Job title : Junior Actuarial Analyst
Job Location : Gauteng,
Deadline : December 14, 2024
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RESPONSIBILITIES Model deployment and testing Support the planning and delivery of systems changes. Engage with users to identify requirements and work with the team to design solutions. 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 changes will mean on profitability and policy growth. Clearly state what needs to be deployed and how testing will be done to ensure the deployment is successful. Support monitoring processes, measure performance of the model/pricing. Effective tracking of various products and pricing changes and cohorts.
Data Collection & Analysis Use data from a wide range of sources to analyze key themes and identify possible impacts on the business. Recommendations could be technical or professional in nature. Extract and verify 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.
Actuarial Modeling Assist with development, maintenance and implementation of actuarial models and processes. Models need to be fit for purpose and able to estimate the reality accurately. Models (and any form of estimation) to clearly documented with the scope of use, definitions, data, and assumptions made. Ensure that there are process documents in place to ensure that the models can be understood by external stakeholders. Ensure processes are in place to reduce the risk of incorrect modelling and support new users.
Improvement / Innovation Identify shortcomings in existing processes, systems and procedures, and use established change management programs to address them. Stay up to date with Business developments and assist to develop solutions proactively with Business. Maintain continuous development/research of actuarial techniques and share insights with the team. Find an effective way to improve on efficiencies across the business.
Business Requirements Identification Support collection of business requirements using a variety of methods. Contribute and deliver in line with the product development and pricing framework. Support implementation of the Actuarial control cycle; ie development, deployment and monitoring thereof. Assist with the management of key business metrics, such as value of new business, embedded value, and profit by product line. Business requirements need to be clearly documented within the scope of use, definitions and assumptions made. Develop solutions that are aligned with experience assumptions.
Stakeholder Engagement Support with internal stakeholder engagement; such as Sales and Marketing to keep them informed and up to date with project outcomes. Support with external stakeholder engagement to find appropriate solutions around product development. Maintain measurable service levels on business requests and provide feedback that speaks to the business issue observed.
Insights and Reporting Contribute to the preparation of various data and analytics reports. Assist with creating, presenting, and communicating insights and recommendations to stakeholders. Ensure monitoring is accurate and complete and regularly validated against credible data sources.
Operational Compliance Develop knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct to ensure own work adheres to those standards. Obtain authorization from a supervisor or manager for any exceptions from mandatory procedure. Maintain standards of integrity and professionalism as set out by the Actuarial Society of South Africa. Apply appropriate techniques in alignment with APN's.
Performance Management Prioritise own workflow and ensure work is completed to the required standards of quality and timeliness; use performance management systems to improve personal performance.
Requirements EDUCATION General Education Bachelors / Honours degree in Actuarial Science or similar (Essential); Qualified or making good progression toward Actuarial qualification (Essential)
EXPERIENCE General Experience 1 or more years actuarial experience within a Short-Term insurance environment (Essential)
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