Actuarial Analyst at Road Accident Fund

Key Performance Areas

Implement Calculation of Loss of Income Calculation Models

• Demonstrate understanding of the principal elements in the actuarial basis of income valuations such as mortality, interest, contingencies, earnings progression, and taxation.
• Running model and reporting on results.

Research on Calculation Methodologies

• Assist with research on loss of Income calculation methodologies that ensure determination of fair, reasonable and equitable compensation for victims of road accidents.
• Assisting with research on factors and statistics that are more relevant for accurate determination of loss of income compensation.
• Assist with continuous updates to underlying assumptions used in the models and ensure that they remain in line with best practice. 

Accident Data Management and Forecasting

• Assist in accident data capturing, analysis and reporting from different sources.
• Implement models to forecast the number of accidents and claims. 

Claims Risk Management

• Assist the claims administration team with developing reporting matrices and identifying risk management strategies that can be used in managing claims risks.
• Assist the claims administration team with modelling and establishing forecasts for claims volumes and settlements to monitor and improve operational efficiencies.   

Reporting

• Extracting data and data reports from IT claim system(s).
• Ensure regular and periodic reports are sent to the Senior Analyst for review and submitted as and when required to provide progress updates and/or inform management decisions.
• Maintenance and storage of proposals, briefings, presentations, reports, and other documentation and providing management information both verbally and in report format. 

Conduct Actuarial Investigations

• Investigate the potential impact of various assumptions underlying loss of income calculations such as discount rates, mortality and morbidity rates, contingencies, earnings progression, inflation, taxation, remarriage, inheritance and accelerated benefits, etc.
• Assist with expense investigation for the company budgeting purposes.
• Produce appropriate reports for different relevant users of investigation results.
• Conduct statistical and regression analysis.

Stakeholder Management

• Assist with maintaining proactive and progressive relationships with key stakeholders.
• Assist with inquiries and requests for information from both internal and external stakeholders.
• Aid in the maintenance of relationships with vendors, service providers or procurement teams and ensure that all relevant procured items are invoiced and paid on time.
• Assist with presentation of data findings in an easy-to-read and understood format.

Qualifications and Experience

• Bachelor’s Degree/ Advanced Diploma in Actuarial Science/ Mathematics related qualification.
• Relevant 4 years’ experience in an Actuarial environment.
• 1 year experience in Quantification of Damages (Loss of Earnings and Loss of Support) will be advantageous.
• Professional actuarial exams passed are advantageous.