Actuarial Analyst - Pricing & Reserving

Placements24; Durban; Hybrid; ZAR 450,000 - 750,000; Full time

Benefits offered by this job

Competitive salary

Medical aid

Retirement fund

Study leave for actuarial exams

Annual leave

Career development opportunities

Durban-based office

Job summary

Placements24 is seeking an Actuarial Analyst in Durban, KwaZulu-Natal to support pricing and reserving activities. You will develop pricing models for new products, perform reserving analyses, and maintain actuarial models using Prophet, R, and Python.

You will work closely with Underwriting, Finance, and Risk teams, applying statistical methods to refine assumptions, evaluate capital adequacy, and communicate findings to senior management.

Qualifications

• Actuarial progress with several exams and strong academic performance.
• 3+ years in an actuarial role within insurance.
• Strong analytical and numerical skills.
• Proficiency in R/Python/SQL and actuarial software.

Responsibilities

• Develop pricing models for new insurance products across lines of business.
• Perform reserving analyses ensuring regulatory and accounting compliance.
• Conduct experience analyses and update assumptions.
• Build actuarial models using Prophet, R, and Python.
• Analyze large datasets to identify trends and risks.
• Support liability valuations and capital adequacy assessments.
• Prepare management reports and present key findings.

Skills

Actuarial pricing

Reserving analysis

R

Python

SQL

VBA

Statistical methods

Financial modeling

Communication skills

Team collaboration

Education

Bachelor's degree in Actuarial Science/Math/Statistics

Progress towards FIA/SASSA/SOA

Tools

Prophet

Excel

R

Job description

About the Role

Our client, a prominent insurer, is seeking a talented and driven Actuarial Analyst to join their team in Durban, KwaZulu-Natal . This role is central to ensuring the financial health and strategic decision-making of the company. You will be involved in critical areas of pricing new insurance products and maintaining the adequacy of reserves for existing ones. The position requires a strong foundation in actuarial science, excellent analytical skills, and a keen eye for detail. This is an exciting opportunity to contribute to a forward-thinking organization that invests in its employees' growth and development, offering significant exposure to senior management and cross-functional teams. Your analytical insights will directly influence product profitability and the company's long-term solvency. The Durban office provides a stimulating environment for professionals passionate about the insurance industry. You will work with cutting-edge actuarial software and methodologies, helping to shape Our client's competitive edge in the market.

Key Responsibilities

• Assist in the development and implementation of pricing models for new insurance products across various lines of business.
• Perform reserving analyses for different insurance portfolios, ensuring compliance with regulatory requirements and accounting standards.
• Conduct experience analyses, comparing actual results to assumptions and recommending adjustments.
• Develop and maintain actuarial models using industry-standard software (e.g., R, Python, Prophet).
• Analyze large datasets to identify trends, patterns, and potential risks and opportunities.
• Support the valuation of liabilities and the assessment of capital adequacy.
• Prepare reports and presentations for management, outlining key findings, assumptions, and recommendations.
• Collaborate with Underwriting, Claims, and Finance departments to provide actuarial support and insights.
• Stay abreast of changes in actuarial techniques, regulations, and industry best practices.
• Contribute to the continuous improvement of actuarial processes and methodologies.

Requirements

• Progress towards an actuarial qualification (e.g., FIA, FASSA, SOA) with at least 3 completed actuarial exams.
• A minimum of 3-5 years of experience in an actuarial role within the insurance industry.
• Strong understanding of actuarial principles, statistical methods, and financial modeling techniques.
• Proficiency in at least one programming language commonly used in actuarial science (e.g., R, Python, SQL, VBA).
• Experience with actuarial software and data manipulation tools.
• Excellent analytical, problem-solving, and quantitative skills.
• Strong communication and interpersonal skills, with the ability to explain complex technical concepts to non-technical audiences.
• Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field.
• Ability to work independently and as part of a team in our Durban, KwaZulu-Natal office.
• High level of accuracy and attention to detail.

Benefits

• Competitive salary and performance bonus opportunities.
• Comprehensive medical aid and retirement fund benefits.
• Financial support for actuarial exam fees and study leave.
• Generous annual leave entitlement.
• Opportunities for career advancement and professional growth.
• Exposure to diverse insurance products and business challenges.
• A modern office environment in the heart of Durban, KwaZulu-Natal .
• Work-life balance initiatives and supportive management.
• Regular training sessions and workshops.