EHOD - CHIEF ACTUARY at Vodacom

Job Description

MAIN PURPOSE

To head up the Actuarial function of Vodacom Insurance and Assurance; to take responsibility and accountability for the financial, management and regulatory reporting to all stakeholders; to be a key member of the Insurance Exco driving strategy, key decisions, stakeholder relationships and key analytical requirements.

JOB OBJECTIVES

Product Pricing

• Price all long and short-term products in a competitive, profitable and sustainable manner working alongside Vodacom’s chosen partners to understand the end-to-end economics of Vodacom’s unique value chain. An understanding of Vodacom’s economics is critical to note the ‘sweet spots’ and pricing opportunities to that exist.

Valuations

• Monthly and annual liability valuations are required across the long and short-term portolios; typical IBNR, UPR and DCF techniques must be performed appropriately along with periodic experience investigations to test the bases being used. An understanding of Valuation software is preferred and the candidate will be required to work closely with Vodacom’s partners who administer the liabilities.

Capital Management

• Regular capital calculations are required across both licences to understand solvency measures at any point in time.
• Capital projection exercises will be required to understand how capital requirements will evolve as the portfolio changes radically over the next few years.

Investment Management

• Assets across both businesses must be invested and managed according to the sinvestment mandate signed off by the Board.
• The candidate takes ultimate responsibility for this mandate and must report this quarterly to the Board.

Solvency Assessment Management

• The chosen candidate will take the lead role in implementing SAM and drive the internal models, processes, reporting and frameworks that are adopted. The candidate will work across the Insurance teams and the whole of Vodacom top institutionalise a risk framework that appreciates reports and manages the inherent risks in the business.

Stakeholder Management

• The Chief Actuary will work closely with Vodacom’s 3 Insurance partners (particularly with the other Chief Actuaries) to ensure the efficient running of the various partnerships. This will include monthly Steercos, regular workshops, close co-operation with the other actuarial departments and working with the IT/Ops environments to ensure the product specifications are being implemented as per requirements

Interface with other departments

• A large part of the role entails regular interfacing with the other Insurance departments (Compliance, IT, Ops, Sales, Finance). Both businesses are still in start-up phase and a big part of the role is ‘getting your hands dirty when and where required’ to ensure that things happen.

Product Management

• The Chief Actuary is the custodian of the product sets and must work on the ground to ensure that policy documents, customer brochures, application forms, training guides, sales scripts etc are true to the original product design and specifications.

EDUCATION AND EXPERIENCE

• Must have technical / professional qualifications: Qualified actuary
• At least 8 years post qualification experience
• Experience in strategic financial planning
• Experience in leading teams
• Product and Valuations experience preferred
• Long and short-term insurance experience preferred
• Experience in Prohet modelling and programming
• Seasoned experience gained in finance in large, multi-national organization
• Business Planning
• Performance Monitoring
• Accounts Processes
• Risk Assessment & Controls
• Pricing know how
• Strategic Awareness at a company level
• Strong financial acumen

EMPLOYMENT EQUITY

The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.