Head: Actuarial Assumption and Model Development Validation

About the position

ROLE PURPOSE


To provide independent review and validation of actuarial assumptions, IFRS 17 and SAM basis setting, Prophet and ResQ model development for both IFRS 17 and SAM and other ad-hoc activities across the first-line Balance Sheet Management functions.


 


Responsibilities, work outputs and individual contribution


 


1. Assumption and Model Reviews

• Prepare assumption review and model development review workplans


• Review actuarial assumptions (e.g., Lapses, Mortality, Expenses etc.) used in long contract boundary models


• Review and pressure test contract boundary assumptions across both IFRS 17 and SAM.

 


2. Modelling and Validation

• Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis, including ORSA projections


• Review IBNR triangulation

 


3. Results and Reporting

• Provide high-level review of IFRS 17 and SAM Annual results


• Document and communicate output of reviews and validations to Balance Sheet Management Functions and broader stakeholders

 


4. Governance Oversight

• Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof, feeding into Head of Actuarial Function review processes.

QUALIFICATIONS AND EXPERIENCE


 


Qualifications

• Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable)


• Preferable – Life practicing certificate

 


Experience

• Minimum 10 years post-qualification actuarial experience, with at least 5 years in a senior validation, modelling, or assumption governance role.

 


Knowledge

• Advanced understanding of Life valuations across both IFRS 17 and SAM


• Core Prophet model development capability


• Advanced understanding of IFRS 17 and SAM standards


• Advanced understanding of financial reinsurance mechanics

 


CRITICAL COMPETENCIES


Developing Strategies: Are comfortable leading people; coordinates and directs groups; seeks to control things.


Examining information: Analyses and processes information; asks probing questions; strives to find solutions to problems.


Interpreting Data: Interprets data rationally by quantifying issues; applies technology as a means to evaluating data; evaluates information objectively


Providing Insights: Is focused on continuously improving things; provides insights by identifying key issues; makes intuitive judgements.


Making decisions: Is determined and decides on actions; willingly assumes responsibility; is definitive and stands by own decisions.


Producing output:


Embracing Change: Copes with change and variety; tolerates uncertainty and ambiguity; adapts to new challenges.


Role reports to: Chief Actuary

Desired Skills:

• Time Management
• Critical Thinking
• Spreadsheet software
• Judgment and Decision Making
• Active Listening
• Tax preparation software
• Accounting Software