Manager: Actuarial Analysis & Quantification at Road Accident Fund

Key Performance Areas

Manage the Calculation of Models for “Loss of Earning” and “Loss of Support” Benefits for Motor Vehicle Claims

• Participate in the development and assessment of models for loss of income compensation calculations and reports using appropriate techniques to ensure that the data is accurate, and model processes are effective, efficient, high quality, well documented and verifiable.
• Data manipulation to test and calibrate calculation models.
• Setting of calculation assumptions such as mortality rates, interest rates, inflation, contingencies, earnings progression, taxation etc.
• Ensure that the actuarial results are correctly interpreted and applied by internal and external users.

Research and Development on Loss of Incoe Calculation Methodologies and Models

• Research on state-of-the-art modelling and calculation techniques and methodologies.
• Implement new and state-of-art calculation techniques and methodologies.
• Participate in the review and update underlying calculation assumptions and inputs to ensure relevance and appropriateness.
• Running models and reporting on results based on updated models.
• Research on factors and statistics that are more relevant for accurate determination of loss of income compensation.

Manage the Provision of Actuarial Expert Advice

• Assist with interpretation of legal, medical and other information relevant for calculation of loss of Income compensation.
• Review on loss of Income calculations done by colleagues or other experts and external actuarial service providers.
• Review of research on loss of Income calculations and reports done by other experts and external actuarial service providers.

Accident Data Management and Forecasting

• Participate in the development of models to forecast the number of accidents and claims.
• Manage accident data capturing, analysis and reporting from different sources.

Policy Review and Implementation

• Contribute to the development and implementation of departmental policy, procedures and processes.
• Keep up to date with effective policy and practice execution strategies.

Reporting

• Extract data and reports from IT claim system(s).
• Provide results in statistical and graphical form to provide information for monthly, quarterly, half-yearly and annual management reporting.
• Develop functional reporting systems, for management, projects or performance reporting.

Actuarial Investigations

• Provide investigation support on various aspects of the loss of income calculation inputs including, distributions of income by age group, geographical location, employment sectors, etc.
• Investigate the potential impact of various assumptions underlying loss of income calculations such as discount rates, mortality and morbidity rates, contingencies, earnings progression, inflation, taxation, remarriage, inheritance and accelerated benefits, etc.
• Ensure that the actuarial investigation results are correctly interpreted and applied.

Stakeholder Management

• Facilitate and manage communication with relevant internal and external stakeholders and proactively and progressively manage the relationships.
• Manage relationships with vendors, service providers or procurement teams and ensure that all relevant procured items are invoiced and paid on Time.
• Communicate with all levels of stakeholder contact.

People Management

• Ensure the sourcing, development and retention of a high-performance team.
• Manage staff in the department to ensure that they achieve their objectives in line with the strategic objectives of the RAF.
• Manage the implementation of human capital processes and procedures to control/regulate workplace conflict and/or institute corrective measures and consultation processes to address deviations from standards.

Qualifications and Experience

• Bachelor’s Degree/ Advanced Diploma in Actuarial Science/ Mathematics related qualification.
• Qualified Associate/ Fellow Actuary of Fellow or Associate member of the Actuarial Society of South Africa (ASSA).
• Postgraduate in Actuarial Science/ Mathematics related qualification advantageous.

Experience

Fellow Member Actuary:

• Relevant 6 - 8 years’ experience in Actuarial environment of which:
• 2 years must be on a management/supervisory level,
• 1-year post-qualification experience as a member of ASSA.
• 1 year experience must be relevant to damages and compensation work obtained in South African in the last 3 years.

Associate Member Actuary:

• Relevant 6 - 8 years’ experience in Actuarial environment of which:
• 2 years must be on a management/supervisory level,.
• 3 years post qualification experience as a member of ASSA.
• 3 years’ experience must be relevant to damages and compensation work obtained in South African in the last 5 years.