Chief Actuary at Old Mutual South Africa

Job Description

• This role is accountable for the design, development and leading the implementation of an actuarial risk framework in a multi-channel / multi-product business to enable data-driven, strategic decision-making of complex business issues related to the financial sustainability of the organization.  This role extends to all Old Mutual Insure businesses, as well all subsidiaries of OMI. The role also extends to actuarial oversight of certain aspects of the general insurance businesses of Old Mutual Africa Regions.

Responsibilities will include the following:

• Design, develop and lead the implementation of an actuarial risk framework in a multi-channel / multi-product business to enable data-driven, strategic decision-making.
• Provide assurance to the Boards of all entities in the Old Mutual Insure Group (including Old Mutual Insure, CGIC, OMARTi) in all areas requiring actuarial review, including:
• Opinion on the method, assumptions, and results of the IFRS reserves as required by the Board
• Opinion on the adequacy of methodology, assumptions and results for SAM technical provisions and SAM Standard Formula and Own Funds.
• Review the parameterisation, method, and results of the organisation’s internal capital model. Review the use of the economic capital models for business applications (e.g. Reinsurance Structuring and Business Planning).
• Provide actuarial opinion on reinsurance adequacy.
• Review actuarial pricing and on new products and new business.
• Provide an actuarial opinion on risk policies as required under SAM.
• Provide an actuarial opinion on capital projections in the business plan.
• Ensure that the company’s capital requirements are appropriately calculated.
• Convey complex financial information to the Board, senior management, regulators, and other key stakeholders and promote a positive risk culture throughout the organisation to drive shareholder value.
• Compile the actuarial components of the ORSA and Risk Appetite, including stress tests.
• Represent the organisation on both the local and international bodies to engage in complex industry situations.
• Sign-off the calculation of technical provisions and capital requirements, ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions and capital requirements.
• Provide required oversight in areas of the business requiring actuarial sign-off (including pricing, product development, reinsurance, proposed transactions, and others).
• Ownership of short-term insurance actuarial model risk policy.
• Provide oversight of the financial results (IFRS and SAM) and adequacy of reinsurance arrangements (as required) of the general insurance businesses of Old Mutual Africa Regions.
• Nurture and promote a positive risk culture
• Introduce advanced modelling techniques to analyse emerging and / or disruptive market trends to inform the impact of current and future organisation-wide risks.
• Ensure that the data used by the organisation to assess its risks are fit for purpose in terms of quality, quantity, and breadth by working with risk, data, and analytics functions to challenge the organisational systems and controls.
• Report to the Executive Committee and Board on the organisation’s risk exposure relative to its risk appetite and tolerance, and the extent to which the identified risks may put the financial performance of the organisation in jeopardy.
• Nurture a culture of high performance
• Align own behaviour with the organisations culture and values.
• Responsible for actuarial talent, through owing the Actuarial Job Family.
• Build a culture where unique employee experiences can be created, new work experiences can be designed, deep business “know-how” and experiences are openly shared, new ideas are encouraged & implemented without fear of reprisal and where employees feel inspired to enable positive futures.

Experience, Knowledge & Skills required:

• Qualified Actuary and CPD compliance and Practicing Certificates.
• At least 10 years’ experience in general insurance.
• 10 – 15 years’ experience in predictive modelling and scenario planning using advanced statistical techniques that influence strategic decisions to proactively drive sustainable financial management and new product development.
• 3 – 5 years’ experience in reinsurance management.
• 3 – 5 years’ experience leading a revenue generating business within the general insurance industry would be advantageous.

Competency Descriptors are as follows:

• Strategic: Is able to understand, identify and acts on broader opportunities in order to drive longer term, value-adding change.  Applies judgement effectively. Identifies and acts on market and/or competitor trends/opportunities
• Customer: Putting the customer at the heart of business decisions and driving to improve value for customers.
• Collaboration: Creates trust, respect and builds meaningful relationships. Able to handle a wide range of relational challenges to ensure collaboration across boundaries.
• Leading with Influence: Influences and rallies people behind common goals; actively supports growth and inspires others to exceed expectations. Communicates clear strategies and objectives for own function.
• Innovation: Generates creative/out of the box solutions. Challenges the status quo and/or demonstrates ability to relate to challenges from a range of diverse but relevant perspectives. Willing to take calculated risks when introducing novel ideas.
• Personal Mastery: Learns and actively works to build self-awareness; develop through experience and feedback from others. Copes effectively with stress and has the resilience to take on stretching and challenging assignments. Adjusts effectively to work within new work structures; processes; requirements and cultures.
• Executing: Displays consistent energy, drive and perseverance in order to deliver results. Demonstrates a willingness to take calculated risks to achieve stretch performance goals.