Responsible for providing support in terms of data, modelling and calculations to the Actuarial team to ensure delivery on valuations, profitability monitoring, capital calculations and new products. Provide support for reporting to the regulators and the Absa Group.

Job Description

Accountability: Data and model development (30 %)

• Perform data checks and create model point files
• Ensure that the data reconciles with the financials and perform other data checks to ensure the data is correct and credible.
• Liaise with Group Actuary and Statutory Actuary to ensure that the data reconciliations are signed off according to the Absa Group valuations timelines.

Accountability: Liability valuation and financial reporting (30 %)

• Support the valuation team to perform the liability valuation, regulatory capital calculation and embedded value calculation.
• Provide support to calculate the regulatory and published disclosures

Product Development (20%)

• Support the execution of the product strategy in an agile manner
• Understand the customer need and specific customer problem the business is solving for in designing product solutions that differentiates itself from the market
• Support the design of innovative solutions that consider the end-to-end customer journey and policy lifecycle
• Understand the competitive landscape and general commercial and economic environment through market research in order to help inform product design
• Collaborate with functional support and risk areas in the product design process. This includes Customer Experience, Distribution, Underwriting, Claims, Policy Servicing, Fraud, Legal, Risk, Compliance, Technology, etc.
• Development and reporting of key performance and experience monitoring metrics.
• Support formal product reviews.
• Analyse product profitability and recommend product design changes where necessary.
• Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures.

Loss Ratio. (10%)

• Analyse claims data to advise for risk pricing per channel effectively reducing claims cost.
• Participate in investigations seeking better adequacy in claims reserving.
• Participate in reinsurance optimization exercises to ensure that the company does not have net outflows.
• Analyse claims emergence and payment patterns for the various lines to advice on the efficiency of the claim’s payment process.

Internal Controls and Reporting (10%)

• Assist in ensuring compliance with standards affecting actuarial work e.g. IFRS 17.
• Prepare IRA and AKI reports for submission when necessary, including technical liabilities reports and solvency reports.
• Interpret/explain business requirements and coordinate with developers for new requirements/issue resolutions/change requests.
• Assist in preparation of reports for new products for IRA submission before launch.

Education and Experience Required: Essential / Minimum

• Bachelor’s degree in actuarial science.
• Completion of CT level Actuarial Professional exams.
• 4 years’ experience in the Insurance Industry.
• 3 years’ experience in General Insurance.