Empowering Africa’s tomorrow, together…one story at a time.
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
This is a non-life insurance specific role within the Corporate Actuarial team. The candidate will manage a team of actuarial analysts supporting the Head: Corporate Actuarial with reserve calculations, IFRS 17 reporting, capital management and regulatory reporting.
Job Description
Reserving
- Build processes and data extracts to feed into reserving calculations, including IFRS 17 calculations
- Have a good understanding of the policy administration system and corresponding data flow into financials
- Monitor reserve development experience and collaborate with key stakeholders to ensure understanding of trends and impacts on the business
- Communicate results to key stakeholders
Regulatory Reporting
- Operate the SAM regulatory capital model
- Maintain and further develop the Python code underlying the model
- Have a good understanding of policy administration system and data flow into financials
- Communicate results to key stakeholders
- Continuous improvement and automation of the various models
Own Risk and Solvency Management (ORSA)
- Operate the ORSA projection model
- Set and monitor quantitative risk appetite metrics
- Perform stress and scenario testing as part of the Company’s ORSA processes
- Maintain the ORSA model and identify areas of improvement
- Communicate results to key stakeholders
People Responsibilities
- Manage a small team of actuarial analysts
- Manage deliverables and timelines in own team
Education and Experience Required
- A Degree in Actuarial Science (Honours degree would be advantageous)
- At least 5 years actuarial work experience within the non-life insurance industry
- Newly or nearly qualified actuary with good exam progression towards qualifying as a Fellow actuary
- Good understanding of the SAM Financial Soundness Standards for Insurers (FSIs) and experience in performing capital calculations
- Experience in non-life reserving techniques
- Experience in IFRS 17 reporting would be advantageous
- Experience in extracting and transforming data and designing automated processes
- Programming in SQL, Python or VBA would be advantageous
Knowledge and Skills
- Strong analytical skills with the ability to take on complex problems
- Good understanding of insurance policy administration and financial systems
- Comfortable adapting and responding to change
- Excellent written and verbal communication skills
- Excellent time management skills with the ability to prioritise deliverables and manage stakeholder expectations
- High degree of motivation and initiative
Education
Bachelor's Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.
Absa Bank Limited reserves the right not to make an appointment to the post as advertised.
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