Senior Actuarial Supervisor at Old Mutual South Africa

Job Description

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Role Overview:

We have fantastic work opportunities across our businesses for talented people wanting to realise their full potential. Could that be you? If so, I invite you to explore the possibility of joining us to play your part in Old Mutual's exciting future.

We have a number of roles in the Product Development and Pricing team. This team focuses on the new Savings and Income (S&I) product range, due to be piloted and launched, as well as supporting Old Mutual’s African endeavours. The S&I range provides a complete range of Savings wrappers and Annuity options to customers throughout the Old Mutual Retail Market.

The incumbent will be required to provide support to various functions including testing systems before the products can be launched and making alterations as needed.

The incumbent will also be required to lead pricing approvals and rate review processes of the products to ensure competitiveness and profitability.

As the regulatory environment continues to change the incumbent will support developing new products and new features as new regulation is released.

The role is a great opportunity to be involved in a new product launch in the short term but also learn and grow as the product matures in its life cycle.

This position will afford the incumbent the opportunity to observe, interact and gain experience in the end to end insurance value chain. Which includes engaging with a variety of stakeholders across the Old Mutual Group (such as Marketing, Distribution, IT, Finance and Servicing).

The incumbent will also be required to provide support to Old Mutual’s African endeavors by helping to develop and review business cases and product specifications from the in-country teams.

Role Description / Key Performance Areas

• Product development and implementation, including system testing.
• Documentation, including remuneration and fee specifications as well as pricing approvals.
• Supporting the proposition management function with technical actuarial work.
• Owning and maintaining actuarial models including pricing, remuneration, EAC and Solution Recommendation models
• Assessing and recommending decisive action relating to customer value for money.
• Automating of processes and reports using programming/coding techniques.
• Investigations related to product rules, business optimisation and feasibility studies, including product strategy.
• Ensuring client correspondence and marketing material are consistent with product rules.

Qualifications, Experience & Attributes

• Qualified or nearly qualified actuary.
• At least 4 years actuarial experience.
• Knowledge of South African savings and income products corresponding regulation.
• Experience and knowledge of actuarial models used to support the above-mentioned products.
• IFSR17 exposure would also be an advantage.
• Strong modelling and pricing technical skills.
• VBA and SQL coding experience would be an advantage.
• Prophet and DCS would be an advantage
• Good interpersonal skills and ability to work in a team and across teams.
• Good communication skills (both written and verbal).
• Ability to plan and prioritise.
• Motivated self-starter who shows initiative, is proactive and looks for ways to improve existing processes and pays attention to detail.
• Able to complete tasks within agreed timelines with limited guidance.
• High levels of drive and energy to make a difference.
• Willing to learn by executing and growing with processes.
• Microsoft Office (Word, Excel, PowerPoint, Access).