ACTUARIAL SPECIALIST

Bestmed Medical Scheme; Gauteng; On-site; ZAR 800,000 - 1,300,000; Full time

Benefits offered by this job

23 days annual leave

8-hour workday with 30 min lunch

Life cover and disability benefits

Funeral cover and pension fund

Medical aid

Training and development

On-site gym

Wellness programme

Job summary

Bestmed Gauteng seeks an Actuarial Specialist to develop, validate and maintain actuarial models supporting contribution pricing, benefit design and financial forecasting. You will apply the Actuarial Control Cycle to answer defined business questions and deliver decision-ready recommendations balancing member affordability and the Scheme's resilience.

The role requires an Actuarial Science degree, ASSA exams in good standing (5+; 8+ or TASSA preferred) and at least 3 years in an actuarial role.

Qualifications

• Grade 12
• Minimum 3 years' relevant actuarial experience

Responsibilities

• Develop and maintain contribution, benefit-costing and projection models.
• Analyse claims drivers, affordability, member mix and cross-subsidies.
• Maintain LIC and IBNR reserving models and analyse experience variance.
• Build financial forecasts, risk-based capital models and stress tests.
• Provide actuarial methods for various benefit and health evaluations.
• Ensure compliant model governance, data confidentiality and knowledge transfer.
• Deliver Helpdesk support, track outcomes and mentor analysts.

Education

Actuarial Science degree

ASSA examinations passed (5+)

TASSA membership preferred

Job description

Bestmed Gauteng has an opportunity available for an Actuarial Specialist position in the Actuarial and Data Science Department.

Job purpose: The Actuarial Specialist develops, validates and maintains actuarial models and advice that support contribution pricing, benefit design, claims reserving, financial forecasting and risk assessment. The role applies the Actuarial Control Cycle to clearly defined business questions and helps Bestmed build sustainable internal actuarial capability. The role provides decision-ready recommendations that balance member affordability and value with the Scheme's financial resilience. It explains assumptions, uncertainty and material trade-offs, supports controlled implementation and monitors actual experience against expectations.

The successful candidate should have:

• Grade 12
• Degree in Actuarial Science
• Membership of the Actuarial Society of South Africa (ASSA) in good standing, with at least 5 ASSA examinations passed. (8 ASSA examinations passed, or TASSA membership, is preferred.)
• Minimum 3 years' relevant experience in an actuarial role or a closely related environment

Key responsibilities include:

• Develop and maintain contribution, benefit-costing and projection models; analyse claims drivers, affordability, member mix and cross-subsidies, and reconcile approved schedules to implementation evidence.
• Maintain LIC and IBNR reserving models, analyse runoff and reserve movements, investigate actual-versus-expected experience, and recommend assumptions for authorised actuarial review.
• Build financial forecasts, risk-based capital models and stress tests; support PRMA valuation readiness, parallel valuations and financial assessments of strategic transactions.
• Provide actuarial methods for Benefit Intelligence, benefit simulations, member shortfall analysis, clinical risk adjustment, provider comparisons and managed healthcare evaluations.
• Analyse industry, policy, demographic and economic trends; develop scenarios and recommendations that assess affordability, sustainability and strategic objectives.
• Maintain controlled models, assumptions, source records, version histories and review evidence; ensure professional compliance, data confidentiality, independent challenge and appropriate knowledge transfer.
• Deliver assigned Helpdesk work, support implementation, track actual-versus-expected outcomes and evidenced value, automate repeatable processes, maintain documentation and mentor analysts or interns as allocated.

Bestmed is a non-profit, mutual, self-administered medical scheme registered with the Council for Medical Schemes. We have been providing healthcare to the lives of South Africans for over 60 years. We are the largest self-administered scheme and the fourth largest open medical scheme in South Africa.

Bestmed offers an exceptional benefit programme and competitive packages, including:

• 23 days annual leave
• a workday of only 8 hours, including a 30 minute lunch break.
• Permanent employees have the options under our corporate umbrella fund, which includes life cover, disability benefits, funeral cover and pension fund.
• Permanent employees also have access to medical aid.
• Access to training and development opportunities are plentiful.
• Office benefits include, free Wi-Fi, an on-site gym, and a wellness programme.

We are committed to ensuring that all employees have opportunities for professional development, as well as fair compensation and employee benefits. We are also committed to ensuring a pleasant and mutual work environment, where innovation is welcomed and encouraged. As such, we reinforce a culture of zero tolerance towards any forms of inappropriate behaviour, abuse (including abuse of power, privilege or trust), harassment, or exploitation of any kind to safeguard our members, employees and partners. All employees are required to share in this commitment through our Code of Conduct.

Bestmed is an equal opportunity, disability-confident employer and we are committed to achieving the highest standards of diversity, fairness and equality. We conduct the most appropriate pre-employment assessments and verification checks to ensure that high standards are maintained.

Bestmed reserves the right to schedule and cancel assessments and interviews. Bestmed also reserves the right not to make a placement.

If you are willing to lead the way, go the extra mile, do the right thing, be upbeat and play for the team…you may be the perfect candidate to join a journey that is Personally Yours with Bestmed!