Head of Actuarial - Product & Pricing

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

Job summary

A leading company in the insurance sector is seeking a Head of Actuarial to lead a team focused on life product design and pricing. The role involves strategic actuarial support, regulatory compliance, and data analysis. Candidates should possess strong actuarial knowledge, leadership skills, and experience in life insurance pricing. This position offers opportunities for personal and professional development, along with a competitive salary and flexible work arrangements.

Benefits

Competitive salary package

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.

Responsibilities

• Oversee a team of actuarial professionals for product design and pricing.
• Ensure adherence to regulatory requirements and internal governance.
• Manage, supervise, and train staff in the actuarial department.

Skills

Advanced Excel

Insurance knowledge

Reporting experience

Life and non-life experience

Actuarial guidelines

Education

Bachelor’s degree – Actuarial Science

Tools

Excel

SAS

R

Python

Job description

Reporting to the Executive Actuary, the Head of Actuarial: RML will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business. The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the RMA Life business.

WHAT WILL YOU DO?

Key Responsibilities:

Product Design and Development

• Support and participate in the execution of the Life product strategy in an agile manner
• Understand the business needs and related gaps to inform the design of product solutions
• Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design
• Partner with various business stakeholders (including Sales and Distribution and the CEO of RMA Life) to design innovative products that consider the end to end customer journey and policy lifecycle
• Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk and IT
• Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution
• Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities
• Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk and pricing analysis, producing product approval presentation, and support product filing and implementation
• Analyse product profitability and recommend product design changes where necessary
• Continually review, identify and promote best practices and opportunities for improvement to the products
• Assume overall responsibility for each product project

Data Analysis and Reporting

• Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections
• Analyse data to identify trends and key insights
• Develop and report on key performance and experience monitoring metrics
• Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified
• Produce regular and ad-hoc reports and presentations as required
• Compile reports and presentations for the Exco, Board and Actuarial Committee

Legal and Compliance

• Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures
• Prepare or review product specifications and actuarial reports

Oversee the provision of actuarial business support to RMA Life

• Support the RMA Life business as a member of the divisional exco team
• Oversee the application of ORSA methodology and SAM processes and procedures
• 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
• Monitor experience (reserving and pricing)
• 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

WHAT YOU'LL BRING TO THE TABLE?

Minimum Qualification

- NQF Level 7: Bachelor’s degree – Actuarial Science

- Qualified Actuary

- Member of Actuarial Society /Institute of Actuaries

Minimum Experience

Minimum 8 years’ experience in an insurance regulatory environment

Minimum 5 years’ experience within actuarial environment, with specific experience related to life insurance pricing and product.

Proven experience in pricing and product management and strategy development.

Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).

Knowledge and Skills required

- Advanced Excel

- Insurance knowledge is essential

- Reporting 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?

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.