Head Actuarial Assumption and Model Development Validation

Sabenza IT & Recruitment; Sandton; On-site; ZAR 800 000 - 1 200 000; Full time

Job summary

A recruitment firm in South Africa is seeking an experienced Actuarial Specialist with a strong background in actuarial validation and governance. The ideal candidate will have over 10 years of post-qualification experience and be adept at IFRS 17 and SAM standards. Responsibilities include validating actuarial assumptions and developing Prophet models. Candidates should hold Fellowship from the Actuarial Society of South Africa and have advanced life insurance valuation skills. This role is critical for regulatory compliance and governance.

Qualifications

• Minimum of 10 years post-qualification actuarial experience.
• At least 5 years’ experience in a senior validation, modelling, or assumption governance role.

Responsibilities

• Prepare detailed assumption review and model development review workplans.
• Review actuarial assumptions such as lapses, mortality, and expenses.
• Validate gross and financial reinsurance Prophet models and outputs.
• Provide high-level review of IFRS 17 and SAM annual results.

Skills

Advanced understanding of Life insurance valuations under IFRS 17 and SAM

Strong Prophet model development capability

Advanced knowledge of IFRS 17 and SAM standards

Advanced understanding of financial reinsurance structures and mechanics

Education

Fellow of the Actuarial Society of South Africa

Life practicing certificate

Job description

Overview

Our client in the insurance space is a leading provider of innovative risk financing and alternative risk transfer solutions. The organisation operates across life and non-life insurance, offering sophisticated actuarial, underwriting, financial reporting, compliance, and reinsurance capabilities. The role sits within a highly technical actuarial environment supporting robust balance sheet management, regulatory compliance, and governance across IFRS 17 and SAM frameworks.

Role Purpose

To provide independent review and validation of actuarial assumptions, IFRS 17 and SAM basis setting, and Prophet and ResQ model development. The role supports first-line Balance Sheet Management functions through assurance, validation, and governance oversight, including ad-hoc actuarial activities.

Key Duties and Responsibilities

Assumption and Model Reviews

• Prepare detailed assumption review and model development review workplans
• Review actuarial assumptions such as lapses, mortality, and expenses used in long contract boundary models
• Review and pressure-test contract boundary assumptions across IFRS 17 and SAM

Modelling and Validation

• Review and validate gross and financial reinsurance Prophet models and outputs (existing and new) on both SAM and IFRS 17 bases
• Review ORSA projections
• Review IBNR triangulation methodologies and results

Results and Reporting

• Provide high-level review of IFRS 17 and SAM annual results
• Document, communicate, and present review and validation findings to Balance Sheet Management functions and key stakeholders

Governance and Oversight

• Work closely with the outsourced Head of Actuarial Function
• Provide assurance on validation processes and outputs to support actuarial governance and regulatory review processes

Requirements

Qualifications

• Fellow of the Actuarial Society of South Africa (Life Fellowship preferred)
• Life practicing certificate (preferred)

Experience

• Minimum of 10 years post-qualification actuarial experience
• At least 5 years’ experience in a senior validation, modelling, or assumption governance role

Technical Knowledge

• Advanced understanding of Life insurance valuations under IFRS 17 and SAM
• Strong Prophet model development capability
• Advanced knowledge of IFRS 17 and SAM standards
• Advanced understanding of financial reinsurance structures and mechanics