Actuary | Actuarial Analyst - Discovery Life at Discovery Limited

Key Purpose

The primary function of the role is to support the day-to-day Actuarial operations of the existing Discovery Life products and benefits. It involves the maintenance of existing policies and benefits as well as understanding  the historical product rules, impact of new product launches and their impact on the profitability of the existing book. It also involes the application of actuarial insights into operational areas such as reinsurance, underwriting, claims and servicing.

Areas of responsibility may include but not limited to

• Maintain and/or enhance product specifications for the entire in-force suite of Discovery Life products
• Assist with the R&D, product development, enhancement and management of various individual Discovery Life products, including but not limited to the Discovery Funeral Plan.
• Ownership of Discovery Life product Guides and other regular or ad hoc client communications. 
• Actuarial and statistical modelling of the existing book, including value assessment of proposed initiatives, enhancements and/or management actions
• Assist with the maintenance and implementation of Discovery Life’s reinsurance arrangements, including stakeholder management internally and with the reinsurer partners themselves.
• Assist with and take ownership of various components included in the annual rates review of Discovery Life’s benefits.
• Communicate effectively and provide the following support and assistance to the operational side of Discovery Life (e.g. claims, contractual, sales, finance and operations): Analyse and/or extract data sets, optimise business processes, understand risks, build sophisticated tools and actuarial analysis
• Provide expert product support to various actuarial teams within the Discovery Life to assist with delivery of key business deliverables. Providing innovative solutions to complex product problems to improve the overall product offering of Discovery Life

Education and Experience

Essential:

• Matric with Mathematics
• Relevant Bachelor’s / Honours degree in Actuarial Science from an accredited institution.
• At least 2 - 5 years’ industry experience
• Nearly or newly qualified FASSA (or international equivalent)

Advantageous:

• Experience as an Actuary / Actuarial Analyst within the Individual Risk Life Insurance industry.
• Experience in Product Development, Pricing or R&D areas
• Qualified Fellow
• Technical Skills and Knowledge

Essential:

• Advanced Excel capabilities
• Superior technical and analytical ability
• Excellent communication skills.

Advantageous:

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