To develop and manage a strategy and operating model for the Corporate Actuarial function that provides a strategic and fit-for-purpose actuarial service to Mutual & Federal which contributes to business growth and strategy realisation.
- Develop, plan for, implement and take accountability for the strategy and operating model of the Corporate Actuarial Department, partnering with the Executive: Risk & Actuarial in response to the business model and Mutual & Federal strategy.
- Establish an aligned departmental Balanced Scorecard focused on the implementation, measuring and management of the departmental strategy.
- Determine the business value chain for the Corporate Actuarial Department and ensure that this value chain is aligned and integrated with the Finance Division value chain.
- Coordinate the calculation of technical provisions and capital requirements.
- Ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions and capital requirements.
- Assess the sufficiency and quality of the data used in the calculation of technical provisions and capital requirements, including undertaking an analysis of estimates against experience.
- Inform the Board and EXCO of the reliability and adequacy of the calculation of technical provisions and capital requirements.
- Provide an opinion on the overall underwriting policy and reinsurance arrangements.
- Use capital model and other tools to quantify all risk exposures, including operational risk
- Own, build, parameterise, refine and validate the company’s internal capital model
- Contribute to the effective implementation of the risk-management system, in particular with respect to the risk modelling underlying the calculation of the capital requirements.
- Provide such reports to the regulator as may be required from time to time and interact with the regulator on relevant matters.
- Provide required oversight in areas of the business requiring actuarial sign-off (including pricing, product development, reinsurance, proposed transactions and others)
- Contribute to the formulation of business strategy through the use of the capital model in decision-making, risk quantification, evaluating strategic alternatives, input into business planning and similar applications.
- Participate in the relevant Old Mutual Group structures as required.
- 7 years relevant experience in a senior/leading actuarial role, ideally in the short term insurance industry (or in a consulting capacity) coupled with operational experience
- 5 years’ experience in the management of people
- Bachelor’s degree in Actuarial Science of equivalent
- Post-Graduate Qualification in Actuarial Science preferred
- Risk Management qualification (e.g. CERA) an advantage.
- Actuarial practicing certificate in short term insurance, or working towards one.
- Fellowship of the Actuarial Society of South Africa.
Please note, interviews for this position will take place at our Careers in Africa Recruitment Summit in London, 16- 18th of May 2014. Relevant candidates will be contacted and invited to attend the event.