Actuary at Discovery Limited

• This position forms part of the Group Actuarial team. The jobholder will be a nearly or newly qualified actuary with strong technical skills and experience in IFRS 17 work, actuarial function work and/or life valuations and capital.
• The jobholder will report to a Senior Actuary in the Group Actuarial team and will work in a highly specialised team of actuaries and actuarial analysts who regularly interact with senior actuaries and executives across the Group. The jobholder will primarily be required to fulfil the deliverables of the Discovery Life and Discovery Group Actuarial Functions (including IFRS 17 related deliverables), which includes reviewing various calculations and drafting reports to support the Head of the Actuarial Function to fulfil their function.

In addition, the jobholder will be expected to support the other deliverables of the team as and when required:

• To perform and review measurements of risk exposures against Risk Appetite statements; to identify, scope and perform stress and scenario tests for the purposes of risk understanding and   management,       statutory reporting and business planning; to contribute to the preparation and review of the Own Risk and Solvency Assessment (“ORSA”) process and reporting.
• Building, reviewing and running various models to calculate and project the Group’s funding position, regulatory and economic solvency position, as well as risk appetite metrics. This includes the calculation       of the embedded value for Health and Vitality, performing the Group embedded value consolidation and preparing the published embedded value statement.

 Responsibilities

The jobholder’s responsibilities will include, but not be limited to, the following key activities:

• Enhancing the Discovery Life (which includes Discovery Invest) Actuarial Function. This responsibility will be primarily focused on the establishment, implementation, and ongoing reporting of regular review components within the IFRS 17 valuation process. It will also include identifying areas of improvement and efficiency, including exploring ways to automate processes. The jobholder will be required to liaise and coordinate with various areas within Discovery Life and Discovery Invest, including product development, valuations and special projects.
• Developing and Embedding the Discovery Group Actuarial Function as required under the Insurance Act (and associated Prudential Standards). This responsibility will include continually enhancing the Function, so as to provide key information to the Chief Actuary of the Discovery Group. Further, the jobholder will be required to interact with senior staff, including Chief Actuaries and Heads of Actuarial Functions, across the Discovery Group.
• Perform the assurance work required by the Actuarial Function for Discovery Life and the Discovery Group, which will also include assurance work related to IFRS 17.

To provide support to the Head of Actuarial Function for Discovery Life and the Head of Actuarial Function for the Discovery Group as directed in order for them to fulfil their function (as relevant):

• To review and approve new or revised products and limited offers from an actuarial soundness perspective. Further, to review and approve associated key marketing material and policy contracts.
• To review the financial results performed by first line management including IFRS 17, EV, Statutory and capital requirements. This includes the review of the methodologies, assumptions, models, results and analyses performed by first line management. This review involves close interactions with senior actuaries within first line.
• To perform specific IFRS 17 reviews and analysis, including detailed past and projected cohort analysis.
• To review the reinsurance programme annually and changes to the reinsurance programme as required.
• To review the Asset Liability Matching policy annually and provide input into any Asset Liability Matching decisions as required.
• To review the regulatory returns.
• To prepare Actuarial Function reports and other key documents.
• Contribution to the actuarial aspects of the Group and solo entity ORSAs.
• To contribute as required to the Group’s full compliance with the requirements of the Insurance Act (and associated Prudential Standards) and international equivalents.
• Perform ad hoc qualitative and quantitative work relating to the Actuarial Function.

Key Performance Measures

• Work is conducted on time and accurately, with minimum rework and hands on guidance.
• Evidence of genuine thought leadership and implementation of improvements.
• Contribute materially to the development and implementation of the IFRS 17 review process.
• Contribute meaningfully to the development and ongoing operation of the Actuarial Function.
• Production of regular and ad hoc analyses and reports relating to the Actuarial Function, with a particular focus on IFRS 17.
• Timely production of all required reports to the relevant governance structures within the organisation.
• Support of the Head of Actuarial Function in executing his duties as required.
• Contribution to production of the Group and solo entity ORSA Reports.

Skills and Abilities

The successful candidate must demonstrate the following skills and abilities:

•  Able to use technical and business knowledge to understand the risks inherent across all Discovery’s businesses.
• Able to comprehend, challenge, analyse and develop complex actuarial models.
• Able to interpret, rationalise and communicate the results of own work.
• Ability to communicate efficiently and effectively with business at all levels, both verbally and in writing.
• A good technical grounding in the concepts of long term insurance business reserving (including IFRS 17), capital requirements and business projections.
• Delivery focussed, practical and pragmatic where necessary. Sound judgement of material and immaterial issues in relation to own work. Delivers work required on time and to a high standard with minimal rework.
• Good team player, able to work with other team members to deliver the objectives of the team.

Qualifications and Experience

• Nearly or newly Qualified Actuary.
• Strong knowledge in the field of life valuations and capital, including IFRS 17.
• Advanced knowledge of actuarial modelling tools, preferably Prophet.
• Sound knowledge of relevant legislation, including the Insurance Act, Prudential Standards, IFRS 17, as well as ASSA’s Advisory Practice Notes.