Executive Actuary - Loyalty & Behavioural Science (Parktown) at Rand Mutual - RMA

Description

• This role represents a pioneering intersection of actuarial science, behavioural economics, and customer engagement strategy within the insurance enterprise.
• Reporting within the Actuarial division, this position demands deep technical expertise in risk modelling, statistical analysis, and actuarial principles, combined with advanced knowledge of behavioural science frameworks.
• The Executive Actuary – Loyalty and Behavioural Science will drive measurable improvements in customer lifetime value, risk selection, and portfolio profitability through evidence-based behavioural interventions and actuarially sound loyalty program design.

WHAT WILL YOU DO?

Strategic Leadership & Actuarial Vision

• Define and champion the loyalty and behavioral sciences vision across the enterprise, ensuring rigorous alignment with actuarial standards, corporate strategy, enterprise risk appetite, and capital management frameworks.
• Establish a multiyear actuarial roadmap integrating behavioral research into reserving, pricing, capital allocation, and customer engagement innovation.
• Act as a thought leader and subject matter expert, representing the organization at actuarial conferences, industry forums, and regulatory discussions on the application of behavioral science in insurance risk management.
• Collaborate with the Chief Actuary to embed behavioral insights into statutory reporting, experience studies, and actuarial opinion work.

Partnership Development Behavioural Science Integration & Actuarial Modeling

• Lead the design and rigorous testing of behavioral economics frameworks to influence customer decision-making across the policy lifecycle claims, underwriting, renewals, and persistency.
• Develop actuarially validated behavioral nudges and interventions that improve customer compliance, reduce fraudulent claims, enhance risk awareness, and optimize loss ratios.
• Partner with pricing actuaries and product development teams to embed behavioral insights into experience analysis, ratemaking methodologies, GLMs (Generalized Linear Models), and predictive modeling frameworks.
• Conduct credibility weighted analyses to measure the financial impact of behavioral interventions on mortality, morbidity, lapse, and claims experience.
• Integrate behavioral assumptions into actuarial projections, cash flow testing, and embedded value calculations.

Customer Loyalty Programmes & Lifetime Value Optimization

• Drive revenue growth through the commercialization of actuarial capabilities and solutions 
• Develop innovative product offerings leveraging actuarial expertise 
• Create value propositions that effectively communicate complex actuarial concepts to non-technical stakeholders 
• Oversee the development of proposals, business cases, and commercial terms 

Risk & Compliance Alignment

• Ensure all loyalty initiatives comply with actuarial standards of practice, insurance regulations (including IFRS 17, Solvency II where applicable), data privacy laws, and ethical guidelines.
• Collaborate with the Chief Risk Officer and Appointed Actuary to embed loyalty and behavioral strategies into the enterprise risk management framework, Own Risk and Solvency Assessment (ORSA), and stress testing protocols.
• Conduct scenario planning, sensitivity analysis, and actuarial stress testing to evaluate the impact of loyalty incentives on adverse selection, moral hazard, risk exposure, reserves adequacy, and long-term financial sustainability.
• Provide actuarial signoff on behavioral program designs to ensure alignment with risk appetite and capital requirements.

Data, Analytics & Actuarial Insights

• Oversee advanced actuarial analytics teams to generate actionable insights from policyholder behavior, claims patterns, lapse studies, mortality experience, and loyalty program data.
• Drive adoption of machine learning, predictive modeling, survival analysis, and AI techniques including neural networks and ensemble methods to personalize customer engagement while maintaining actuarial rigor.
• Translate complex actuarial data and behavioral research into executive level insights, board presentations, and regulatory submissions.
• Lead the development of experience studies that quantify the financial impact of behavioral interventions on key actuarial assumptions.
• Establish robust data governance frameworks ensuring data quality for actuarial analysis and regulatory compliance.

Stakeholder & Cross-Functional Collaboration

• Partner strategically with Marketing, Sales, Operations, Digital Transformation, Claims, and Underwriting teams to embed actuarially sound loyalty strategies throughout the customer journey.
• Influence C suite executives, the Board of Directors, and Audit Committees by presenting evidence based, actuarially validated recommendations supported by rigorous statistical analysis.
• Build external partnerships with academic institutions, behavioral science experts, actuarial research organizations, technology providers, and regulatory bodies.
• Represent the actuarial perspective in strategic initiatives, ensuring behavioral programs enhance rather than compromise risk selection and portfolio quality.

Innovation & Continuous Improvement

• Benchmark loyalty and behavioral science practices against global leaders in insurance, reinsurance, and financial services, with emphasis on actuarially validated approaches.
• Pilot innovative customer engagement models leveraging gamification, digital ecosystems, behavioral nudges, and dynamic pricing all subject to actuarial validation and regulatory approval.
• Establish a culture of experimentation and actuarial discipline, encouraging controlled trials, randomized experiments, and rapid iteration of loyalty initiatives with measurable outcomes.
• Lead innovation in applying emerging actuarial techniques such as real time risk scoring, personalized pricing, and usage-based insurance models.

Leadership & Talent Development

• Mentor and develop actuarial talent, fostering expertise in behavioral economics, advanced statistical methods, machine learning, and customer engagement analytics.
• Drive organizational awareness and deliver training on behavioral science principles, actuarial applications, and evidence-based decision-making across business units.
• Champion professional development, supporting team members pursuing actuarial qualifications and specialized certifications in data science and behavioral economics.

Requirements

WHAT WILL YOU BRING TO THE TABLE?

• Qualified Actuary (Associate or Fellow) by recognized actuarial professional body (e.g., IFoA, ASSA, SOA)
• 10-15 years of progressive actuarial experience in insurance, with at least 7 years in leadership roles
• Deep expertise in pricing, reserving, predictive modeling, and experience studies
• Proven track record integrating behavioral science principles into actuarial frameworks
• Advanced knowledge of statistical modeling, machine learning, and data analytics
• Proven track record in rolling out or managing a Loyalty Program/s within the Financial Services industry