Actuarial Analyst - Agri

Sanlam Limited; Johannesburg; On-site; ZAR 900,000 - 1,300,000; Full time

Job summary

Santam Specialist Business is seeking an Actuarial Analyst – Parametric Insurance to join our team in South Africa. Based at Alice Lane and reporting to the Head of ROA and Parametric Crop Insurance, you will help design pricing, monitor profitability, and support reinsurance strategies across crops and weather-based products.

You will work with cross-functional teams to develop models, analyse datasets, and provide insights for decision-making.

Qualifications

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

Responsibilities

• Design and develop parametric insurance products and pricing models.
• Analyse weather, satellite and environmental data to support pricing.
• Maintain pricing methodologies, assumptions, and governance.
• Support automated claims assessment and payout calculations.
• Collaborate with underwriting, risk, and operations to implement solutions.
• Develop dashboards and management reporting for performance monitoring.

Skills

Actuarial analysis

Pricing methodologies

Data analytics

Education

Degree in Actuarial Science, Mathematics, or Statistics

Tools

R

Python

Actuarial software

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.

  Take the next step in your career— and be part of a company that’s shaping the future of insurance. This is Freedom!