Commissions Actuary

Sanlam; Midrand; On-site; ZAR 800,000 - 1,200,000; Full time

Job summary

MiWay seeks a skilled professional for its Actuarial department to lead a team overseeing commission payments. This role requires extensive experience, strong analytical skills, and the ability to implement effective commission structures to incentivize staff. Join a dynamic environment that champions innovation and diversity.

Qualifications

• Minimum 8 years experience in an actuarial field.
• 3 years in a management function.
• Experience with commission structures is advantageous.

Responsibilities

• Oversee internal commission payments and optimize performance.
• Analyze remuneration data for enhancing commission structures.
• Produce performance reports and implement commission changes.

Skills

Analytical skills

Communication

Stakeholder engagement

Problem Solving

Education

Bachelor’s degree in Actuarial Science

Associate Member of the Actuary Society of South Africa (AMASSA)

Tools

SQL

Python

R

Excel

Power BI

Job description

Who are we?

MiWay is a direct financial services company. We are passionate about service excellence, convenience and offering our clients superior value products. Our Vision is to be a world-class direct financial services business that offers a complete array of services under one convenient umbrella – all managed online. Category winners of the Mail & Guardian Top Companies Reputation Awards in 2014, as well as the Deloitte Best Company to Work For Survey 2011 and 2012 – were are passionate about our people. We are positive that with the right people on board, we will continue to grow and give our clients the freedom to do things their way – free from worry and most importantly at peace with all the “what-ifs” of the world. Company values that every employee subscribes to are: Energy, Freedom, Accountability and Attitude. The ideal candidate is one who has the courage to be bold and subscribes to MiWay’s core values! Do you have a positive attitude, love a challenge, treat your colleagues with respect and look for solutions, not problems? If yes, then MiWay is the place for you!

Build a successful career with us

We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping our employees to realise 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 provides many opportunities for growth and development.

What will you do?

Join the Miway Actuarial department to start a centralised function which oversees internal commission payments. This is an exciting opportunity for anyone looking to start a new team and optimise the way we incentivise our commission earning staff members to achieve optimal results cost-effectively. This opportunity is aimed at individuals who are comfortable to challenge the status quo and create and maintain commission structures with a data driven approach.

Minimum Requirements

Qualification Required

• Bachelor’s degree in Actuarial Science
• Passed at least all academic subjects required to qualify as an Associate Member of the Actuary Society of South Africa (AMASSA)

Required Experience

• Minimum 8 Years experience in an actuarial field
• Minimum 3 Years experience in a management function
• Experience with commission structures in call center or sales environments is advantageous.

Deliverables include, but will not be limited to

• Understand the current team dynamics, measures of performance and drivers of commission payments.
• Analyse remuneration data and enhance current commission structures to optimize performance and cost efficiency.
• Produce monthly reports on total staff remuneration in relation to value add of function to our business.
• Commission forecasting and daily agent and manager reporting views.
• Improve standardisation of commission mechanisms across different business units.
• Automate all commission calculations.
• Recommend changes to commission design for approval by a Commissions Forum.
• Quantify and track cost savings from implemented commission changes.
• Communicate complex actuarial models and insights to non-technical stakeholders.

Competencies Required

We are looking for a talented individual who possesses a unique blend of skills and qualities to thrive in this dynamic role:

• Excellent communication and stakeholder engagement abilities. You should be comfortable with having uncomfortable discussions around changes in remuneration.
• Resilience. You should not be afraid to experiment with new ideas or solutions and have the capacity to recover quickly from setbacks.
• Strong analytical, modeling, and data interpretation skills. You will be required to build on current reporting mechanisms which may require system development on how commission payments are calculated and saved.
• A solid grasp of SQL, Python or R, Excel and dashboard software (e.g. Power BI) would be advantageous.
• Ability to build and grow a new team. You will be required to recruit for and lead a team of actuarial team members as the function grows

Success metrics

We plan to roll the function out in phases across the business starting in our sales area, followed by client services and then claims. Success metrics expected in the sales and client services area are as follows:

• Creating a clear understanding of all Actuarial involvement in commission calculations within 6 months. This involvement has been spread across different team members up to now and needs to be centralised.
• Implementation of new or revised commission structures where opportunities exist to increase cost effectiveness of commission structures.
• Quantify cost savings in staff remuneration relative to business value add within 12 months.
• Positive feedback from the Commission Forum and key stakeholders on the quality and impact of recommendations.

Work Location

The Miway call centers are spread across Johannesburg, Kosmosdal (Centurion) and Durban.

Remote working will be considered but visits to the different call centers will be required especially at the start of the function to build relationships and understand the workings of the call centers.

Knowledge and Skills Actuarial Problem Solving Actuarial Negotiation Business knowledge Business analysis Personal Attributes Business insight - Contributing through others Optimises work processes - Contributing through others Develops talent - Contributing through others Self-development - Contributing through others Core Competencies Cultivates innovation - Contributing through others Customer focus - Contributing through others Drives results - Contributing through others Collaborates - Contributing through others Being resilient - Contributing through others Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers.

Our commitment to transformation

At MiWay we believe in cultivating a positive and dynamic working environment that gives you freedom and opportunity to succeed. MiWay is committed to transformation and embracing diversity. This is what drives us to achieve a multicultural workplace with employment equity as a key goal to create an inclusive workforce, reflective of the demographics of our society.