Group Life Actuarial Specialist at Absa Group Limited (Absa)

Job Description

The role will be responsible for the following across Absa’s Life Insurance entities in South Africa and the rest of Africa:

• Support the development of the Group Life product strategy in partnership with the Business Development function
• Execute the Group Life product strategy in partnership with other functional subject matter experts, including Business Development, Distribution, Claims, Underwriting and Administration
• Understand the competitive landscape and general commercial and economic environment through market research in order to help inform product design
• Develop, review and maintain the Group Life product offering to ensure it remains competitive and meet specific customer needs
• Develop, review and maintain the Group Life pricing guideline and philosophy in partnership with the Head of Pricing
• Develop quoting process, including setting appropriate decision making mandates and review processes for larger schemes
• Monitor claims experience and profitability metrics against budget and risk appetite targets and recommend corrective action where required
• Ensure appropriate reinsurance structures are in place whilst considering the pricing, earnings volatility and concentration risk across the portfolio
• Collaborate with reinsurance partners to optimize the product and pricing proposition
• Support the Head of Actuarial Function to deliver the requirements of the relevant guidelines and standards relating to the soundness of product features and terms and conditions
• Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures

Role requirements:

• Actuarial student making significant progress with Actuarial exams (3 or 4 exams away from qualifying)
• At least 5 years’ Group Life related experience, including Product Development and Pricing experience
• Ability to work independently, be self-motivated and passionate about executing effectively and with high quality
• Passionate about continuous improvement and disruptive innovation, whilst challenging the traditional ways of working
• Strong, professional and confident communication and networking skills
• Supportive of and passionate about a diverse working environment and working with colleagues with diverse cultural backgrounds
• Ability to engage with a range of different stakeholders

Education

• Bachelor's Degree: Actuarial Science

Closing Date: 29th, July 2022