Manager: Actuarial Valuations and Statistical Analysis at Road Accident Fund

Key Performance Areas

Valuation of Outstanding Claims Provision

• Build, develop and assess models for reserving/valuation using appropriate techniques to ensure that the data is accurate, and that model processes are effective, efficient, of high quality, well documented and verifiable.
• Data manipulation to determine reserves.
• Development of an appropriate valuation model/method.
• Setting of valuation assumptions.
• Running the model and producing results.
• Applying sensitivity and scenario testing to the results.
• Producing the valuation report.
• Standardize the actuarial valuation report to Actuarial professional guidance.
• Oversee that the actuarial results are correctly interpreted and reported in the RAF’s quarterly and annual financial statements.
• Manage the whole actuarial valuation process.

Development and Management of Funding Model

• Data manipulation for modelling future projections.
• Development of an appropriate modelling method – deterministic and/or stochastic.
• Set projection or modelling assumptions.
• Running model and reporting on results.
• Producing report on required funding from National Treasury and demonstrating period required by RAF to become solvent.
• Oversee that the actuarial results are correctly interpreted and applied.

Quotation of “Loss of Earnings” and “Loss of Support” Benefits for Motor Vehicle Claims

• Developing model and assumptions for benefit quotations.
• Data manipulation to state of quotation of loss of earnings or loss of support benefits – especially the model input.
• Running model to produce benefit results.
• Check quotation results actuarially for reasonability.
• Produce quotation report.
• Manage the quotation processing. 

Modelling of Regulatory Solvency Capital Requirements and Providing Technical Actuarial Information for ESB Reporting

• Use actuarial valuation results to compile the FSB report.
• Run a few model scenarios that are required for statutory reporting.
• Produce reports as appropriate.

Providing Executives with Input to the Strategic Plan

• Apply the Funding Model for financial projections.
• Set of model assumptions to make them suitable for projection purposes.
• Run model for Strategic Plan results.
• Apply scenario and sensitivity testing to model results.
• Produce necessary report on findings and results.
• Responsible for correct interpretation and application of actuarial results.
• Oversee and manage all related process. 

Providing Monthly Claims Statistics for Management Reporting

• Extract data and data reports from IT claim system.
• Provide results in statistical and graphical form to provide information for monthly, quarterly, half-yearly and annual management reporting.

Actuarial Investigations

• Investigate mortality and morbidity experience to assist in setting the quotation of loss of earnings and loss of support benefits.
• Assist with expense investigation for the company budgeting purposes.
• Produce appropriate reports for different relevant users of investigation results.
• Oversee that the actuarial investigation results are correctly interpreted and applied.

 Manage Actuarial Department Risks

• Assist with reviewing and monitoring risk mitigating tasks or measures.

 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

• Prepare and submit reports as and when required to provide progress updates and/or inform management decisions.
• Develop reports/ policies/ procedures and guide the process through the alignment of the documents to the overall RAF’s Strategy.
• Develop functional reporting systems, for management, projects or performance reporting.

Stakeholder Management

• Facilitate and manage communication with relevant internal and external stakeholders in relation to investments 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.
• Represent the Fund in relevant external activities and events.

 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.
• Allocate, direct, motivate and evaluate subordinates to help them achieve their individual goals.

Qualifications and Experience

• Bachelor’s Degree/ Advanced Diploma in Actuarial Science/ Mathematics related qualification.
• Postgraduate in Actuarial Science/ Mathematics related qualification will be an added advantage.
• At least eight (8) professional actuarial exam passes/ exemptions will be an added advantage.
• Relevant 6 - 8 years’ experience in Actuarial environment of which 2 years must have been on a management/ supervisory level/ area of expertise.