Head: Valuations IAH

Rand Mutual - RMA

Parktown (NC)

Hybrid

USD 109,000 - 194,000

Full time

2 days ago

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Benefits offered by this job

Flexible work arrangement

Competitive salary

Benefits package

Job summary

Rand Mutual Assurance seeks a Head: Valuations to lead the actuarial function across COID and Life Business, ensuring timely, accurate valuations and robust data integrity.

You will develop pricing models, manage the end-to-end reinsurance process, and present actuarial matters to the Board and committees. A strong actuarial background and leadership are essential.

Qualifications

Bachelor’s degree in Actuarial Science is required.
Qualified Actuary with actuarial society membership is expected.
Minimum eight years’ experience in an insurance regulatory environment.
Experience in life valuations and life products is essential.
Strong knowledge of actuarial principles, methodologies, and software tools.

Responsibilities

Oversee actuarial teams for COID and Life Business and support IT (AIT).
Manage monthly valuation data preparations and reviews.
Apply ORSA methodology and SAM processes and maintain data integrity.
Respond to regulator queries and manage solvency/capital requirements.
Develop pricing models and ensure pricing validity for COID and non-COID products.
Lead and develop the actuarial systems and monthly reporting to EXCO/BOARD.

Skills

Advanced Excel

Actuarial knowledge

Reporting experience

Valuation experience

Life & non-life experience

IFRS17

SAM

Team leadership

Data integrity

Regulatory knowledge

Education

Bachelor’s degree – Actuarial Science

Qualified Actuary

Member of Actuarial Society / Institute of Actuaries

Tools

Excel

SAS

Python

Job description

Job Description

Reporting to the Executive Actuary, Corporate Actuarial, the Head: Valuations IAH will be responsible for overseeing a team of actuarial professionals that will be responsible for ensuring that all life and non-life actuarial valuations are prepared timeously and accurately. The incumbent will also be responsible for overseeing of the development and maintenance of the actuarial valuation system and data integrity. An integral part of the role will also be supporting business with insights and producing reports for the executive and various committees.

WHAT WILL YOU DO?

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

WHAT WILL YOU GET IN RETURN?

We offer great opportunities for personal and professional development in a stable company that’s 132 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.

Job Requirements

Minimum Qualification

NQF Level 7: Bachelor’s degree – Actuarial Science