Junior Actuarial Analyst
Job Reference Number: J0190008
Department: 1L_Executive Office
Industry: Insurance
Job Type: Permanent
Positions Available: 2
Salary: Market Related
1Life is a licensed life insurer with the vision to transform and improve
South African life insurance into a customer-friendly, service-orientated,
educational and well-informed industry through changing our customers
and staffs lives. 1Life is a wholly owned subsidiary of Clientele Limited.
Full job description
JOB PURPOSE
Provide support to senior analysts and managers within the 1Life Actuarial
team. Use actuarial models to identify, model and monitor business
problems and provide effective solutions.
RESPONSIBILITIES
Model deployment and testing
Support the planning and delivery of systems changes. Engage with users
to identify requirements and work with the team to design solutions.
Effective impact and sensitivity analysis to be performed before any
deployment is done. Translate results from the impact/sensitivity analysis
to Business to provide insight and what various pricing changes will mean
on profitability and policy growth. Clearly state what needs to be deployed
and how testing will be done to ensure the deployment is successful.
Support monitoring processes, measure performance of the model/pricing.
Effective tracking of various products and pricing changes and cohorts.
Data Collection & Analysis
Use data from a wide range of sources to analyze key themes and identify
possible impacts on the business. Recommendations could be technical or
professional in nature. Extract and verify data used for actuarial models.
Data/information to be reconciled against credible data sources (for
example financials) to ensure the data is complete and accurate. Ensure
definitions and assumptions are aligned to the problem statement.
Actuarial Modeling
Assist with development, maintenance and implementation of actuarial
models and processes. Models need to be fit for purpose and able to
estimate the reality accurately. Models (and any form of estimation) to
clearly documented with the scope of use, definitions, data, and
assumptions made. Ensure that there are process documents in place to
ensure that the models can be understood by external stakeholders.
Ensure processes are in place to reduce the risk of incorrect modelling and
support new users.
Improvement / Innovation
Identify shortcomings in existing processes, systems and procedures, and
use established change management programs to address them. Stay up
to date with Business developments and assist to develop solutions
proactively with Business. Maintain continuous development/research of
actuarial techniques and share insights with the team. Find an effective
way to improve on efficiencies across the business.
Business Requirements Identification
Support collection of business requirements using a variety of methods.
Contribute and deliver in line with the product development and pricing
framework. Support implementation of the Actuarial control cycle; ie
development, deployment and monitoring thereof. Assist with the
management of key business metrics, such as value of new business,
embedded value, and profit by product line. Business requirements need
to be clearly documented within the scope of use, definitions and
assumptions made. Develop solutions that are aligned with experience
assumptions.
Stakeholder Engagement
Support with internal stakeholder engagement; such as Sales and
Marketing to keep them informed and up to date with project outcomes.
Support with external stakeholder engagement to find appropriate
solutions around product development. Maintain measurable service
levels on business requests and provide feedback that speaks to the
business issue observed.
Insights and Reporting
Contribute to the preparation of various data and analytics reports. Assist
with creating, presenting, and communicating insights and
recommendations to stakeholders. Ensure monitoring is accurate and
complete and regularly validated against credible data sources.
Operational Compliance
Develop knowledge and understanding of the organization's policies and
procedures and of relevant regulatory codes and codes of conduct to
ensure own work adheres to those standards. Obtain authorization from a
supervisor or manager for any exceptions from mandatory procedure.
Maintain standards of integrity and professionalism as set out by the
Actuarial Society of South Africa. Apply appropriate techniques in
alignment with APN's.
Performance Management
Prioritise own workflow and ensure work is completed to the required
standards of quality and timeliness; use performance management
systems to improve personal performance.
EDUCATION
General Education
Grade 12/ SAQA Accredited Equivalent (Essential)
Bachelor’s degree in actuarial science or similar (Essential)
Making good progress toward Actuarial qualification (Advantageous)
EXPERIENCE
General Experience
1 or more years Actuarial work experience in financial services
(Advantageous)
Prophet experience (Advantageous)
*SAQA Accredited Equivalent* - It is the onus of the applicant to provide
TIH and its subsidiaries with certified evidence that their qualification(s)
meet the equivalent NQF level required for this role at time of application.
Financial Sector Conduct Authority (FSCA)** competency requirements:
FAIS recognized qualifications / Regulatory Examinations / Class of
Business Certification and / or CPD according to your DOFA (where
applicable) - As a registered Financial Service Provider, we are mandated
to ensure that all our representatives are always and remain fit and proper
at all times. By applying for this role, you consent to having your relevant
qualification and or accreditation or confirm that you are working towards
meeting the competency requirements. You further consent to the
relevant information being verified.