Actuarial Basis and Assumptions Setting Manager at Capitec Bank

Purpose Statement

• In this role, you will lead the process used to set and manage actuarial assumptions across the Valuations and Modelling department. You will be responsible for ensuring assumptions are accurate, well-supported by data, and governed through appropriate controls and approval processes. This includes analysing experience data, developing and reviewing assumptions, assessing business impacts, and presenting recommendations to governance forums.
• You will also oversee the overall basis-setting framework, including the methodology, governance, and operating model. Working closely with teams across the business, you will coordinate basis-setting activities, provide final assumption recommendations, and drive continuous improvements to the way assumptions are developed and managed.

Education (Minimum)

• Honours Degree in Actuarial Science or Mathematics
• Masters Degree in Data Science or Statistics

Education (Ideal or Preferred)

• Honours Degree in Actuarial Science, Mathematics, Statistics, Data Science or a related quantitative field.
• Qualified Fellow of the Actuarial Society of South Africa (FASSA) or equivalent actuarial professional body preferred

Knowledge and Experience
Knowledge

• Advanced assumption-setting methodologies, best-estimate principles, experience analysis, credibility assessment and dynamic basis strategies.
• Basis-setting operating models, annual planning, governance gates, ownership models, data readiness, dependency tracking and controlled production processes.
• Experience database ownership, Insurance Data delivery models, validation controls, sign-off evidence, maintenance governance and future product database requirements.
• Python-based actuarial applications, controlled automation, documentation automation and technology-enabled process improvement (where relevant).
• Life insurance products, claims experience, policyholder behaviour, expenses, investment assumptions, IFRS 17, SAM, capital, forecasting, pricing and economic valuation requirements affected by assumptions.
• Impact assessment methods including actual versus expected experience, individual basis change testing, analysis of surplus feedback, basis change impacts, IFRS valuations and budget impacts including impact on earnings emergence.
• Basis governance, control design, model readiness, implementation dependencies, audit walkthroughs, HAF sign-off processes, peer review of insurance bases and ORSA adverse scenario principles.
• Regulatory, IFRS 17, SAM, capital and management reporting requirements relevant to actuarial assumptions and outputs.

Experience

•  8 + years of actuarial or insurance finance experience, including significant experience in assumption setting, basis analysis, experience investigations, impact assessment and governance.
• Proven experience leading and owning basis-setting operating models, annual basis plans, governance gates, ownership models, data readiness, experience investigations, assumption development and final basis recommendations.
• Demonstrated experience owning assumption pack frameworks, basis change registers, impact dashboards, executive packs, ALCO/management decision-support material, basis-setting reports and HAF sign-off processes.
• Proven experience applying advanced actuarial judgement to credibility, trends, sensitivities, business mix, operational changes, short-term market events, external benchmarks, financial impacts, pricing implications, regulatory implications and strategic trade-offs.
• Significant experience designing and overseeing controls over data readiness, experience investigations, assumption calculations, documentation, approvals, model implementation, scenario testing, reconciliations, post-implementation checks and experience database maintenance.
• Experience owning or leading basis-setting applications, controlled automation, governance workflows, and process improvement initiatives.
• Experience providing audit walkthroughs, peer review of insurance bases, ORSA adverse scenario input and governance evidence.
• Demonstrated ability to coordinate complex basis-setting projects with valuations, modelling, data and finance teams.

Skills

• Decision making skills
• Influencing Skills
• Negotiation skills
• Planning, organising and coordination skills