Head: Corporate Actuarial (Valuations)

Rand Mutual - RMA; Johannesburg; Hybrid; ZAR 1 200 000 - 1 800 000; Full time

Job summary

Join a leading company as the Head of Corporate Actuarial, overseeing a team of professionals in actuarial valuations for both life and non-life insurance. You'll manage data integrity, develop pricing models, and ensure compliance with regulatory standards. This role offers a competitive salary and opportunities for personal and professional growth within a stable organization.

Benefits

Flexible work arrangements

Personal and professional development opportunities

Qualifications

• Minimum 8 years’ experience in an insurance regulatory environment.
• Minimum 5 years’ experience within actuarial environment, with specific experience related to valuations.

Responsibilities

• Oversee the preparation and review of monthly valuation data.
• Manage relationships within the company and stakeholders.
• Ensure regulatory compliance and timely submission of reports.

Skills

Insurance knowledge

Reporting

Valuation

Advanced Excel

Leadership

Education

Bachelor’s degree – Actuarial Science

Job description

THE JOB AT A GLANCE

As the Head: Corporate Actuarial, you will be reporting to the Executive Actuary, you will be responsible for overseeing a team of actuarial professionals that will be responsible for ensuring that all life and non-life actuarial valuations are prepared timeously and accurately. You will also be responsible for overseeing of the development and maintenance of the actuarial valuation system and data integrity. An integral part of the role will also be supporting business with insights and producing reports for the executive and various committees.

WHAT WILL YOU DO?

• Management of the actuarial function
• Oversee the preparation of and review monthly valuation data
• Oversee the application of ORSA methodology and SAM processes and procedures
• Maintain the integrity of actuarial and valuation data
• Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS)
• Plan and Budget actuarial matters and maintain a timetable of submission (financial projections)
• Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group
• Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc)
• Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees
• Develop pricing models, ensure validity of assumptions and sufficiency of pricing (COID and Non-COID products)
• Set premium rates
• Develop and maintain Actuarial systems
• Monitor experience (reserving and pricing)
• Responsible for capital and solvency management and investment management through liability matching (ensure that assets are appropriate in terms of nature, amount and duration for liabilities that are held
• Responsible for the end-to-end management of the reinsurance process, including but not limited to negotiating treaties, facilitating transfers, setting and maintaining new strategies, mitigating risks and managing reinsurance renewals annually
• Prepare actuarial specific areas in all the Group regulatory returns
• Monthly, Quarterly, Annual
• ORSA and SAM reporting
• Staff management and monthly reporting
• Manage, supervise and training of staff
• Manage relationships within the company and stakeholders e.g. Statutory Actuary
• Lead and motivate a team to achieve targets
• Monthly reporting of the Key Performance indications for the actuarial reporting function
• Monthly report to FM on status of accounts and returns for EXCO submission
• Effective reporting and assessment of problem areas
• Regulatory compliance
• Ensure that all work is performed in terms of required standard and regulation
• Ensure that RMA’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to RMA)
• Ensure that all company policies and procedures are adhered to
• Ensure timely submission of various periodical reports, highlights of the previous month’s reports
• Staff management and monthly reporting
• Manage, supervise and training of staff.
• This includes both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
• Manage relationships within the company and stakeholders e.g. Statutory Actuary
• Lead and motivate a team to achieve targets
• Monthly reporting of the Key Performance indications for the actuarial reporting function
• Monthly report to FM on status of accounts and returns for EXCO submission
• Effective reporting and assessment of problem areas
• Regulatory compliance
• Ensure that all work is performed in terms of required standard and regulation
• Ensure that RMA’s position is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to RMA)
• Ensure that all company policies and procedures are adhered to
• Ensure timely submission of various periodical reports, highlights of the previous month’s reports

WHAT YOU'LL BRING TO THE TABLE?

NQF Level 7: Bachelor’s degree – Actuarial Science

Qualified Actuary

Member of Actuarial Society /Institute of Actuaries

Minimum 8 years’ experience in an insurance regulatory environment

Minimum 5 years’ experience within actuarial environment, with specific experience related to valuations

Advanced Excel

Insurance knowledge is essential

Reporting experience

Valuation experience

Life and non-life experience

Knowledge of the Insurance Acts (long and short term) including SAM, IFRS17

Actuarial guidelines

Experience leading/managing a team

WHAT WILL YOU GET IN RETURN?

This is an exciting opportunity within the Rand Mutual Assurance Actuarial team, offering exposure to an interesting combination of technical and business issues. This is a great time to join RMA as we look to grow the Life business and develop our actuarial team.

We offer great opportunities for personal and professional development in a stable company that’s 130 years strong. The role comes with a competitive salary package and various benefits. Flexible work arrangements (combination of remote and in the office). Furthermore, you will be a part of a dedicated group of colleagues who value teamwork and collaboration.

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. Kindly note that should you not receive a response within 21 days please consider your application unsuccessful.

Our Commitment to transformation:

In accordance with the employment equity plan of Rand Mutual Assurance and its employment equity goals and targets, preference may be given, but is not limited, to candidates from under-represented designated groups.