Senior Actuarial Analyst

JOB PURPOSE

Provide actuarial technical support and coach/mentor junior analysts within the Actuarial team. Use statistical models to analyze data and calculate the probability of and costs associated with certain events.

RESPONSIBILITIES

Business Requirements Identification

Analyze business requirements and to identify root cause rather than reacting to symptoms. Business requirements need to be clearly documented within the scope of use, definitions and assumptions made. Develop solutions that address business requirements and objectives. Refine solutions over time as more information becomes available.

Stakeholder Engagement

Collaborate with internal (Actuarial) and external (Business) stakeholders. Keep stakeholders informed and up to date with project/analysis delivery and provide clear and concise feedback to stakeholders. Maintain measurable service levels on business requests and provide feedback that speaks to the business issue observed. Be on time and prepared for meetings with Business.

Data Collection & Analysis

Use data from a wide range of sources to analyze key themes and identify possible impacts on the business. 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. Before data is used for analysis/modelling, review and acquire the required signed-off from the Technical Manager.

Actuarial Modelling

Develop, maintain and implement actuarial models and processes. Models to be fit for purpose and able to estimate the reality accurately. Models (and any form of estimation) to be clearly documented with the scope of use, definitions, data, and assumptions made. Regularly monitor models to ensure model performance and that they are communicated back to the business. Before Models are used for estimation within the Business, the Senior Actuarial Analyst should review and acquire signed-off.

Model deployment and testing

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 to profitability and policy growth within all brands and distribution channels. Maintain and develop documentation on model/pricing and clearly state what needs to be deployed and how testing will be done to ensure the deployment is successful. Ensure monitoring process are in place to measure the performance of the model/pricing.

Insights and Reporting

Translate the monitoring results so they can be understood by Business. Provide an ecosystem where data and data analysis is nimble and easy to access by any team member. Provide insights from monitoring to inform the Business of future modelling endeavours. Ensure monitoring is accurate and complete and regularly validated against credible data sources. Review of results on a regular basis and ready to be presented to the Actuarial Management level.

Improvement / Innovation

Review existing operations in own area of work and implement innovation processes to generate new ideas and ensure continuous improvements are delivered. Stay up to date with Business developments and develop solutions proactively within Business. Ensure data processes are continuously maintained and kept up to date. Continuous development/research of modelling techniques and feature engineering to improve model estimates.

Leadership and Direction

Explain the local action plan to support team members in their understanding of what needs to be done and and how this relates to the broader business plan and the organization's strategy, mission and vision; motivate people to achieve local business goals.

Performance Management

Respond to personal objectives and use performance management systems to improve personal performance. OR Monitor the performance of the team; allocate work and review completion, take appropriate corrective action to ensure timeliness and quality; contribute to formal individual performance management and appraisal. Manage the development of pipelines and succession planning as well as performance scoring and management. This includes the setup of performance contracts and personal development.

Operational Compliance

Identify, within the team, instances of non-compliance with the organization/ actuarial policies and procedures and/ or relevant regulatory codes and codes of conduct, reporting these and escalating issues appropriately. Maintain standards of integrity and professionalism as set out by the Actuarial Society of South Africa.

Building Capability

Mentor and coach staff on a technical and professional front. Mentor and coach staff to develop data analysis, aggregation and cleaning skills and how to develop models and the review thereof.

TECHNICAL COMPETENCIES

Computer skills

Support business processes with comprehensive understanding and effective use of standard office equipment and standard software packages, and guide and train others. Actuarial and statistical software; Advanced Microsoft Office.

Modelling

Use comprehensive knowledge and skills and guide and train others to develop financial and economic models for planning and monitoring purposes.

Numerical Skills

Use a comprehensive understanding of numerical concepts to perform mathematical operations such as report analysis and provide guidance and training to others. Strong background in mathematics and statistics.

Data Collection and analysis

Provide technical guidance when required to analyze data trends for use in reports to help guide decision making.

Writing skills

Use clear and effective writing skills and provide technical guidance when required to express ideas, request actions and formulate plans or policies.

Verbal Communication

Use clear and effective verbal communications and provide technical guidance when required to express ideas, request actions and formulate plans or policies.

Presentation skills

Communicate with other people and provide technical guidance when required to speak in a clear, concise and compelling manner.

Analytical Processes

Provide technical guidance when required to support research schedules using appropriate analytical processes and procedures.

Assessment

Provide technical guidance when required to analyze data from multiple sources to draw appropriate conclusions and make suitable recommendations.

Action Planning

Provide technical guidance when required to develop appropriate plans or perform necessary actions based on recommendations and requirements.

Planning and Organizing

Provide technical guidance when required to plan, organize, prioritize and oversee activities to efficiently meet business objectives.

Compliance

Provide technical guidance when required to achieve full compliance with applicable rules and regulations in management and/or operations. Actuarial Society of South Africa.

Data mining

Apply concepts of knowledge / skill and provide technical guidance when required.

Data Management

Provide technical guidance when required to acquire, organize, protect and process data to fulfill business objectives.

EDUCATION

General Education

• Bachelors / Honours degree in Actuarial Science or similar (Essential);
• Qualified or making good progression toward Actuarial qualification (Essential)

EXPERIENCE

General Experience

• 2 or more years actuarial experience within a Life insurance environment (Essential)

Managerial Experience

• 1 or more years experience in general supervision of more junior colleagues (Essential)