Senior Actuarial Analyst: Commercial Lines Pricing at Old Mutual

Job Description

• We are seeking an innovative Commercial Lines Senior Actuarial Specialist who can think outside the box and develop creative solutions for complex pricing challenges in the commercial insurance space.
• This senior role involves supervising junior team members while leading the development, maintenance, and monitoring of sophisticated pricing models using cutting-edge actuarial and statistical techniques.

Responsibilities include the following:

Actuarial Analysis, Assumptions and Insights

• Analyze, interpret, and present data ensuring the completeness, accuracy, and appropriateness of all insurance data used in order to contribute to the production of actuarial analyses, assumptions and insights. Conduct research and request relevant information to enable analysis of key themes and trends using primary data sources and business intelligence tools.

Actuarial Calculation of Funding Requirement

• Contribute to the evaluation of funding contributions, like employee benefit schemes, and to the development of recommendations for future funding contribution levels.

Actuarial Model Creation and Maintenance

• Develop and maintain actuarial models, ensuring that the underlying structure of the actuarial assumptions are fully validated and that the models can be integrated into wider business models to enable actuarial analysis, financial reporting, and regulatory compliance.

Actuarial Product Development & Management

• Develop proposals for new product features and benefits and for the improvement and management of existing products that create competitive advantage, that are viable in relation to the organization's risk appetite and financial objectives, and that meet regulatory requirements.

Organizational Risk Management

• Ensure the organization is not exposed to undue risks by using risk, financial management and control systems to achieve specific goals within a designated area of the business.

Actuarial Financial Reporting

• Produce complex actuarial financial information, ensuring the accurate completion of delegated elements of the process to contribute to the production of statutory and non-statutory reports and other disclosures.

Compliance

• Maintain and renew a deep knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct, and ensure own work adheres to required standards. OR Identify, within the team, patterns of non-compliance with the organization's policies and procedures, and with relevant regulatory codes and codes of conduct, taking appropriate action to report and resolve these and escalating issues as appropriate.

Improvement/Innovation

• Identify shortcomings in existing processes, systems, and procedures, and use established change management programs to address them.
• More specific role-related responsibilities are as follows:
• Team Leadership & Model Development
• Supervise and mentor junior team members in developing, maintaining, and monitoring pricing models for commercial lines products
• Implementation of cutting-edge actuarial and statistical techniques to ensure competitive pricing strategies
• Build and maintain sophisticated rate and test models, providing strategic input into rate engine design specifications

Strategic Analysis & Business Intelligence

• Monitor market trends and provide proactive business recommendations with actionable insights
• Design and implement corrective actions to optimize business performance across the commercial portfolio
• Deliver ad hoc analytical support and conduct in-depth investigations across various business areas
• Portfolio Management & Planning

Required Skills & Qualifications

• Python programming skills and coding expertise would be highly advantageous for advanced data analysis and model development
• Strong actuarial background with 3-6 years pricing experience
• Innovative thinking and problem-solving abilities
• Excellent analytical and statistical modeling skills

Skills

• Analytical Support, Analytical Thinking, Computer Literacy, Data Analysis, Data Compilation, Data Controls, Executing Plans, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Regulatory Compliance, Regulatory Requirements, Risk Management, Statistical Data

Competencies

• Balances Stakeholders
• Builds Networks
• Business Insight
• Collaborates
• Communicates Effectively
• Cultivates Innovation
• Decision Quality
• Drives Results

Education

• NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent: Actuarial Science (Required)

Closing Date

• 30 October 2025