PPS Insurance Company Ltd Senior Manager: Actuarial Valuation
PPS Insurance Company Ltd
Senior Manager: Actuarial Valuation
EASY APPLY
Purpose of the Job
Reporting to the Executive: Actuarial Services, this role will be responsible for the end-to-end delivery of the actuarial valuation tasks for Life (i.e. participating traditional/investment account, annuities, etc) and other allocated products. This includes managing actuarial resources in a financial unit that provides financial and actuarial analysis to PPS Group.
It is also expected that the incumbent interacts with the Head of Actuarial Function and the Group’s external auditors. This includes the valuation of liabilities, calculation of embedded values, setting of regulatory capital requirements and completion of returns, analysis and allocation of profits, product inputs for business planning and any corresponding commentary. To analyse and communicate the results to broader business stakeholders, with the support of the Actuarial Executive.
This position will interact with other teams within the Actuarial Services department, as well as with other departments within the PPS Group.
Duties & Responsibilities
- Responsible for Actuarial Valuations and reporting for PPS Insurance to the Group Actuarial Committee (a Board sub-committee) and the Regulator
- Managing the end-to-end maintenance, improvement, documentation of systems, valuation processes and bases for profits/liability calculations
- Support the necessary experience investigations for expenses, lapse, morbidity and mortality in order to maintain the assumption bases
- Responsible for contributing to changes and improvements to the valuation and analysis methodology where required
- Recommending bonuses and crediting rates for the participating business
- Managing priorities and delivering in a timely and efficient manner
- Management of the Actuarial Services Valuations team
- Developing, mentoring and managing Analysts and Senior Analysts
- Driving and overseeing a culture of continuous improvements in efficiency and simplification
- Monitoring and reporting business insights to the Group Executive Committee and the Product Development department on product experience and identify potential trends and issues
- Submitting monthly and quarterly reports
- Ensuring both the ongoing competitiveness and attractiveness of the fully underwritten individual Life risk product range from a valuations perspective
- Delivering efficient and consistent support and service to all internal and external clients, hence ensuring a quality interaction and relationship with all stakeholders
- Analysing business processes to improve efficiency and the overall customer/intermediary experience
- Developing and managing analytics effectively and efficiently
- Managing and ensuring the implementation of the PPS eligibility policy
- Collaborating with all the other relevant stakeholders (internal and external) such as claims, underwriting, research, reinsurance partners, distribution teams, etc
- Understanding and maintaining actuarial models/processes both in terms of the regulatory and commercial environment
- Contributing towards projects, initiatives, queries and other team initiatives
Desired Experience & Qualification
Formal Qualifications:
- Matric (Grade 12)
- Degree in Actuarial Science
- Well on-route to obtain or completed Fellowship within the Actuarial Society of South Africa (ASSA) or Institute or Faculty of Actuaries (UK), i.e. a nearly qualified or recently qualified actuary
- Good computer knowledge – MS Outlook, Excel and Word are necessary, and some PROPHET (actuarial software) knowledge is preferable
Knowledge and Experience:
- Must have at least 5 to 12 years’ relevant experience in the Life Insurance actuarial environment
- Must have excellent communication skills and the proven ability to lead a team of 3-5 actuarial resources
- Knowledge and understanding of Valuations in the Life Insurance Industry
Strategic Orientation:
- Communicate insights gained in analyses to the business in order to influence and contribute to strategy setting and business decision making
Communication:
- Articulates and communicates in a logical and structure manner information to meet the needs and understanding of intended audiences
- Expresses opinions, information and key points of view clearly and assertively
- Confident in conceptualising, building and presenting plans related presentations
- Anticipates and responds appropriately to the needs, reactions and feedback of an audience
Commercial Acumen:
- Demonstrates awareness of market trends and opportunities and keeps up to date with competitor developments impacting area of responsibility
Computer Literacy:
- Adept in the use of the latest MS Office package, particularly Excel, Word and Power-point
- Equipped to use the actuarial software (PROPHET) to carry out valuations and calculations
Interpersonal and Intrapersonal Skills:
- Analysing data and extrapolating insights
- Applying expertise and technology
- Working with people
- Entrepreneurial and commercial thinking
- Achieving personal work goals and objectives
- Adapting and responding to change
- Adhering to principles and values
- Responsible and accountable
Preference will be given to Employment Equity candidates
Package & Remuneration
Market-related cost-to-company