Purpose
Provide actuarial technical support and coach/mentor junior analysts within the
Actuarial team. Use statistical models to analyse data and calculate the
probability of and costs associated with certain events.
Required
Bachelors / Honours degree in Actuarial Science or similar (Essential); Qualified
or making good progression toward Actuarial qualification (Essential)
2 or more years actuarial experience within a Short-Term insurance environment
(Essential)
Managerial Experience
1 or more years experience in general supervision of more junior colleagues
(Essential)
Responsibilities
Business Requirements Identification
Analyse business requirements and to identify root cause rather than reacting to
symptoms.
Business requirements need to be clearly documented within the scope of use,
definitions and assumptions made. Develop solutions that address business
requirements and objectives. Refine solutions over time as more information
becomes available.
Stakeholder Engagement
Collaborate with internal (Actuarial) and external (Business) stakeholders. Keep
stakeholders informed and up to date with project/analysis delivery and provide
clear and concise feedback to stakeholders.
Data Collection & Analysis
Use data from a wide range of sources to analyse key themes and identify
possible impacts on the business.
Extract and verify data used for actuarial models.
Data/information to be reconciled against credible data sources (for example
financials) to ensure the data is complete and accurate. Ensure definitions and
assumptions are aligned to the problem statement.
Before data is used for analysis/modelling, review and acquire the required
signed-off from the Technical Manager.
Actuarial Modeling
Develop, maintain and implement actuarial models and processes. Models to be
fit for purpose and able to estimate the reality accurately.
Models (and any form of estimation) to be clearly documented with the scope of
use, definitions, data, and assumptions made.
Regularly monitor models to ensure model performance and that they are
communicated back to the business.
Before Models are used for estimation within the Business, the Senior Actuarial
Analyst should review and acquire signed-off.
Model deployment and testing
Effective impact and sensitivity analysis to be performed before any deployment
is done.
Translate results from the impact/sensitivity analysis to Business, to provide
insight and what various pricing changes will mean to profitability and policy
growth within all brands and distribution channels.
Maintain and develop documentation on model/pricing and clearly state what
needs to be deployed and how testing will be done to ensure the deployment is
successful.
Ensure monitoring process are in place to measure the performance of the
model/pricing.
Insights and Reporting
Translate the monitoring results so they can be understood by Business.
Provide an ecosystem where data and data analysis is nimble and easy to
access by any team member.
Provide insights from monitoring to inform the Business of future modelling
endeavours.
Ensure monitoring is accurate and complete and regularly validated against
credible data sources.
Review of results on a regular basis and ready to be presented to the Actuarial
Management level.
Improvement / Innovation
Review existing operations in own area of work and implement innovation
processes to generate new ideas and ensure continuous improvements are
delivered.
Stay up to date with Business developments and develop solutions proactively
within Business.
Ensure data processes are continuously maintained and kept up to date.
Continuous development/research of modelling techniques and feature
engineering to improve model estimates.
Leadership and Direction
Explain the local action plan to support team members in their understanding of
what needs to be done and and how this relates to the broader business plan
and the organisation''s strategy, mission and vision; motivate people to achieve
local business goals.
Performance Management
Respond to personal objectives and use performance management systems to
improve personal performance. OR Monitor the performance of the team;
allocate work and review completion, take appropriate corrective action to
ensure timeliness and quality; contribute to formal individual performance
management and appraisal.
Manage the development of pipelines and succession planning as well as
performance scoring and management. This includes the setup of performance
contracts and personal development.
Operational Compliance
Identify, within the team, instances of non-compliance with the organisation/
actuarial policies and procedures and/
or relevant regulatory codes and codes of conduct, reporting these and
escalating issues appropriately.
Maintain standards of integrity and professionalism as set out by the Actuarial
Society of South Africa.
Building Capability
Mentor and coach staff on a technical and professional front. Mentor and coach
staff to develop data analysis, aggregation and cleaning skills and how to
develop models and the review thereof.
Computer skills
Support business processes with comprehensive understanding and effective
use of standard office equipment and standard software packages, and guide
and train others.
Actuarial and statistical software; Advanced Microsoft Office.
Modelling
Use comprehensive knowledge and skills and guide and train others to develop
financial and economic models for planning and monitoring purposes.
Numerical Skills
Use a comprehensive understanding of numerical concepts to perform
mathematical operations such as report analysis and provide guidance and
training to others.
Strong background in mathematics and statistics.
Data Collection and analysis
Provide technical guidance when required to analyse data trends for use in
reports to help guide decision making.
Writing skills
Use clear and effective writing skills and provide technical guidance when
required to express ideas, request actions and formulate plans or policies.
Verbal Communication
Use clear and effective verbal communications and provide technical guidance
when required to express ideas, request actions and formulate plans or policies.
Presentation skills
Communicate with other people and provide technical guidance when required
to speak in a clear, concise and compelling manner.
Analytical Processes
Provide technical guidance when required to support research schedules using
appropriate analytical processes and procedures.
Assessment
Provide technical guidance when required to analyse data from multiple sources
to draw appropriate conclusions and make suitable recommendations.
Action Planning
Provide technical guidance when required to develop appropriate plans or
perform necessary actions based on recommendations and requirements.
Planning and Organising
Provide technical guidance when required to plan, organise, prioritise and
oversee activities to efficiently meet business objectives.
Compliance
Provide technical guidance when required to achieve full compliance with
applicable rules and regulations in management and/or operations.
Data mining
Apply concepts of knowledge / skill and provide technical guidance when
required.
Data Management
Provide technical guidance when required to acquire, organise, protect and
process data to fulfill business objectives.
