Actuarial Specialist at Old Mutual South Africa

Role Overview

Join South Africa’s largest actuarial team where your career development is taken seriously through comprehensive study support, competitive remuneration, job rotation opportunities and leadership development at Old Mutual’s Business School.

An exciting opportunity as an Intermediate Actuarial Specialist exists within the Corporate Actuarial team offering exposure to an interesting combination of technical and business issues. The role requires a technically sound individual, who can collaborate effectively with various teams and stakeholders at all levels. 

The successful candidate will oversee development projects across the Corporate Actuarial team, including Investments, Annuities and Group Risk Products. A strong focus will be on ensuring processes are robust, efficient and fit for purpose and with appropriate controls.

An additional key part of the role will be to support the group risk valuation and reporting process, providing specialist insights to the business, and ensuring appropriate reserves and capital are held. The role will also require participation in various projects (namely IFRS17, Prophet Development and Robotics Process Automation) which will present opportunities to develop further insights and influence reporting within and across the various teams. This role will be based in Sandton in Johannesburg.

Role Description

IFRS 17 Development and Implementation:

Support and provide guidance on various elements of IFRS 17 development for the corporate business including:

• Data and infrastructure development
• Policy and methodology formulation
• Transition calculations
• Actuarial modelling support
• Actuarial and finance process enablement
• Business impact analysis

Process Efficiency and Automation:

Ensure processes are efficient, robust and fit for purpose. Ensure the control environment is adequate and effective. This will apply across all corporate products’ (including investments, annuities, group risk valuations, reporting, and business support functions)

Group Risk Reserving, Embedded Value, Capital and Business Insights:

Provide specialist support of the valuation process and provide insights on the group risk financial results and performance, while ensuring appropriate controls, including:

• Reserving
• Market consistent embedded value
• Value of new business
• Analysis of surplus and embedded value
• Solvency capital calculations
• Earnings at risk
• Experience investigations
• Development and maintenance of tools to analyse actuarial data and results in order to enhance management reporting
• Produce reports providing insights into business results and emerging trends

Role Requirements: Skills, Qualifications &Experience 

• Actuarial student with at least 9 exam credits
• 2 years’ relevant actuarial experience.
• Experience in life insurance valuations would be preferable
• Knowledge of IFRS17 would be advantageous
• Prophet, DCS, VBA, SQL or other program knowledge would be advantageous
• Strong technical skills and attention to detail
• Ability to communicate effectively to diverse technical and non-technical audiences (written and verbal)
• Ability to collaborate effectively
• Ability to work on a range of deliverables
• Provide a source of specialist knowledge to a team of actuarial students
• Ad-hoc projects: Support the delivery of relevant projects objectives

Role Competencies

• Strategy
• Innovation
• Leading with Influence
• Collaboration
• Customer First
• Execution
• Personal Mastery