Job Description

• JOB TITLE: Unit Head, Actuarial
• JOB GRADE: B3
• REPORTS TO (BUSINESS): HOD, Actuarial

DIRECT REPORTS

• Actuarial Officers (Valuation, Reserving,
• Product Development, Pricing & Investment Valuation)

INDIRECT REPORTS

• National Service Personnel

JOB SUMMARY

The role is primarily to undertake the work of actuarial valuation and reserving, product development, product pricing and experience investigations

KEY RESPONSIBILITIES

Product Development

• Provide technical support in the idea generation, product definition, detailed design, market research, test marketing and product launch of new products.
• Design, review, and help administer insurance, annuity, and pension plans, determining financial soundness and calculating premiums.

Pricing & Profitability Testing

• Perform reviews to determine profitability and competitiveness of existing products on annual basis.
• Perform pricing and profit tests of new products using appropriate pricing tools.
• Provide Group Business quotations support within agreed turnaround times.
• Providing actuarial analysis to support ad-hoc pricing requests.

Valuation and Reserving

• Performing the annual and mid-term statutory valuations and value calculations and completion of year-end certification.
• Preparing Mathematical Reserves, Cash Reserves, and Embedded Value calculations
• Support and complete Solvency Capital Requirement calculations and reporting.
• Prepare annual statutory financial and actuarial reporting and commentary.
• Developing and refining reporting tools for internal and regulatory purposes.

Modelling & Actuarial Controls

• Assist in the implementation of new products and existing products in the administration system.
• Assist in the implementation of new products and review existing products in the Prophet valuation system.
• Assist in the review and audit of the integrity of the administration system and product functionality on a regular basis.
• Experience Analysis & Assumption Testing
• Conduct investigations, analysis, and detailed reporting of the expense, premium collection cost, premium collection rate and economic assumptions.
• Analyze statistical information to estimate mortality, accident, sickness, disability, retirement rates and update take-up rates.

Asset-Liability, Investment & Capital Management

• Working closely with the Group Treasurer and preparing quarterly investment reports.
• Allocating capital across various products and ensuring sustainability and meeting regulatory capital requirement.
• Perform investment reconciliations and prepare fee schedule for service providers.

CONTRIBUTES TO

• Support in building a highly efficient Actuarial function that supports the business with actuarial analysis
• Reporting
• Meeting regulatory requirements and timelines

KEY PERFORMANCE INDICATOR

• Perform analysis of company reserves and capital adequacy
• Trend analysis and reporting of key actuarial metrics
• Product review, development and pricing
• Experience investigations and reporting
• Annual budget support

KEY RELATIONSHIPS INTERNAL & EXTERNAL

Internal

• HODs/Unit Heads
• All Business Units

External

• Fund managers
• Custodians

Required Skills or Experience

KEY COMPETENCIES

• Business understanding
• Data analytics
• Strong excel spreadsheet skills
• Basic skills in VBA
• Problem solving skills and project management

EXPERIENCE/ KNOWLEDGE REQUIRED

• A minimum of a 1st degree in Actuarial Science, Mathematics or another Quantitative Field
• Partial (Associateship) qualification with one of the major (Life) actuarial bodies and have passed at least two papers.
• Minimum of five (5) years working experience in a generalist or specialist actuarial role in a financial services environment
• People management and team development skills
• Have excellent IT skills and be familiar with Actuarial software packages (familiarity with Prophet is a plus)
• Excellent understanding and use of data for management decision making will be desirable
• Excellent oral and written communication skills
• Focused and structured in approach, effectively managing multiple tasks to meet deadlines.
• Creative, confident and professional person with high levels of drive and integrity