Head - Actuarial Modelling & Technology

Rand Mutual - RMA; Johannesburg; Hybrid; ZAR 2,000,000 - 3,200,000; Full time

Benefits offered by this job

Flexible work arrangement

Competitive salary

Benefits package

Job summary

Rand Mutual Assurance seeks a senior Actuary to establish and lead a world-class actuarial modelling function, delivering strategic value through innovative, accurate models. You will govern models to high standards, drive technology adoption, and support growth and risk management across the organisation.

The role requires 9+ years of actuarial experience, including 5+ years in senior leadership, with strong governance capabilities and a track record in regulatory compliance.

Qualifications

• Qualified Actuary (Fellow of relevant actuarial body: FASSA, FIA, FSA, FCAS, or equivalent).
• Minimum 9+ years actuarial experience with at least 5 years in senior leadership roles.
• Extensive experience in actuarial model development across multiple disciplines (pricing, reserving, capital modelling).
• Proven track record of leading and managing teams.
• Demonstrated experience in model governance and regulatory compliance.
• Strong background in implementing technology solutions and driving digital transformation.
• Experience with predictive analytics, machine learning, and advanced statistical techniques.

Responsibilities

• Create and implement a new standard approach to modelling across the organization, establishing consistent methodologies, documentation standards, and quality frameworks.
• Lead model development across multiple actuarial functions including: valuations, reserving & technical provisions; pricing and product development; financial reporting (IFRS17); risk management and capital modelling; quote generation and underwriting support; experience investigations; reinsurance optimisation modelling.
• Develop comprehensive business case models to support strategic initiatives, new product launches, and investment decisions.
• Establish and maintain model governance frameworks ensuring all models are validated, documented, and comply with regulatory requirements.
• Drive predictive analytics capabilities using advanced statistical techniques, machine learning, and artificial intelligence.
• Ensure all actuarial and related systems and technology are fit for purpose, evaluating and recommending systems that meet current and future business needs.
• Lead the implementation of new actuarial technologies including cloud-based platforms, automated modelling tools, and advanced analytics software.
• Oversee the migration of Excel-based models to more robust, scalable, and auditable platforms.
• Champion innovation in modelling techniques, staying abreast of industry developments and emerging methodologies.

Skills

Actuarial modelling

Leadership

Team management

Regulatory compliance

Data analytics

Machine learning

Education

Fellow of actuarial body

Master’s degree in Actuarial Science/Statistics/Mathematics/Data Science

Tools

IFRS 17

Cloud platforms (AWS/Azure/GCP)

Job description

THE JOB AT A GLANCE
To establish and lead a world-class actuarial modelling function that delivers strategic value across the organisation through innovative, accurate, and efficient models. The role ensures all actuarial models are developed to the highest standards, governed effectively, and leverage cutting-edge technology to support business growth, risk management, and competitive advantage.

Job Description
THE JOB AT A GLANCE
To establish and lead a world-class actuarial modelling function that delivers strategic value across the organisation through innovative, accurate, and efficient models. The role ensures all actuarial models are developed to the highest standards, governed effectively, and leverage cutting-edge technology to support business growth, risk management, and competitive advantage.
The incumbent will transform the organisation’s modelling capabilities by implementing standardized methodologies, driving technological advancement, and fostering a culture of analytical excellence and continuous improvement.
WHAT WILL YOU DO?

• Create and implement a new standard approach to modelling across the organization, establishing consistent methodologies, documentation standards, and quality frameworks
• Lead model development across multiple actuarial functions including:
• Valuations, reserving & technical provisions
• Pricing and product development
• Financial reporting (IFRS17)
• Risk management and capital modelling
• Quote generation and underwriting support
• Experience investigations
• Reinsurance optimisation modelling
• Develop comprehensive business case models to support strategic initiatives, new product launches, and investment decisions
• Establish and maintain model governance frameworks ensuring all models are validated, documented, and comply with regulatory requirements
• Drive predictive analytics capabilities using advanced statistical techniques, machine learning, and artificial intelligenceTechnology & Innovation
• Ensure all actuarial and related systems and technology are fit for purpose, evaluating and recommending systems that meet current and future business needs
• Lead the implementation of new actuarial technologies including cloud-based platforms, automated modelling tools, and advanced analytics software
• Oversee the migration of Excel-based models to more robust, scalable, and auditable platforms
• Champion innovation in modelling techniques, staying abreast of industry developments and emerging methodologies
  

Data Management & Performance

• Monitor the performance of data used in models, establishing data quality metrics and remediation processes
• Collaborate closely with data teams to ensure data availability, accuracy, and timeliness for modelling purposes
• Define data requirements for new models and work with data governance teams to establish data standards
  

Reporting, Analysis & Stakeholder Management

• Provide comprehensive reporting and analysis to executive leadership, the Board, and regulatory bodies
• Present complex modelling results in clear, actionable insights for non-technical stakeholders
• Prepare regulatory submissions and respond to supervisory inquiries regarding models.
• Develop dashboards and visualisation tools to communicate model outputs effectively
  

Team Leadership & Development

• Build, lead, and develop a high-performing team of actuarial modellers and analysts
• Foster a culture of innovation, collaboration, and continuous learning
• Establish career development pathways and mentoring programs for team members
• Manage resource allocation and prioritization across competing modelling demands
  

Governance & Compliance

• Chair actuarial modelling & technology steering committees to execute projects and strategy
• Ensure compliance with regulatory requirements including SAM, IFRS 17, and local regulations
• Coordinate model validation activities with internal audit and external validators
• Maintain model inventories, documentation, and change control processes
  

Job Requirements
WHAT YOU'LL BRING TO THE TABLE?Essential:

• Qualified Actuary (Fellow of relevant actuarial body: FASSA, FIA, FSA, FCAS, or equivalent)
• Minimum 9+ years of actuarial experience with at least 5 years in senior leadership roles
• Extensive experience in actuarial model development across multiple disciplines (pricing, reserving, capital modelling)
• Proven track record of leading and managing teams
• Demonstrated experience in model governance and regulatory compliance
• Strong background in implementing technology solutions and driving digital transformation
• Experience with predictive analytics, machine learning, and advanced statistical techniques

Advantageous:

• Knowledge of IFRS 17, SAM, and other regulatory frameworks
• Master’s degree in Actuarial Science, Statistics, Mathematics, Data Science, or related field
• Experience in multiple insurance sectors (Life, General Insurance, Health etc.)
• Experience working with cloud-based platforms (AWS, Azure, GCP)
• Published research or thought leadership in actuarial modelling
• Experience in insurtech or digital transformation initiatives

WHAT WILL YOU GET IN RETURN?We offer great opportunities for personal and professional development in a stable company that’s 133 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.

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.