About the position
Assess the financial impact of potential risks using statistics, financial theories and mathematics. Estimate probabilities of the success of certain business decisions, forecast trends, projecting the probability and costs of potential negative events, such as natural disasters or accidents, and designing insurance policies or business strategies to reduce the company’s financial risks.
Key performance areas:
- Data analysis and interpretation.
- Risk assessments and management.
- Actuarial modelling and forecasting.
- Cross functional collaboration.
- Communication and reporting.
- Strategic decision support.
- Stakeholder engagement.
- Documentation and compliance.
Key tasks:
Data analysis and interpretation:
- Study statistical data to create analyses on product performance.
- Analyse data to identify trends and patterns that impact decision-making.
- Support the actuarial first-line team in the preparation of the statutory returns.
- Support the actuarial first-line team in the pricing, profit testing and viability analysis of new products or enhancements on existing products.
- Support the actuarial first-line team in producing the financial projections for budgeting, ORSA and any other similar risk reporting requirements.
- Use a variety of predictive models to project outcomes, such as future events, claims ratios, risks events, or financial performance.
Risk assessment and management:
- Develop estimates for the probability and cost of any events that can affect the sustainability, profitability or viability of the company’s products and business.
- Assess the financial risks that a company may face, using statistical and mathematical techniques.
- Propose strategies or solutions to mitigate risks.
Actuarial modelling and forecasting:
- Create mathematical models to predict outcomes and assess risks on an ongoing basis.
- Develop models to predict claims settlement scenarios to better inform solvency and liquidity requirements.
- Provide accurate forecasts to inform business of policy decisions.
Cross-functional collaboration:
- Work with economists, accountants, compliance officers and financial advisors to create aligned financial strategies.
- Collaborate with other departments to understand data-driven needs and integrate insights into actionable plans.
Communication and reporting:
- Generate visual tools (charts, models, and tables) to represent findings effectively.
- Present complex statistical and financial data in a simplified manner to non-technical audiences.
- Provide actionable recommendations based on analysis and explain them to stakeholders.
- Provide support and assistance with regulatory reporting requirements from the Authorities or any other authority as required by the company.
Strategic decision support:
- Analyse reports and data to recommend next steps for a company or client.
- Support strategic decisions with evidence-based insights.
- Monitor the outcomes of implemented strategies and refine models accordingly.
Stakeholder engagement:
- Regular interaction with senior management, clients, regulators, or auditors.
- Ability to clearly communicate technical findings to non-technical audiences.
Documentation and compliance:
- Maintain accurate documentation of methodologies, models, assumptions and analysis.
- Ensure compliance with industry standards and regulations in financial reporting and analysis.
Qualifications:
- Matric
- A degree in Actuarial Science (SAQA ACCREDITED)
- Passed or been exempted from at least the A- series subjects of the Actuarial Society of South Africa.
Experience:
- Three years’ 3 experience in financial reporting for Life insurance companies.
- Registered with the relevant professional bodies of Actuarial Scientists of SA.
- 3 - 5 years’ experience in multiple actuarial functions, such as pricing, reserving, risk management, economic analysis and financial modelling.
- Experience in using actuarial insights to inform business strategies, underwriting decisions, or financial planning.
- Participation in high-level decision-making, such as product development, product sustainability or mergers and acquisitions
Skills and knowledge:
- Knowledge of statistics, probability, and calculus.
- Strong written and verbal communication skills to clearly relay information to others.
- Analytical skills.
- Knowledge of regulations such as Solvency II, IFRS 17, or equivalent.
- Experience with computers and statistical modelling software.
- Advanced skills in programming and data analysis tools.
- Knowledge of business and financial concepts.
- Organisational skills to keep track of multiple projects.
- Knowledge of predictive analytics, machine learning, and modern data visualisation tools (e.g., Power BI, Tableau).
Attributes:
- High regard for accuracy and attention to detail
- Strong commitment to confidentiality
- Strong leadership
- Strong interpersonal skills
- Excellent communication
- Problem solving
- Team Player
- Honest, Hardworking and Humble
Desired Skills:
- financial reporting
- Life insurance
- actuarial insights
- Actuarial Data Analyst
