Description:

Reporting to the Executive Actuary, the Head of Actuarial: RML will be responsible for overseeing a team of actuarial professionals who will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business. The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the RMA Life business.

WHAT WILL YOU DO?

Key Responsibilities:

Product Design and Development

Support and participate in the execution of the Life product strategy in an agile manner
Understand the business needs and related gaps to inform the design of product solutions
Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design
Partner with various business stakeholders (including Sales and Distribution and the CEO of RMA Life) to design innovative products that consider the end to end customer journey and policy lifecycle
Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Legal and Compliance, Risk and IT
Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution
Apply pricing practices and develop modelling to set appropriate rates, understand profitability, and analyze sensitivities
Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk and pricing analysis, producing product approval presentation, and support product filing and implementation
Analyse product profitability and recommend product design changes where necessary
Continually review, identify and promote best practices and opportunities for improvement to the products
Assume overall responsibility for each product project

Data Analysis and Reporting

Oversee the development of actuarial or statistical models to aid decision-making and for short- and long-term financial projections
Analyse data to identify trends and key insights
Develop and report on key performance and experience monitoring metrics
Identify key trends and engage with business to understand the impact of these trends. Identify possible courses of action to take advantage of the trends identified
Produce regular and ad-hoc reports and presentations as required
Compile reports and presentations for the Exco, Board and Actuarial Committee

Legal and Compliance

Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures
Prepare or review product specifications and actuarial reports

Oversee the provision of actuarial business support to RMA Life

Support the RMA Life business as a member of the divisional exco team
Oversee the application of ORSA methodology and SAM processes and procedures
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
Monitor experience (reserving and pricing)
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
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 YOU'LL BRING TO THE TABLE?

Minimum Qualification

NQF Level 7: Bachelor’s degree – Actuarial Science
Qualified Actuary
Member of Actuarial Society /Institute of Actuaries

Minimum Experience

Minimum 8 years’ experience in an insurance regulatory environment
Minimum 5 years’ experience within actuarial environment, with specific experience related to life insurance pricing and product.
Proven experience in pricing and product management and strategy development.
Strong knowledge of actuarial principles, methodologies, and relevant software tools (such as Excel, SAS, R, or Python).

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Rand Mutual - RMA

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