Actuarial Analyst - Discovery Life at Discovery Limited

Key Purpose

It is a multi-disciplinary role that will provide the candidate exposure to four different teams within the Actuarial Product Development and Implementation division. The allocation to these areas will be done according to the needs and resource requirements of the teams at each point in time. Tasks will typically be assigned on project-to-project basis, and the time spent on each task can vary between short and medium terms.

The primary function of each team can be summarised as follows:

• Actuarial Operations of Existing Products: Supporting the day-to-day Actuarial operations of the existing Discovery Life products and benefits. It involves the maintenance existing policies and benefits as well as understanding  the historical product rules, impact of new product launches and the profitability of the existing book. It also involes the application of actuarial insights into operational areas such as reinsurance, underwriting, claims and servicing
• Production defects: Investigating and resolving, from an actuarial point of view, issues encountered on the system during servicing, ensuring that the product and business rules are adhered to. The team acts as a bridge between the purely actuarial product development teams and the physical implementation on the system, it contributes a unique combination of actuarial and IT skills to the division.
• Testing and Digital strategy: This team’s focus would be to spec, implement and test new products, servicing, limited offers, and fixes on the system.  To ensure that testing is done thoroughly and proactively, with a focus on regression to avoid issues arising after go live, with not only the new benefit but with existing benefits and processes.  To provide support to the various teams throughout the business when manual calculations are required.  The role involves working closely with the systems and testing teams to ensure successful implementaion of products and processes on all platforms. 
• Actuarial systems and values: The main purpose of this team is to verify and maintain complex actuarial products on the in-house systems. This will involve the setting up and regular execution of checks, and identifying and driving fixes for issues identified. The team performs detailed monthly policy anniversary letter value checks. In addition, regular values testing of both new product features as well as fixes of existing product features will be required. Various ad-hoc investigations and reporting may be needed from time to time.

Following sufficient exposure to each team, there will be an opportunity for the candidate to move to one of the teams permanently based on the areas of strength, interest and aspiration.

Areas of responsibility may include but not limited to

Actuarial Operations of Existing Products:

• Maintain and/or enhance product specifications for existing Discovery Life products.
• Actuarial and statistical modelling and value assessment of the existing book.
• Assist with reporting on the performance of new product launches and existing policies to aid in strategic decision making
• Ad-hoc investigations to assess items that may negatively impact clients or Embedded Value.
• Implementing products, operational enhancements and management actions.
• Building intelligent financial tools related to day-to-day business operations
• Liaising with key stakeholders (actuarial and operational) across the business
• Creation and updating of Discovery Life product Guides and other client communications

Production defects:

• Resolve production defects (QC’s) to allow policies to continue functioning as intended.
• Investigate defects to identify root causes of recurring defects
• Monitor the implementation of products and benefits
• Might occasionally be required to assist product development team.
• Test and validate new products and benefits and their implementation on the system

Testing and digital strategy:

• Providing product specifications for system developers and overseeing systems implementation
• Developing models, the test strategy and test cases to be used by the testing team
• Enhancing efficiencies of processes to reduce testing errors and manual requests
• Signing off actuarial values on digital platforms
• Providing actuarial values and showing the financial impact of the Shared Value to model to various teams throughout the business

Actuarial systems and values:

• Setting up and maintaining checking tools
• Monthly sign off of client anniversary letter values
• Testing new product features being rolled out on the system
• Ad hoc investigations to identify issues
• Driving fixes for issues identified
• Reporting of issues to management

Education and Experience

Essential:

• Matric with Mathematics
• Relevant Bachelor’s / Honours degree in Actuarial Science from an accredited institution.
• 1-2 years’ working experience as an Actuarial Analyst

Advantageous:

• Experience as an Actuarial Analyst within the Individual Risk Life Insurance industry.
• Experience in Product Development, Pricing or R&D areas
• CA1 exam passed or exemption obtained.

Technical Skills and Knowledge

Essential:

• Intermediate proficiency in MS Word, MS Excel, MS Outlook.
• Experience in Actuarial Modelling, Problem Solving, Data Analysis and information science
• Strong mathematical and analytical skills.
• Strong statistical skills.
• Strong interpersonal skills.

Advantageous:

• Experience in working with Databases (SQL).
• Knowledge of the Life Insurance market.

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.