Actuarial Analyst at AllLife

Job description

At AllLife we raise the bar for ourselves and our industry in everything we do, across all aspects of our business and our lives.

Through a high-performance work environment in which our people grow and thrive, we actively choose to work together, everyday, to create and nurture a sense of family with our clients, partners and each other.

Overview of Core Responsibilities 

Reporting to the Executive Head: Finance the Actuarial Analyst supports all actuarial reporting functions across AllLife, and plays a key analytical role in the preparation of data, analysis and reports to enable AllLife to meet its periodic actuarial valuation and reporting requirements.

The Actuarial Analyst also plays a key analytical support role in both the management of existing products and the development of new products.

Reporting

• Collaborate with the AllLife data and reporting teams to ensure that any data fields required for actuarial reporting are available in data warehouse, are correctly defined and return accurate values.
• In collaboration with partners and auditors, develop models and prepare accurate data, analysis and reports to enable the appointed actuary to calculate company VIF/EV/VNB/Lapse rates etc. as required to enable AllLife to meet its periodic actuarial and reporting obligations
• Notify the Executive of any data or analytical issues that may affect actuarial reporting and provide sufficient context and recommendations to support executive decision making
• Establish and maintain a decision-making forum responsible for reviewing and signing off all decisions regarding actuarial and valuation calculations.
• Establish and maintain robust change control and sign-off processes and audit trails for any proposed changes to actuarial calculation methods and assumptions
• Maintain a record of agreed and signed-off methodologies for all actuarial and valuation calculations, including details of all assumptions used in these calculations.

 Product development

• Provide analytical support for any research conducted to understand competitor product offerings and their targeted customer segments, and support the development of a robust and compelling product strategy
• Provide ongoing analytical input and support to the owner of the product repository across all existing products and benefits sets

Product management

• In collaboration with the appointed actuary, build, operate and maintain analytical tools to monitor reinsurer margins, facilitate effective reinsurance pricing decisions and raise awareness of the need to initiate negotiations where appropriate
• Provide analytical support for any market research on competitor pricing and build, operate and maintain analytical tools and pricing models that enable effective retail pricing strategies to maintain attractive margins and optimise volume / value trade-offs.
• Build and maintain both retail and reinsurance pricing tables with full version histories for all product sets.
• Provide analytical support for any initiatives or studies related to pricing during the pilot, implementation and maintenance phases
• Provide regular ongoing communication to the Executive regarding effects of pricing initiatives on product performance and highlight any implications for affected parties.

Product analytics and reporting

• Establish analytics and standard reports to measure the economic performance of all products within the AllLife product portfolio.
• Establish analytics and reporting to track and understand drivers of changes in product performance across all products within the AllLife product portfolio.
• Conduct periodic margin testing to ensure the ongoing profitability of the AllLife product portfolio

Compliance and regulation

• Have a sound knowledge of the Long Term Insurance Act (LTIA), Financial Services Board Act (FSB), Financial Advisory & Intermediary Services Act (FAIS) and other applicable regulations and legislation governing the pricing, rules, and features and benefits of existing products
• Monitor product compliance against applicable regulations, highlight any issues in a timely manner, and propose modifications to ensure that the products remain compliant at all times.
• Provide support and direction to key business stakeholders as required on the regulatory obligations imposed on any proposed, new or existing products within the AllLife portfolio by existing legislation or changes in legislation.

Collaboration and teamwork

• Collaborate with other teams and functions across the business to optimise product performance and support the achievement of corporate priorities and goals. 

Desired Skills and Experience

• Graduate /Fully qualified actuary or equivalent mathematical qualification (not suited to someone still studying)
• At least 3 years’ experience in valuations and VIF/EV reporting with lapse, claim and expense investigation experience
• Knowledge of the Financial Services Industry
• Knowledge of Life Insurance products and concepts
• Experience developing pricing models and strategies
• Product profitability analysis and interpretation
• Experience with regards to compliance and regulations
• Good communication skills
• A commercial and entrepreneurial bias