Actuarial Analyst - Agri at Santam Insurance

CAREER OPPORTUNITY

• Santam Specialist Business has a career opportunity for an Actuarial Analyst – Parametric Insurance, based in Alice Lane and reporting to the Business Head: ROA and Parametric Crop Insurance. 
• The Agri Crop specializes in crop insurance solutions and plays a critical role in delivering exceptional service to clients, brokers, and stakeholders across the agricultural industry.

JOB PURPOSE

• Provide actuarial expertise to support the design, pricing, monitoring, reporting and sustainability of parametric insurance products across the business. 

KEY RESPONSIBILITIES

Product Design and Development

• Support the execution of product innovation strategies through the development of parametric insurance solutions that meet customer, market, and business needs.
• Analyse weather, satellite, and environmental datasets to support product pricing.
• Develop and maintain pricing methodologies, product assumptions, rating structures, and benefit designs across product lines.
• Support automated claims assessment and payout calculations across product lines.
• Collaborate with Underwriting, Distribution, Claims, Risk, and Operations teams to implement market-leading and sustainable parametric insurance solutions

Pricing and Profitability Management

• Develop, maintain, and enhance actuarial pricing models using appropriate statistical and actuarial methodologies.
• Conduct pricing reviews and analyses to ensure premiums adequately reflect underlying risks, claims experience, expenses, capital requirements, and business objectives.
• Monitor product and portfolio performance through profitability analysis, loss ratio monitoring, trend analysis, and experience investigations.
• Identify emerging risks and recommend pricing actions to improve portfolio performance and profitability.
• Support management decision-making through scenario testing, sensitivity analysis, and financial impact assessments.
• Establish and monitor pricing governance frameworks, assumptions, and model controls to ensure consistency and accuracy.

Reinsurance Adequacy and Optimisation

• Support the design, evaluation, and optimization of reinsurance structures to protect the business against earnings volatility and catastrophic losses.
• Analyse portfolio exposures and accumulation risks to recommend appropriate retention levels and reinsurance purchasing strategies.
• Conduct treaty performance reviews and evaluate the financial effectiveness of reinsurance programmes.
• Collaborate with Reinsurance teams, brokers, and reinsurers to provide actuarial insights that support negotiations and programme renewals.

Data Analytics and Business Insights

• Develop dashboards, actuarial monitoring tools, and management reporting frameworks to support business decision-making.
• Support business cases, strategic projects, and investment decisions through robust data and actuarial analysis.
• Support predictive modelling, segmentation analysis, and data-driven business initiatives.

QUALIFICATIONS AND EXPERIENCE

• Degree in Actuarial Science, Mathematics, or Statistics
• 5 years of actuarial experience within short-term insurance or reinsurance, or a related environment.
• Experience in product design and Insurance Pricing 

TECHNICAL COMPETENCIES

• Climate and Weather Risk Modelling
• Remote Sensing and Satellite Analytics
• Portfolio Performance Monitoring and Reporting
• Data Analytics and Visualization

OTHER COMPETENCIES

• Analytical and Critical Thinking
• Problem Solving and Decision Making
• Attention to Detail
• Planning and Organising
• Communication and Presentation Skills