relationships
Managing conflict situations
Communication with internal and external stakeholders
Managing stakeholder expectations
Interacting with diverse people
Working in a fast-paced and changing environment
Working within a team
Data Analytics
Essential Qualification
B.Degree in Actuarial Science (Hons)
FASSA or AMASSA
Minimum Experience Level
FASSA with relevant life valuations experience or AMASSA with at least 7 years of working experience.
Experience working in a Life Valuations team.
Desirable:
Experience with IFRS17
Experience with Prophet and/or R
Experience managing staff
Experience with HAF interactions
Experience working with Scrum/ Agile / Scaled Agile
Technical / Professional Knowledge
Business writing skills
Business principles
Business terms and definitions
Governance, Risk and Controls
Data analysis
Relevant software and systems knowledge
Banking knowledge
Insurance
Behavioural Competencies
Technical/Professional Knowledge and Skills
Quality Orientation
Technology Savvy
Communication
Continuous Improvement
Monitoring Information
Please contact the Nedbank Recruiting Team - Refilwe Falatsi
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