Actuarial Developer at Old Mutual

Job Description

This role examines and summarizes statistical data by applying mathematical and statistical knowledge to unpaid claim liability, trend analysis, rate formula, forecasting, and premium analysis. It also participates in the preparation of annual statements, calculation of tax related issues and drafting of business coverage forms. 

Responsibilities will include the following:

• Design, develop, implement and maintain automated tools and systems to optimize actuarial processes.
• Managing the automation of extraction, processing and reconciling data for the different actuarial needs of the team.
• Incorporate automation techniques into existing actuarial models, ensuring seamless integration with current systems and processes.
• Automate the monitoring and reporting of model performance, enabling real-time insights and timely adjustments to models.
• Identify areas within actuarial and business workflows that can benefit from automation, and propose solutions to reduce manual efforts, minimize errors, and enhance productivity.
• Work closely with data teams to automate data extraction, transformation, and loading processes, ensuring data accuracy and consistency.
• Collaborate with cross-functional teams, including IT, data science, reinsurance and finance, to develop and deploy automated solutions that align with organizational goals.

Controls

• Ensure that all automated processes comply with regulatory requirements and internal risk management frameworks.
• Create detailed documentation for automated processes.

Stakeholder Engagement

• Develop and maintain strong working relationships with the various stakeholders within Old Mutual Insure.
• Stay updated with the latest trends and technologies in automation and actuarial science, and explore opportunities to implement cutting-edge solutions for the benefit of all stakeholders.

Maintain effective people practices

• Align own behaviour with the organisation culture and values.
• Share and transfer product, process and systems knowledge to colleagues.
• Collaborate and work with the team members to ensure required service levels are delivered.
• Actively participate in the team to ensure functional balanced scorecard objectives are achieved.
• Actively share information with other team members regarding successes, issues, trends and ideas.
• Ensure achievement of own performance objectives.
• Actively participate in own professional development and career path.
• Identify potential inter-departmental problems and escalate them to higher levels.
• Engage regularly in team or group problem-solving.

Ensure effective cost control and governance compliance

• Operate within agreed mandates as documented in the business rules.
• Ensure adherence to organisational policies, practices and procedures.
• Identify and recommend areas / ways to improve processes.

Financial and corporate governance to ensure cost efficiency

• Comply with corporate governance policies, procedures and standards.
• Operate within agreed mandates.
• The role will suit technically minded individuals, ideally with in-depth actuarial knowledge and an ability to explain and reconcile different results.
• The role will require a strong ability to apply commercial and innovative thinking, including around automation of actuarial reporting processes. We’d prefer that repetitive work is automated to have time to focus on business matters with deep commercial outcomes.

Knowledge, Skills and Experienced required:

• Bachelor’s Degree in Actuarial Science, Computer Science or Data Science
• At least 3 years’ experience in General Insurance
• Experience with programming languages commonly used in automation, such as Python, R, or Rust (advantageous).
• Proficiency in data manipulation and analysis tools, including SQL, Excel, Databricks, and specialized actuarial software.
• Strong communication skills, with the ability to explain complex technical concepts to non-technical stakeholders
• A strong sense of accountability
• Excellent problem-solving skills, with the ability to think critically and creatively.
• Experience in implementing machine learning or artificial intelligence techniques within actuarial models.
• Knowledge of cloud computing platforms (e.g., AWS, Azure) and their applications in automation.
• Familiarity with DevOps practices and tools for continuous integration and deployment
• Experience with implementing change and an ability to engage with senior stakeholders will be required.
• Collaborative skills.