A prominent player in the insurance industry is seeking a Head of Actuary to oversee the actuarial operations of their Sub-Saharan African division (based in Johannesburg).
Joining this dynamic, well-established, and reputable company, the primary responsibility for the Head of Actuary will be to assist the company in evaluating premiums, implementing rate adjustments, ensuring adequate reserves, and managing all risks associated with insurance, particularly those related to Catastrophic Events. Additionally, the Head of Actuary will focus on optimising the structure of Reinsurance.
This role requires an individual who possesses exceptional quantitative abilities, advanced actuarial skills encompassing Reserving, Pricing, and Reinsurance, as well as a solid understanding of Finance.
Key qualifications and experience required for the Head of Actuary:
Completed or almost completed professional examinations from the Institute and Faculty of Actuaries SA or equivalent recognised qualification
Min. 5 years short term insurance industry knowledge and experience as an Actuary
Systems knowledge: SAS, R and Python (preferable)
Key duties of the Head of Actuary:
Oversee the Technical Provision process by performing calculations, documenting results, validating accuracy, communicating findings, and identifying areas for future improvement
Establish and manage processes, procedures, and metrics to enable effective monitoring, assessment, and control of underwriting policy, pricing, and product development in alignment with the SAM Framework requirements
Take charge of the actuarial aspects of the budget and planning process, including supporting profit study, deriving and validating budget assumptions, and ensuring alignment with risk appetite and strategy
Assist in validating the Standard Model for SCR and MCR calculations, following the Directive and associated guidance
Provide technical support for the Own Risk and Solvency Assessment
Evaluate and report on the sufficiency of reinsurance arrangements, and develop/implement a reinsurance strategy that complies with Solvency requirements
Provide mentoring and guidance to junior actuarial staff
Collaborate with relevant departments within the business (Commercial, Consumer, Claims, etc.)
Support Business Units with portfolio analysis and management
Key personal skills:
Excellent analytical capabilities
Strong interpersonal skills
Deadline orientated with precise attention to detail
Highly organised and demonstrates a proactive approach
If you are a dynamic individual who is passionate about joining a global business, while also possessing the necessary actuarial skillset, please get in touch for a detailed discussion about the role.
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