Actuarial Analyst - Agri

Santam Insurance; Johannesburg; On-site; ZAR 700,000 - 1,100,000; Full time

Job summary

Santam Specialist Business is seeking an Actuarial Analyst – Parametric Insurance, based in Alice Lane and reporting to the Business Head: ROA and Parametric Crop Insurance. The role focuses on designing, pricing, monitoring and sustaining parametric products for the agri crop portfolio.

The candidate will analyse weather and environmental data, develop pricing models, and support governance and risk management across product lines.

Qualifications

• Degree in Actuarial Science, Mathematics, or Statistics.

Responsibilities

• Provide actuarial expertise to support design, pricing, monitoring and reporting of parametric insurance products.
• Analyse weather, satellite and environmental data to support product pricing.
• Develop pricing methodologies, assumptions, rating structures and benefit designs.
• Support automated claims assessment and payout calculations.
• Collaborate with Underwriting, Distribution, Claims, Risk and Operations to implement parametric solutions.

Skills

Actuarial Science

Mathematics

Statistics

Education

Actuarial Science/Mathematics/Statistics degree

Job description

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Santam Specialist Business has a career opportunity for an Actuarial Analyst – Parametric Insurance, based in Alice Lane and reporting to the Business Head: ROA and Parametric Crop Insurance.

The Agri Crop specializes in crop insurance solutions and plays a critical role in delivering exceptional service to clients, brokers, and stakeholders across the agricultural industry.

JOB PURPOSE

Provide actuarial expertise to support the design, pricing, monitoring, reporting and sustainability of parametric insurance products across the business.

KEY RESPONSIBILITIES

Product Design and Development

• Support the execution of product innovation strategies through the development of parametric insurance solutions that meet customer, market, and business needs.
• Analyse weather, satellite, and environmental datasets to support product pricing.
• Develop and maintain pricing methodologies, product assumptions, rating structures, and benefit designs across product lines.
• Support automated claims assessment and payout calculations across product lines.
• Collaborate with Underwriting, Distribution, Claims, Risk, and Operations teams to implement market-leading and sustainable parametric insurance solutions

Pricing and Profitability Management

• Develop, maintain, and enhance actuarial pricing models using appropriate statistical and actuarial methodologies.
• Conduct pricing reviews and analyses to ensure premiums adequately reflect underlying risks, claims experience, expenses, capital requirements, and business objectives.
• Monitor product and portfolio performance through profitability analysis, loss ratio monitoring, trend analysis, and experience investigations.
• Identify emerging risks and recommend pricing actions to improve portfolio performance and profitability.
• Support management decision-making through scenario testing, sensitivity analysis, and financial impact assessments.
• Establish and monitor pricing governance frameworks, assumptions, and model controls to ensure consistency and accuracy.

Reinsurance Adequacy and Optimisation

• Support the design, evaluation, and optimization of reinsurance structures to protect the business against earnings volatility and catastrophic losses.
• Analyse portfolio exposures and accumulation risks to recommend appropriate retention levels and reinsurance purchasing strategies.
• Conduct treaty performance reviews and evaluate the financial effectiveness of reinsurance programmes.
• Collaborate with Reinsurance teams, brokers, and reinsurers to provide actuarial insights that support negotiations and programme renewals.

Data Analytics and Business Insights

• Develop dashboards, actuarial monitoring tools, and management reporting frameworks to support business decision-making.
• Support business cases, strategic projects, and investment decisions through robust data and actuarial analysis.
• Support predictive modelling, segmentation analysis, and data-driven business initiatives.

QUALIFICATIONS AND EXPERIENCE

• Degree in Actuarial Science, Mathematics, or Statistics
• 5 years of actuarial experience within short-term insurance or reinsurance, or a related environment.
• Experience in product design and Insurance Pricing

TECHNICAL COMPETENCIES

• Climate and Weather Risk Modelling
• Remote Sensing and Satellite Analytics
• Portfolio Performance Monitoring and Reporting
• Data Analytics and Visualization

OTHER COMPETENCIES

• Analytical and Critical Thinking
• Problem Solving and Decision Making
• Attention to Detail
• Planning and Organising
• Communication and Presentation Skills

ABOUT SANTAM

Santam is the market leader in the general insurance industry in Southern Africa. As a large, diversified, and expanding company, we are committed to transformation and growth. While our headquarters are in South Africa, we are rapidly extending our presence into emerging markets across Africa and Asia.

With a client base of over 1 million policyholders, Santam serves individuals, commercial enterprises, specialist business owners, and institutions—including 80 of the Top 100 companies listed on the JSE. Our commitment to Insurance, Good and Proper goes beyond just providing cover—we offer peace of mind, ensuring our clients can focus on living in the moment, not worrying about the unexpected. Because at Santam, we believe the freedom to seize every day is worth protecting.

People drive our business, and we are committed to attracting the best talent, whether for permanent roles or short-term opportunities.

Santam is committed to diversity, inclusion, and belonging. As an equal opportunity employer, we encourage applications from candidates of all backgrounds, including persons with disabilities. We are dedicated to neuro-inclusivity and fostering a workplace where everyone can thrive.

TIPS & TRICKS

Getting ready for your interview

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Santam has been officially recognised by the Top Employers Institute as a Top Employer 2025 for excellence in people practices. This is the ninth consecutive year that we have achieved this accolade.