Corporate Actuarial Analyst at Land Bank Careers

MAIN PURPOSE OF THE JOB

• The role of the Corporate Actuarial Analyst is to support the Head: Actuarial Short Term & Life with cleaning, consolidating, validating and analyzing data including analysis of policy movements, data reconciliations and preparation of actuarial investigations in order to come up with actuarial assumptions and models for purposes of technical valuations (internal management accounts, IFRS17 and SAM), forecasting, capital modeling and risk analytics. From time to time, this role will also be involved in product and pricing-related matters including reinsurance as-and-when required. Part of the function is to implement actuarial models to produce required actuarial calculations and providing inputs for regulatory reports (quantitative regulatory templates and qualitative reporting templates). This position will work hand-in-hand with the Senior Actuarial Analyst, reporting directly to the Head: Actuarial - Short Term & Life.

Key Performance Areas    
Corporate Actuarial (IFRS17, SAM, ORSA)

• Develop and implement valuations (IFRS17 and SAM), cash flow and capital models (economic capital and/or regulatory capital).
• Data extracts to feed into IFRS17 actuarial calculations and associated methodologies and documentation in line with relevant legislation.
• Monitoring reserve development experience and calculation of actual experience compared against valuation assumptions and propose adjustments as-and-when required.
• Perform SAM quarterly and annual valuations as per Prudential Standards.
• Perform the calculations of the Liquidity Shortfall Indicator as per the regulatory requirements to the Prudential Authority.
• Perform the scenario and stress tests calculations in the periodic Own Risk and Solvency Assessment (“ORSA”) process.
• Establish a forward-looking assessment of the risk profile and financial position of LBI, compared against the risk appetite and risk limits of LBI; including providing an input in the actuarial-related components of the ORSA report.
• Operating the SAM regulatory capital model and continuously improving and automating various models.
• Perform calculations of Embedded Value, Value of New Business and Analysis of Surplus periodically.

Product Development and Pricing

• Support the technical pricing on new and renewal business.
• Assist in the assessment of the impact of new rating factors for the purposes of technical pricing.
• Assistance in the review and enhance existing products.
• Assistance in researching and developing new and innovative products.
• Provide an input in product management, ensuring all product and pricing related documents for the product are reviewed and maintained appropriately.
• Assist in developing and implementing new rating and pricing models for existing and new products.
• Perform mix of business, claims, expense, new business, lapse and loss ratio analysis.

Data Collection and Analysis

• Analyze policy movements.
• Integrate data from other sources to inform the models.
• Input data to pricing, reserving and capital models accurately.
• Compare actual experience against expected experience, produce Ave and advise on appropriate actions to be taken.
• Data analysis to support various areas of LBI (reinsurance, underwriting, risk management, sales and management) which includes predictive analytics and artificial intelligence.
• Conduct Research using primary data sources and select information needed for the analysis of key themes and trends.
• Ensure the definitions and assumptions are aligned to the problem statement.

Reinsurance Analysis and Risk Metrics

• Collate data from the reinsurers/reinsurance broker and operations department and conduct the necessary reinsurance analytics prior to reinsurance renewals.
• Run models for assessing the impact of reinsurance and other risk transfer mechanisms.
• Evaluation of reinsurance structures and other forms of risk transfer arrangements including determining optimal reinsurance or risk transfer structure.
• Reinsurance Analytics/Reporting in collaboration with the Operations department.
• Risk Analytics in collaboration with the Risk department.

Actuarial Investigations And Profitability Analysis

• Cross functional collaboration, providing input and guidance on product related elements across the value chain.
• Provide input in product performance monitoring and compare pricing metrics against targets for monthly and quarterly reporting of risks on the risk register.
• Effectively identify problem areas and report to the Head: Actuarial - Short Term & Life.
• Ensure timely submission of various periodical reports to the Head: Actuarial Short Term & Life or Senior Management.
• Embedded Value calculations and preparation of value of inforce and value of new business metrics.
• Ensure that all policies and procedures are adhered to.
• Provide input for the periodic reports to the Product Development Committee on Product specific issues.
• Prepare all actuarial SAM reporting including providing an input into the documentation of the projected solvency position results.

Preferred Minimum Education and Experience    

• 1-3 years Actuarial Experience in Life and/or Short-term Insurance Industries in corporate actuarial work (IFRS, SAM, and/or ORSA). Agricultural specific insurance will be advantageous but not essential.
• Relevant 3-year qualification in Actuarial Science or Mathematical Statistics and a student member of the Actuarial Society of South Africa (“ASSA”).
• At least 3 actuarial exemptions from ASSA or equivalent recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).

Critical Competencies    

• Knowledge of Actuarial Software or Programming/Database Language (VBA, SQL, PowerBI, R, Python, Basys, Moses, Prophet, or similar )
• Advanced Microsoft Office
• Relevant legislation applicable to insurance companies such as the Insurance Act of 2017 and associated Prudential Standards Financial Soundness for Insurers as well as International Financial Reporting Standards (“IFR17”)
• Actuarial Methodologies - Knowledge and understanding of the principles, regulations and legislation pertaining to acceptable actuarial policies
• Ability to understand Financial Statements, Accounting Ratios and Risk Metrics
• Short term and/or Life Insurance Corporate Actuarial (SAM, ORSA) 
• Short term and/or Life Insurance Product Development & Pricing 
• Reinsurance (short term and/or life insurance) 
• Statistical/Actuarial Models and Analytical Methods

Additional Requirements    

• Travel as and when required
• Extended hours as and when required

Closing Date    
2023/05/08