Manager: Product Development & Actuarial Support at Assupol

Duties & Responsibilities:

Manage and oversee optimal system accuracy and performance from a values and functionality  perspective

• Provide guidance to IT team on programs used to administer business 
• Implement and test automation of system programs for correctness and conduct audits on the administration system 
• Assist with automation and integration of other Assupol Group divisions on the administration system 
• Provide accurate and easily accessible information for optimal client servicing 

Contribute to Product Development

• Research product feasibility from an administration system perspective 
• Check compatibility with business ethics 
• Contribute to in-house pricing of individual and group products 
• Research of new market developments and generation of product ideas. 
• Compare pricing & design of products with competitors 
• Examine the terms & conditions of master policies 
• Test quotation packages for new products (and product reviews) 
• Assist in the development of application forms, sales aids, premium calculators, marketing material and other product material used by Sales (in compliance with legislation and ASISA Codes

Manage reinsurance treaties

• Research risk rates and reinsurance terms available in the market 
• Monitor treaty monthly and recommend changes 
• Manage and oversee that data and information are provided to reinsurers for special projects 
• Manage and oversee reinsurance data and premiums are compiled and submitted to reinsurers on a monthly basis 
• Manage profit-share payouts from reinsurers 
• Maintain relationship with current and potential future reinsurers

Management of actuarial valuation data

• Monitor the correctness of actuarial valuation data 
• Assist IT in the preparation of systems that generate actuarial valuation data 
• Interpret actuarial report 
• Discuss with management (actuarial committee) 
• Manage the implementation of Valuation Report recommendations

Provide professional input & support to the Group (amendments & general advice)

• Provide input on client queries of a technical nature that was escalated by staff members 
• Provide input on and monitor ombudsman queries of a technical nature 
• Manage and oversee amendments to policies where actuarial support is required 
• Manage values and product related queries from other Assupol departments (letters to be written, values queries and tax directive management

Manage and oversee the updating of financial transactions

• Manage and maintain the implementation of investment portfolio returns on the administration system 
• Manage and oversee rebalancing reporting of the assets held against unit accounts 
• Manage and oversee reporting to Investments Department

Monitoring of in-force business

• Monitor and analyse in-force data 
• Manage, oversee and provide input on experience analyses of in-force business (e.g. to confirm lapse assumptions, mortality/morbidity assumptions, etc.) 

Manage the administration of Assupol retail pension funds

• Manage and ensure the annual contribution certificates are completed for mailing to clients 
• Manage the correctness and submission of tax directives to SARS on claims 
• Manage and oversee the compilation and submission of documents and monitoring of Section 14 transfers 
• Oversee the submission of SARS, SARB and other regulatory reports and compilation of the report for the quarterly Trustee Meetings 
• Oversee that Finance are assisted with fund financial statements and assist Fund Valuator with fund valuations

Requirements

• Formal Education
• B Degree Actuarial Sciences
• Passed CT 1- 9
• CA 1- 3 (All A Level subjects) (Advantage)

Experience

• 3 - 5 years’ experience in long term insurance