Commissions Actuary

Miway Insurance Limited; Gauteng; On-site; ZAR 850,000 - 1,200,000; Full time

Job summary

MiWay Insurance Limited seeks a seasoned actuary to lead the establishment of a centralized function overseeing internal commission payments. This role focuses on optimizing commission structures and enhancing data-driven decision-making, requiring strong analytical skills and leadership capabilities in a dynamic environment.

Qualifications

• Minimum 8 years in an actuarial role.
• At least 3 years in a management position.

Responsibilities

• Analyze remuneration data to optimize commission structures.
• Produce monthly reports on staff remuneration and business value.
• Standardize and automate commission mechanisms.

Skills

Communication

Analytical skills

SQL

Python

R

Excel

Power BI

Education

Bachelor's degree in Actuarial Science

Passed all subjects for Associate Membership of the Actuarial Society

Job description

Who are we? At MiWay, our purpose is to enable people to live their way.

We understand that life is not just about "things" but the meaning that those things bring to your life.

We believe that technology and innovation have infinite possibilities when inspired by humans — you. Therefore, we focus on our clients' needs, finding new ways to simplify their lives and how they do things. We provide products, services, and solutions that enable them to live and enjoy life on their own terms — in their own way.

Agile values and principles are deeply embedded in our culture and are central to our decision-making and value addition within the company.

Build a successful career with us

We are committed to building strong, lasting relationships with our employees.

We recognize your hopes for your future — your career, personal development, and achieving great things.

We pride ourselves on helping our employees realize their worth.

Through its five business clusters — Sanlam Fintech, Sanlam Life and Savings, Sanlam Investment Group, Sanlam Allianz, Santam, as well as MiWay and the Group Office — the group offers many opportunities for growth and development.

What will you do?

Join the MiWay Actuarial department to establish a centralized function overseeing internal commission payments.

This is an exciting opportunity for those looking to start a new team and optimize how we incentivize our commission-earning staff to achieve results cost-effectively.

This role is suited for individuals comfortable challenging the status quo and creating data-driven commission structures.

Work Location

The MiWay call centers are located across Johannesburg, Kosmosdal (Centurion), and Durban. Remote work may be considered, but initial visits to the call centers will be necessary to build relationships and understand operations.

Minimum Requirements

• Bachelor's degree in Actuarial Science
• Passed all academic subjects required for Associate Membership of the Actuarial Society of South Africa (AMASSA)

Required Experience

• Minimum 8 years in an actuarial role
• At least 3 years in a management position
• Experience with commission structures in call center or sales environments is advantageous

Key Deliverables

• Understand team dynamics, performance measures, and drivers of commission payments
• Analyze remuneration data to optimize commission structures for performance and cost efficiency
• Produce monthly reports on staff remuneration and business value
• Standardize and automate commission mechanisms across units
• Recommend and implement changes to commission design
• Quantify and track cost savings from changes
• Communicate actuarial models and insights to non-technical stakeholders

Required Competencies

• Excellent communication and stakeholder engagement
• Resilience and adaptability
• Strong analytical and data interpretation skills, with proficiency in SQL, Python, R, Excel, and Power BI advantageous
• Leadership ability to recruit and grow a team

Success Metrics

• Centralize actuarial involvement in commission calculations within 6 months
• Implement cost-effective commission structures and quantify savings within 12 months
• Receive positive stakeholder feedback

Knowledge and Skills

• Actuarial problem solving and negotiation
• Business knowledge and analysis
• Personal attributes like insight, process optimization, talent development, and self-development

Core Competencies

• Innovation, customer focus, results-driven, collaboration, resilience, turnaround time

Additional Information

The shortlisting process begins after the application deadline of 15 July. The process duration depends on applicant progress and manager availability.

Our commitment to transformation: At MiWay, we foster a positive, diverse, and inclusive work environment aligned with employment equity and societal demographics.