Job Ref #: RM-517
Industry: Insurance
Job Type: Permanent
Salary: Market Related
Description:Reporting to the Executive Actuary, the Head of Actuarial: RML will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business. The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the RMA Life business.
WHAT WILL YOU DO? Key Responsibilities: Product Design and Development Support and participate in the execution of the Life product strategy in an agile mannerUnderstand the business needs and related gaps to inform the design of product solutionsUnderstand the overall competitive landscape and commercial and economic environment through market research in order to help inform product designPartner 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 lifecycleCollaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk and ITPresent product features and actuarial results to project teams, management, and other stakeholders such as marketing and distributionApply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivitiesPerform 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 implementationAnalyse product profitability and recommend product design changes where necessaryContinually review, identify and promote best practices and opportunities for improvement to the productsAssume overall responsibility for each product projectData Analysis and Reporting Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projectionsAnalyse data to identify trends and key insightsDevelop and report on key performance and experience monitoring metricsIdentify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identifiedProduce regular and ad-hoc reports and presentations as requiredCompile reports and presentations for the Exco, Board and Actuarial CommitteeLegal and Compliance Understand and ensure adherence to regulatory requirements and internal governance and control policies and proceduresPrepare or review product specifications and actuarial reportsOversee the provision of actuarial business support to RMA Life Support the RMA Life business as a member of the divisional exco teamOversee the application of ORSA methodology and SAM processes and proceduresTimeously 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 GroupEnsure 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-committeesMonitor experience (reserving and pricing)Prepare actuarial specific areas in all the Group regulatory returnsORSA and SAM reportingStaff management and monthly reporting Manage, supervise and training of staffManage relationships within the company and stakeholders e.g. Statutory ActuaryLead and motivate a team to achieve targetsMonthly reporting of the Key Performance indications for the actuarial reporting functionMonthly report to FM on status of accounts and returns for EXCO submissionEffective reporting and assessment of problem areasRegulatory compliance Ensure that all work is performed in terms of required standard and regulationEnsure 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 toEnsure timely submission of various periodical reports, highlights of the previous month's reportsWHAT YOU'LL BRING TO THE TABLE? Qualified ActuaryMember of Actuarial Society /Institute of ActuariesMinimum 8 years' experience in an insurance regulatory environmentMinimum 5 years' experience within actuarial environment, with specific experience related to life insurance pricing and product.Proven experience in pricing and product management and strategy development.Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).Knowledge and Skills required Advanced ExcelInsurance knowledge is essentialReporting experienceLife and non-life experienceKnowledge of the Insurance Acts (long and short term) including SAM, IFRS17Actuarial guidelinesExperience leading/managing a teamWHAT WILL YOU GET IN RETURN? We offer great opportunities for personal and professional development in a stable company that's 130 years strong. The role comes with a competitive salary package and various benefits. Flexible work arrangements (combination of remote and in the office). Furthermore, you will be a part of a dedicated group of colleagues who value teamwork and collaboration.
Turnaround time The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers. Kindly note that should you not receive a response within 21 days please consider your application unsuccessful. Our Commitment to transformation: In accordance with the employment equity plan of Rand Mutual Assurance and its employment equity goals and targets; preference may be given, but is not limited, to candidates from under-represented designated groups. Requirements:Qualified ActuaryMember of Actuarial Society /Institute of ActuariesMinimum 8 years' experience in an insurance regulatory environmentMinimum 5 years' experience within actuarial environment, with specific experience related to life insurance pricing and product.Proven experience in pricing and product management and strategy development.Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).
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