Corporate Actuarial Analyst

Discovery Limited; Johannesburg; On-site; ZAR 300,000 - 500,000; Full time

Job summary

A leading insurance company in South Africa seeks a Corporate Actuarial Analyst. This role involves assisting with claims reserving, regulatory submissions, and conducting strategic projects within a dynamic environment. Candidates should possess an Honours degree in Actuarial Science and relevant short-term insurance experience.

Qualifications

• 1-2 years experience in short-term insurance is required.
• Experience in actuarial reserving and modelling essential.

Responsibilities

• Assist with claims reserving and regulatory submissions.
• Monitor experience and assess reserve adequacy.
• Collaborate with teams to optimize reserving processes.

Skills

Proficiency in MS Office

VBA

SQL

Programming skills (R or Python)

Non-Life Reserving Techniques

IFRS 17

Education

Honours degree in Actuarial Science

Matric

Job description

Discovery Insure

Corporate Actuarial Analyst

About Discovery

Discovery’s core purpose is to make people healthier and to enhance and protect their lives. We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery. Our fast-paced and dynamic environment enables smart, self-driven people to be their best. As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our society .

About Discovery Insure

Discovery Insure is committed to creating a nation of great drivers through our innovative Shared-value Insurance model. Discovery Insure is South Africa’s fastest growing short-term insurance company with comprehensive products that provide protection against current and emerging risks facing clients in the motor and home insurance sectors. Vitality Drive, an internationally-recognised and award-winning programme, is a key differentiator in the market that incentivises and rewards clients for driving well. The Vitality Drive programme has been scaled to local and international markets which now include Europe and the Middle East. The company employs over 1 000 people who are committed to putting our customers and financial advisers first by providing unique and innovative solutions and cover.

Key Purpose

The focus of the role will be to assist with claims reserving, experience monitoring as well as various regulatory capital submissions and ad-hoc investigations and projects. The role involves exposure to a wide range of areas such as underwriting, claims, legal, finance and wider operations.

Areas of responsibility may include but are not limited to

Core Corporate Actuarial function

Capital function:

· Assistance with regulatory submissions on solvency and capital. This also includes the preparation of internal capital requirements reporting in the form of the ORSA and internal risk calibrations.

· Annual budgeting and capital planning including process improvement and model development.

· Other strategic ad-hoc projects (e.g. operational predictive modelling)

· Writing reports for and presenting to the Discovery Insure Actuarial Committee

· Creating presentations for Discovery Insure Board and EXCO

Reserving estimation:

· Assist with the development, enhancement and implementation of robust reserving processes and methodologies using actuarial and advanced modelling techniques.

· Monitor experience and assess reserve adequacy, making enhancements as necessary based on emerging data and trends.

· Use data analytics to analyse historical experience to assist Senior Management with strategic decision-making processes.

· Stay updated with and ensure compliance to the relevant regulatory requirements and standards (IFRS 17, SAM, APNs etc.)

Stakeholder Engagement:

· Collaborate with underwriting, finance, claims and pricing teams to optimize the reserving process and provide feedback into strategic decision-making processes.

· Manage deliverables and relationships with external audit, Head of Actuarial Function, Group Risk and the Prudential Authority.

· Presentations to the Actuarial Committee and Senior Management on model enhancements and financial results.

Skills and Knowledge:

· Proficiency in MS Office (Excel, PowerPoint and Word)

· VBA & SQL – Intermediate level

· SAM Financial Soundness Standards

· Programming skills – R or Python

· Actuarial reserving and modelling

· Non-Life Reserving Techniques

· IFRS 17

· Relevant Actuarial Practice Notes

Education and Experience

Education:

· Matric (Essential)

· Honours degree in Actuarial Science

Minimum Experience:

· 1-2 years in short-term insurance

EMPLOYMENT EQUITY

The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.