Head: Actuarial Assumption & Model Development Validation – Sandton (JHB) – Permanent
Finance / Accounting
JHB North, Johannesburg – Gauteng
Head: Actuarial Assumption & Model Development Validation – Sandton (JHB) – Permanent
Salary: Market related (Based on experience)
Company overview:
South African provider of cell captive business and alternative risk transfer solutions, offering tailor-made risk financing and access to professional reinsurance markets.
As the market leader, we specialise in innovative cell captive structures that allow clients to operate their own insurance products within a ring-fenced facility, including underwriting, actuarial, legal, compliance and financial reporting services – without the costs and complexities of establishing an insurance company.
Registered for most statutory classes of non-life and life insurance, we provide customised cover and strategic risk solutions.
Our services cater to corporates that are serious about risk management, those facing complex or high-cost risks and businesses looking to offer their own branded insurance products.
Purpose of the role:
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.
Minimum Requirements / Knowledge and Experience:
Qualifications
- Fellow of the Actuarial Society of South Africa (FASSA) – (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
Competencies:
Developing Strategies:
- Are comfortable leading people.
- Coordinates and directs groups.
Examining information:
- Analyses and processes information.
- Strives to find solutions to problems.
Interpreting Data:
- Can 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.
Key Duties & Responsibilities:
Responsibilities, work outputs and individual contribution
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.
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
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
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.
NB: Should you not be contacted within 2 weeks of your application, please consider it as unsuccessful.
