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  • Posted: Jan 19, 2021
    Deadline: Not specified
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    • RMA in a nutshell Identifying a need to help care for miners who were injured while on duty, Rand Mutual (RMA) was founded in 1894 by three mining companies on the Witwatersrand as a non-profit mutual assurance company. Today RMA has grown to offer workmens'​ compensation benefits to the mining, iron, metal, steel and relate...
    Read more about this company

     

    Senior Actuarial Specialist - Pricing and Product Development

    An exciting opportunity exists within the Rand Mutual Assurance Actuarial team offering exposure to an interesting combination of technical and business issues.  This is a great time to join RMA as we look to grow the Life business and develop our actuarial team.

    Purpose

    • Reporting into the RML: Head of Actuarial, the incumbent will be responsible for the design and pricing of life products, as well as strategic actuarial support to the business. The incumbent will be responsible for leading product design, actuarial modelling, pricing, project management, and the overall provision of actuarial support and regulatory filings to the RML business.

    Qualifications and Experience required

    • NQF Level 7: Bachelor’s degree – Actuarial Science
    • Progress towards actuarial exams – preferably Associate actuary, but consideration would be given to experience
    • Minimum 5 years’ experience in the regulatory/life insurance environment
    • Team leadership experience

    Key Areas of responsibility

    Actuarial business support:

    • Support with providing insights to the business
    • Assist with various exco, board and committee reports and packs
    • Support and participate in the execution of the RML strategy in an agile manner

    Product development:

    • Understand the business needs and related gaps to inform the design of product solutions
    • Understand the overall competitive landscape and commercial and economic environment through market research in order to help inform product design
    • Partner with various business stakeholders (including Sales and Distribution and the CEO of RML) to design innovative products that consider the end to end customer journey and policy lifecycle
    • Collaborate with support teams and risk areas in the product design process. This includes Customer Experience, Sales and Distribution, Claims, Lega and Compliance, Risk and IT
    • Present product features and actuarial results to project teams, management, and other stakeholders such as marketing and distribution
    • Apply pricing practices and develop modeling to set appropriate rates, understand profitability, and analyze sensitivities
    • Perform feasibility analyses and pricing projects for products, including deriving assumptions, constructing pricing models, performing in-depth risk and pricing analysis, producing product approval presentation, and support product filing and implementation
    • Analyse product profitability and recommend product design changes where necessary
    • Continually review, identify and promote best practices and opportunities for improvement to the products
    • Conduct experience investigations

    Leadership:

    • Staff management and monthly reporting:
    • Manage, supervise and training of staff
    • Manage relationships within the company and stakeholders e.g. Statutory Actuary
    • Lead and motivate a team to achieve targets

    Knowledge, Skills and Competencies required

    • Pricing and modelling experience
    • Knowledge of business policies, processes and procedures, legal compliance
    • Reporting experience
    • Knowledge of the Insurance Acts (long and short term) including SAM, IFRS17
    • Strong analytical skills with the ability to collect, organize, analyse, and disseminate information simply and effectively
    • Strong ability to work with, analyse and communicate findings from data (top-down verbal and written communication)
    • An ability to communicate technical complexity to a non-technical audience
    • Advanced Excel
    • Attention to detail
    • Analytical thinking

    Method of Application

    Interested and qualified? Go to Rand Mutual - RMA on randmutual.co.za to apply

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