Analyst: Corporate Actuarial at Road Accident Fund

Job Description

Purpose of the Job: Reporting to the Senior Analyst: Corporate Actuarial Data Science, the Analyst: Corporate Actuarial Data Science is responsible for the analysis of financial risks within the Fund as well as to provide support in the management of financial risk.

Key Performance Areas

• Predictive analytics and modelling
• Participate in the development of predictive analytics solutions in order to improve fraud detection models and enhance customer experience.
• Assist team with developing, training, testing and deploying new predictive and analytical models using analytical models and algorithms.
• Gather and quality assure statistical data that is applied on predictive modelling and forecasting techniques.
• Assist with the development of scalable, efficient, and automated processes for large scale data analyses and model development, validation, and implementation.
• Maintain automated prescriptive analytics solutions that support various aspects of fraud monitoring and detection.
• Maintain existing data analytics solutions (code and/or models), to ensure that the data contributes to consistent improvements.
• Profiling data to be used to inform modelling approaches.
• Provide both technical and administrative support to the actuarial team, in producing statistical reports and analysis.

Actuarial analysis reporting

• Participate in the annual development of the Revenue Requirement Model (RRM) with various funding and/or operational scenarios which will be the basis of discussion with National Treasury regarding the funding requirements and for inclusion in the Strategic Plan and Annual Performance Plan.
• Support in the valuation assumptions performed by Actuaries and that the statutory actuary performs quarterly valuation on all claims.
• Perform an independent valuation on outstanding claims also on a monthly and quarterly basis.
• Perform quarterly valuation on outstanding claims.
• Perform the valuation on outstanding claims on a quarterly basis.
• Interpret acturial analysis correctly.
• Start the determination of costs, actuarial accrued liability and actuarial value of the assets for the Fund.
• Provide information and research on balance sheet management issues, like stochastic reserving, economic capital, asset liability management, and replicating portfolios.
• Contribute to the development of actuarial analysis “payout” models that will redesign compensation packages.
• Use Stochastic Modelling to determine distributions of potential future payments by the Fund.
• Draft the scope, liquidity/balance sheet reports.
• Support the design, implementation, review and audit of quantitative models for the calculation of Fund’s liabilities and capital requirements.
• Understand and use complex mathematical formulas, particularly in the area of advanced statistics and modelling.
• Produce easy to understand data visualizations and outputs.
• Make use of specialist software to complete data analytic tasks.

Reporting

• Aid in the maintenance of functional reporting systems, for management, project or performance reporting.
• Ensure regular and periodic reports are sent to the Senior Analyst for review and submitted as and when required to provide progress updates and/or inform management decisions.
• Maintenance and storage of proposals, briefings, presentations, reports, and other documentation and providing management information both verbally and in report format.

Stakeholder Management

• Assist with maintaining proactive and progressive relationships with key stakeholders.
• Assist with inquiries and requests for information from both internal and external stakeholders.
• Aid in the maintenance of relationships with vendors, service providers or procurement teams and ensure that all relevant procured items are invoiced and paid on time.
• Assist with presentation of data findings in an easy-to-read and understood format.
• Continuous improvement and innovation
• Research industry best practice/innovations and identify where technology can be utilised in systems and processes.
• Understand job specific tasks and their requirements.
• Share ideas to improve the way of working.
• Contribute to creative sessions and offer ideas to the team.
• Participate in initiatives to improve service delivery.

Qualifications and Experience

• Bachelor’s Degree/Advanced Diploma in Actuarial Science/ Mathematics/ Investment Management/ Risk Management related qualification.
• Relevant 4 years’ experience in an actuarial data science related environment.
• Technical, Managerial, and behavioral competencies required
• Planning, Organising and Coordinating
• Personal Mastery
• Judgement and Decision Making

Ethics and Values

• Client Service Orientation
• External force and industry knowledge.
• Understanding of Modelling.
• Understanding of Actuarial valuations.
• Understanding of Actuarial reserving.
• Understanding of Data analysis/ actuarial analysis.
• Understanding of Actuarial investigations.
• Understanding of Statistical financial analysis.
• Understanding of Financial analysis.
• Knowledge of Forecasting and projections.