Head: Corporate Actuarial

Role overview

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.

Key Responsibilities

  • 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.

Experience 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.


Company