Head of Model Development

Boardroom Appointments; Johannesburg; On-site; ZAR 1,200,000 - 1,800,000; Full time

Job summary

Boardroom Appointments seeks a qualified Actuary (Fellow) with advanced Prophet knowledge to lead complex actuarial production work in Johannesburg. The role includes IFRS17 metrics, embedded value calculations, and SAM reporting while managing Prophet software and licensing.

You will support analytics, deliver management information for committees, and contribute to QA and documentation. Potential for 1–2 direct reports.

Qualifications

• Qualified Actuary (passed all subjects) and fellow Actuary.
• Valuations experience >4 years considered.

Responsibilities

• Perform complex actuarial production processes with limited supervision.
• Use Prophet to calculate IFRS17 metrics (fulfilment cashflows, risk adj, CsM).
• Handle embedded value: adjusted net worth and FPV with cost of capital.
• Support SAM: technical provisions and life non-market risk solvency RCs.
• Manage 3rd party Prophet software provider relationships and meetings.
• Validate cloud usage reports and optimize Prophet licenses/PMCS.
• Act as first point of contact for Prophet queries internally.
• Prepare analyses of surplus, embedded value, and basic own funds.
• Produce MI for committee meetings and perform QA of model outputs.
• Ensure detailed model change documentation for reviews.
• Support talent development and possible direct reports (1–2).

Skills

Prophet knowledge

Relationship management

Analytical thinking

Education

Fellow Actuary

Tools

Prophet

Job description

• Qualified Actuary (passed all subjects) and registered as a fellow Actuary. (Applicants who are not qualified actuaries but have more than 4 years of Valuations experience will also be considered.)
• Advanced Prophet knowledge required.

Key Accountability:Perform complex actuarial production processes under limited supervision to support sound management of business performance and financial risk. Processes include:

• Utilize Prophet (conventional, unit-linked, and summary libraries) to ensure the accurate calculation of financial reporting metrics, including:
  • IFRS17: Fulfilment cashflows, risk adjustment, and contractual service margin.
  • Embedded value: Adjusted net worth, present value of future profits, and cost of capital.
  • SAM: Technical provisions and life non-market risk solvency capital requirements.
• Relationship Management with 3rd Party Prophet Software Provider:
  • Attend meetings with the 3rd party Prophet software provider.
  • Validate cloud usage reports to ensure billing is correct.
  • Optimize allocation of Prophet named user licenses and ownership of the Prophet application, including Prophet Managed Cloud Solution (PMCS).
  • Act as the first point of contact for internal colleagues regarding Prophet-related queries.
• Analytics and Financial Reporting Support:
  • Prepare analysis of surplus, analysis of embedded value, and analysis of basic own funds.
  • Produce management information for committee meetings.
• Quality Assurance Review:
  • Perform 1st line Quality Assurance to ensure accuracy of model outputs for sound business decision-making and maintain a robust control environment.
• Ensure that model change documents are sufficiently detailed so that the model change process can be reviewed and signed off by internal and external stakeholders.
• People Management Responsibilities:
  • Support talent development and business resilience, with potential direct reports (1 to 2 direct reports).