Head: Valuations IAH

Rand Mutual - Rma

Johannesburg

Hybrid

ZAR 1,800,000 - 2,400,000

Full time

10 days ago

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Benefits offered by this job

Flexible work arrangements

Job summary

Rand Mutual Assurance seeks a Head: Valuations IAH to lead actuarial valuations for COID, Life and Non-COID, ensuring accuracy and timeliness.

You will manage teams, maintain data integrity, develop pricing models, and present to EXCO/Board. Requires Actuary qualification, 8+ years in insurance, SAM/IFRS17 knowledge. Hybrid work arrangement with a competitive package.

Qualifications

Qualified Actuary with membership in a recognised actuarial body.
Bachelor’s degree in Actuarial Science or equivalent with NQF Level 7.
Minimum 8 years’ experience in an insurance regulatory environment.
5 years’ experience in actuarial environments, focusing on life valuations and life products.

Responsibilities

Oversee actuarial teams for COID, Life and IT business support.
Review monthly valuation data and ensure accuracy.
Apply ORSA methodology and SAM processes.
Maintain integrity of valuation data and respond to regulators’ queries.
Develop pricing models; validate pricing assumptions for COID and Non-COID products.
Lead end-to-end reinsurance management and annual renewals.
Prepare regulatory returns and reports for board/exco.

Skills

Insurance knowledge

Reporting experience

Valuation experience

Life and non-life experience

Actuarial guidelines

Team leadership

Regulatory awareness

Data integrity

Education

Bachelor’s degree – Actuarial Science

NQF Level 7

Qualified Actuary

Member of Actuarial Society /Institute of Actuaries

Tools

Excel

SAS

Python

Job description

Job Description

Reporting to the Executive Actuary, Corporate Actuarial, the Head: Valuations IAH 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. The incumbent 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 both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
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.
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 WILL YOU GET IN RETURN?

We offer great opportunities for personal and professional development in a stable company that’s 132 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.

Job Requirements

Minimum Qualification

NQF Level 7: Bachelor’s degree – Actuarial Science