Actuarial Analyst

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. Ensure monitoring processes are in place to measure the performance of the model/pricing. Effective tracking of various products and pricing changes and cohorts.

Improvement / Innovation

Identify shortcomings and suggest improvements to existing processes, systems and procedures. 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.

Actuarial Modelling

Develop, maintain and implement 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.

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

Collaborate with internal stakeholders; such as Sales and Marketing to keep them informed and up to date with project outcomes. Engage with external stakeholders to find appropriate solutions around product development. Maintain measurable service levels on business requests and provide feedback that speaks to the business issue observed.

Data Collection & Analysis

Use data from a wide range of sources to analyse 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.

Insights and Reporting

Prepare and coordinate the completion of various data and analytics reports. Create, present, and communicate insights and recommendations to stakeholders. Ensure monitoring is accurate and complete and regularly validated against credible data sources.

Operational Compliance

Build a deep knowledge and understanding of the organisation's policies and procedures and of relevant regulatory codes and codes of conduct, and ensure own work adheres to required standards. 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 productivity, quality and timeliness; use performance management systems to improve personal performance.

SKILLS

Modelling

Works with guidance (but not constant supervision) to develop financial and economic models for planning and monitoring purposes.

Reporting

Works with guidance (but not constant supervision) to create relevant, lucid and effective reports.

Action Planning

Works with guidance (but not constant supervision) to develop appropriate plans or perform necessary actions based on recommendations and requirements.

Numerical Skills

Uses an understanding of numerical concepts to perform mathematical operations such as report analysis with guidance (but not constant supervision). Strong background in mathematics and statistics.

Data Collection and Analysis

Works without supervision and provides technical guidance when required on analysing data trends for use in reports to help guide decision making.

Data Mining and Machine Learning

Works with full competence to extract patterns from large amounts of data. Typically works without supervision and may provide technical guidance.

Data Control

Works without supervision and provides technical guidance when required on acquiring, organising, protecting and processing data to fulfill business objectives.

Computer Skills

Supports business processes without supervision by understanding and effectively using standard office equipment and standard software packages, while providing technical guidance as needed. Actuarial and statistical software., Advanced Microsoft Office.

Multitasking

Applies concepts of knowledge / skill and requires guidance but not constant supervision.

Analytical Processes

Works with guidance (but not constant supervision) to support appropriate analytical processes and procedures.

Attention to details

Applies concepts of knowledge / skill to be attentive to details.

Compliance Management

Works with guidance (but not constant supervision) to achieve full compliance with applicable rules and regulations in management and/or operations. Actuarial Society of South Africa.

Negotiation

Negotiates to help the organisation by obtaining consensus between two or more internal or external parties who may have different interests.

Verbal and Written Communication

Uses clear and effective verbal communications skills with guidance (but not constant supervision) to express ideas, request actions and formulate plans or policies.

Presentation skills

Needs guidance (but not supervision) to communicate with other people by speaking in a clear, concise and compelling manner.

Planning and Organising

Plan, organise, prioritise and oversee activities to efficiently meet business objectives.

EDUCATION

General Education

• Bachelors degree in Actuarial Science or similar (Essential);
• Making good progress toward Actuarial qualification (Advantageous)

EXPERIENCE

General Experience

1 or more years actuarial experience within a Short-Term insurance environment (Essential)