Actuarial Function Specialist
To provide support to the Senior Manager: Corporate Risk & Markets as part of the second line of defense in the overall execution of the duties to support the short term insurance (STI) Head of Actuarial Function (HAF)
Provide support on financial risk management as well as quantifying risk exposures and aggregation of risks across the Group.
Analyse financial statements of other players in the insurance industry, locally and internationally, to provide various metrics for comparison to the Group.
- Support to the STI HAF by reviewing the Technical provisions, ORSA projections, economic capital model and Regulatory Capital calculations under SAM and in line with the relevant ASSA guidance and provide recommendations to first line management.
- Review the premiums (models, optimization, data) and governance structures surrounding the setting of premiums to ensure that the premiums are adequate to cover claims and expenses.
Risk Management & Analysis
- Assist with risk assessments, control self-assessments and other relevant risk management activities in the Actuarial space in order to provide a view of the associated risks within the Group on the basis of which the most significant risks are highlighted and their mitigation appropriately managed in conjunction with Business.
- Work closely with 1st line in order to develop financial Risk appetite metrics across the Group.
- Operationalize the Risk Appetite, embed it into the business and ensure regular reporting and monitoring thereof, reporting on breaches where appropriate.
- Ensure compliance with the ORSA requirements from a Group perspective, coordinating inputs from the different functional areas incl. the Solvency Capital Requirements (SCR) assessment from Corporate Actuarial.
Market Insights and Reporting
- Analyze financial Statements in order to draw meaningful conclusions from the analysis of industry competitors financial results across non-life industry, locally and internationally.
- Review the Group ORSA report and ensure that the scenarios and stress tests adequately capture the risk profile of the business and key risk factors affecting solvency.
Information and Business Advice
- As part of the second line of defense, report and provide recommendations to business across the areas within the HAF scope, working under guidance of the STI HAF.
- Perform a second line review on the reliability and adequacy of the technical provisions under SAM and IFRS and the Solvency Capital Requirements (SCR/MCR).
- Review the reinsurance structures and provide an opinion on the adequacy of the structures as well as compliance with the GOI requirements.
- Review the Underwriting and Financial Risk Management Policies against regulatory requirements.
- Provide Corporate Market Analysis within RSA and Internationally where appropriate and make meaningful conclusions.
- Review the STI capital projections underlying the ORSA report in order to provide the external STI HAF with sufficient information to provide an opinion on the ORSA report.
- When performing any task, ensure compliance with the relevant GOI and FSI standards from the PA as well as any relevant guidance from ASSA related to Actuarial work.
- Support the STI HAF to enable him/her to perform their role as set out in their terms of reference, in line with regulations. this includes updating relevant policies and aligning Actuarial practices to the regulatory requirements, established under SAM.
Internal Stakeholder Management
- Engage with internal stakeholders within the actuarial community.
Personal Capability Building
- Maintain external professional accreditation where relevant to improve performance and fulfill personal potential.
- Maintain an in-depth understanding of technology, external regulation and industry best practices through ongoing education.
- Identify, assess, prioritize and manage risks in a production process and provide technical guidance when required.
- Performing control assessments, risk assessments, embedding combined assurance, financial risk management, embedding risk appetite and drafting policies.
- Use clear and effective verbal communications skills and provide technical guidance when required to express ideas, request actions and formulate plans or policies.
- Comfortable with communicating with all levels within the organisation.
- Presenting to the senior management team, comfortable with presenting complex actuarial details to technical and non-technical audiences.
Policy and Regulation
- Provide technical guidance when required to interpret and apply knowledge of laws, regulations and policies in area of expertise
- A good understanding of the SAM regime, specifically the relevant FSI and GOI policies as well as the areas under the scope of the HAF. This includes good practice guidance from ASSA or the relevant actuarial body.
- Use an understanding of numerical concepts to perform mathematical operations such as report analysis and provide technical guidance when required.
- Experience in reviewing reserve calculations, regulatory capital, economic capital, developing risk appetite metrics, drafting the ORSA as well as other areas of the Head of Actuarial Function scope.
- Support business processes and understand and effectively using standard office equipment and standard software packages, while providing technical guidance as needed.
- Microsoft Office, ResQ software, capital modelling software (ReMetrica etc),
- Coding experience advantageous (SQL, SAS, Python)
Data Collection and analysis
- Provide technical guidance when required to analyze data trends for use in reports to help guide decision making.
Review and Reporting
- Provide technical guidance when required to review and create relevant, lucid and effective reports.
- Provide technical guidance when required to analyze data from multiple sources to draw appropriate conclusions and make suitable recommendations.
- Communicates with other people without requiring supervision and provide technical guidance when required on speaking in a clear, concise and compelling manner.
Planning and Organizing
- Provide technical guidance when required to plan, organize, prioritize and oversee activities to efficiently meet business objectives.
Qualifications, Experience Knowledge and Skills
- Degree in Actuarial Science (Essential)
- Making good progress with actuarial exams
- Completed at least all CT exams and CA1 (Essential)
- CERA qualification advantageous
- 3 to 6 years’ experience in reviewing or calculating reserves and capital (Essential)
- Understanding and experience of general insurance (Essential)
Working knowledge of ORSA, Pricing, risk management & reinsurance(Advantageous)