Junior Actuarial Analyst

1Life Insurance; South Africa; On-site; ZAR 480,000 - 720,000; Full time

Job summary

1Life Insurance in South Africa seeks an actuarial analyst to support the senior analysts and managers within the Actuarial team. You will use actuarial models to identify, model and monitor business problems and provide effective solutions.

You will contribute across model deployment, data collection and reporting, ensuring data integrity, documenting assumptions, and maintaining compliance with APN standards.

Responsibilities

• Model deployment and testing: Support the planning and delivery of systems changes. Engage with users to identify requirements and design solutions. Perform impact and sensitivity analysis before deployment. Translate results to business insights about pricing changes and profitability.
• Data Collection & Analysis: Use data from diverse sources to analyze themes and potential business impacts. Verify data used for actuarial models; reconcile with credible sources and ensure definitions and assumptions are aligned.
• Actuarial Modeling: Assist with development, maintenance and implementation of actuarial models; ensure they are fit for purpose and well-documented with scope, data and assumptions.
• Business Requirements Identification: Support collection of business requirements; document definitions and assumptions and align with pricing framework.
• Stakeholder Engagement: Support internal and external stakeholder engagement; maintain measurable service levels and provide feedback on business issues.
• Insights and Reporting: Contribute to data and analytics reports; present and communicate insights and recommendations to stakeholders; ensure monitoring is accurate.
• Operational Compliance: Understand organizational policies and regulatory codes with integrity and professionalism; follow APN alignment.
• Performance Management: Prioritize workflow and use performance systems to improve personal performance.

Job description

JOB PURPOSE

Provide support to senior analysts and managers within the 1Life Actuarial team. Use actuarial models to identify, model and monitor business problems and provide effective solutions.

RESPONSIBILITIES

Model deployment and testing

Support the planning and delivery of systems changes. Engage with users to identify requirements and work with the team to design solutions. Effective impact and sensitivity analysis to be performed before any deployment is done. Translate results from the impact/sensitivity analysis to Business to provide insight and what various pricing changes will mean on profitability and policy growth. Clearly state what needs to be deployed and how testing will be done to ensure the deployment is successful. Support monitoring processes, measure performance of the model/pricing. Effective tracking of various products and pricing changes and cohorts.

Data Collection & Analysis

Use data from a wide range of sources to analyze key themes and identify possible impacts on the business. Recommendations could be technical or professional in nature. Extract and verify data used for actuarial models. Data/information to be reconciled against credible data sources (for example financials) to ensure the data is complete and accurate. Ensure definitions and assumptions are aligned to the problem statement.

Actuarial Modeling

Assist with development, maintenance and implementation of actuarial models and processes. Models need to be fit for purpose and able to estimate the reality accurately. Models (and any form of estimation) to clearly documented with the scope of use, definitions, data, and assumptions made. Ensure that there are process documents in place to ensure that the models can be understood by external stakeholders. Ensure processes are in place to reduce the risk of incorrect modelling and support new users.

Identify shortcomings in existing processes, systems and procedures, and use established change management programs to address them. Stay up to date with Business developments and assist to develop solutions proactively with Business. Maintain continuous development/research of actuarial techniques and share insights with the team. Find an effective way to improve on efficiencies across the business.

Business Requirements Identification

Support collection of business requirements using a variety of methods. Contribute and deliver in line with the product development and pricing framework. Support implementation of the Actuarial control cycle; ie development, deployment and monitoring thereof. Assist with the management of key business metrics, such as value of new business, embedded value, and profit by product line. Business requirements need to be clearly documented within the scope of use, definitions and assumptions made. Develop solutions that are aligned with experience assumptions.

Stakeholder Engagement

Support with internal stakeholder engagement; such as Sales and Marketing to keep them informed and up to date with project outcomes. Support with external stakeholder engagement to find appropriate solutions around product development. Maintain measurable service levels on business requests and provide feedback that speaks to the business issue observed.

Insights and Reporting

Contribute to the preparation of various data and analytics reports. Assist with creating, presenting, and communicating insights and recommendations to stakeholders. Ensure monitoring is accurate and complete and regularly validated against credible data sources.

Operational Compliance

Develop knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct to ensure own work adheres to those standards. Obtain authorization from a supervisor or manager for any exceptions from mandatory procedure. Maintain standards of integrity and professionalism as set out by the Actuarial Society of South Africa. Apply appropriate techniques in alignment with APN's.

Performance Management

Prioritise own workflow and ensure work is completed to the required standards of quality and timeliness; use performance management systems to improve personal performance.