RESPONSIBILITIES
Strategy Formation & Implementation
Develop the strategy for a business area of significant function, anticipating
mega-trends and complex challenges and opportunities. Ensure the strategy is
successfully implemented and meets long-term business needs.
Provide actuarial support to Head of Product and Pricing and CEO of 1Life.
Ensure the effective management of product development and pricing
framework.
Responsible for implementing the Actuarial control cycle; ie development,
deployment and monitoring thereof. Responsible for the management of key
business metrics, such as value of new business, embedded value, and profit by
product line.
Budgeting & Costing
Take responsibility for setting and managing area budgets so they align with
organisational strategy.
Ensure the company is profitable through managing, setting and monitoring key
drivers.
Determine profitability of premium rates for all product lines as well as
implementing annual reviews on existing policies.
Perform budgets, forecasting and assumptions setting, in order to ensure profitability of the organisation.
Stakeholder Engagement
Identify and manage stakeholders up to C-suite level, finding out their needs/
issues/concerns and reacting to these by leading and coordinating the
development of stakeholder engagement plans to support the communication of
business information and decisions.
Maintain measurable service levels on business requests and provide feedback
that speaks to the business issue observed.
Business Requirements Identification
Elicit the most complex business requirements using a variety of methods such
as interviews, document analysis, workshops, and workflow analysis to express
the requirements in terms of target user roles and goals.
Ensure business requirements need is clearly documented within the scope of
use, definitions and assumptions made. Develop solutions that are in align with
experienced assumptions.
Insights and Reporting
Establish business-critical strategies to create, present, and communicate high impact
data and analytics insights and recommendations to critical internal and
external stakeholders.
Ensure monitoring is accurate and complete and regularly validated against
credible data sources.
Leadership and Direction
Identify and communicate the actions needed to implement the function's
strategy and business plan within the business area or department; explain the
relationship to the broader organisation's mission, vision and values and
motivate people to commit to these. Stay engaged and dedicated to achieving the
business goals.
Improvement / Innovation
Initiate, formulate and implement new business practices within a specific
discipline while managing the development and/or delivery of a significant
element of the organisation's change management program.
Continuously review and find effective ways to improve on efficiencies across the
business. Stay up to date with business developments and develop solutions
proactively with business. Maintain continuous development/research of
actuarial techniques and share insights with the team.
Building Capability
Implement formal development frameworks for a substantial department. Provide
others throughout the organization with informal coaching and mentoring.
Mentor and coach staff on a technical and professional front. Ensure staff
develop further skills and capabilities to ensure better model development.
Assist staff to increase own capacity to automate processes. Encourage staff to
leverage each other’s strengths, to improve the teams overall performance.
Model deployment and testing
Plan and deliver systems changes and manage the team on a day-to-day basis
to meet project timelines and quality requirements. Engage with users to identify
requirements and work with the team to design solutions.
Oversee the 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.
Ensure monitoring processes are in place to measure the performance of the
model/pricing. Oversee the effective tracking of various products and pricing
changes and cohorts.
Operational Compliance
Ensure that business activities within a significant area of responsibility comply
with relevant external regulatory and/or voluntary codes and with internal
policies to minimize business risk and protect the reputation of the organisation.
Maintain standards of integrity and professionalism as set out by the Actuarial
Society of South Africa. Apply appropriate techniques in alignment with APN's.
Actuarial Modeling
Undertake strategic and tactical financial analysis, modelling, and evaluation to
support business leaders in their decision making.
Oversee the development, maintenance and implementation 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 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.
Data Collection & Analysis
Make authoritative recommendations that have a significant impact on the
business over the short and long term. Recommendations could be technical or
professional in nature.
Oversee the 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.
Performance Management
Manage and report on the performance of a substantial, diverse team; set
appropriate performance objectives for direct reports or project / account team
members and hold them accountable for achieving these; take appropriate
corrective action where necessary to ensure the achievement of team / personal
objectives. Manage the development of pipelines and succession planning as
well as performance scoring and management including team administration,
setup of performance contracts and ensure the alignment of the performance
management process to the business objectives.
BEHAVIORAL COMPETENCIES
Action Oriented
Takes on new opportunities and tough challenges with a sense of urgency, high
energy, and enthusiasm. For example, finds and leads the organization to
pursue new business opportunities. Encourages others to move quickly, removes
barriers to others' initiatives. Personally, shows high energy and commitment.
Business Insight
Applies knowledge of business and the marketplace to advance the
organization's goals. For example, maintains ample, up-to-date business and
industry knowledge in order to make sound decisions for the organization.
Understands the policies and other external factors affecting the organization.
Communicates Effectively
Develops and delivers multi-mode communications that convey a clear
understanding of the unique needs of different audiences. For example, ensures
a free flow of information throughout the organization. Delivers messages
effectively to all levels of the organization, creates forums for people to express
themselves openly and regularly.
Develops Talent
Develops people to meet both their career goals and the organization's goals.
For example, builds long-term succession for key roles. Builds a learning culture
in the team, uses teachable situations to offer insightful coaching. Recommends
and facilitates activities and assignments that help people grow.
Manages Ambiguity
Operates effectively, even when things are not certain or the way forward is not
clear. For example, sees and seizes possible opportunities in unknown
situations. Steers others skillfully with a stabilizing presence and clear targeted
coaching in order to make significant progress.
Manages Complexity
Makes sense of complex, high quantity, and sometimes contradictory information
to effectively solve problems. For example, sees the systematic elements of
issues' the major connections, linkages, and interdependencies. Ensures the
organization has reliable ways to gather needed information.
Being Resilient
Rebounds from setbacks and adversity when facing difficult situations. For
example, shows great composure, a positive attitude, and strong judgment, even
in adverse situations; gains maturity and wisdom and shares life lessons with
others. Responds resourcefully to crises, helps others remain productive and
positive.
Ensures Accountability
Holds self and others accountable to meet commitments. For example,
emphasizes accountability, measures organizational performance against goals,
addresses poor team performance, does not accept blaming others or excuses.
Collaborates
Builds partnerships and works collaboratively with others to meet shared
objectives. For example, enhances and improves collaboration among coworkers
and with external partners. Solicits ideas from diverse colleagues, leaves space
in conversation for them; gives credit well and generously.
Directs Work
Provides direction, delegating, and removing obstacles to get work done. For
example, delegates considerable responsibility to staff with clear expectations
and targeted guidance, removing obstacles. Fosters highly efficient teams;
tracks team performance with appropriate metrics and provides feedback.
Financial Acumen
Interprets and applies key financial indicators to make better business decisions.
For example, takes anticipated returns and risks into account when determining
investment decisions. Ensures that organizational performance is being
measured by sound data, analyses, and insights.
Optimizes Work Processes
Knows the most effective and efficient processes to get things done, with a focus
on continuous improvement. For example, motivates people to produce highest quality
outcomes and pursue continuous improvement. Sees that problems are
well examined and improvements are integrated into all relevant work processes.
Persuades
Uses compelling arguments to gain the support and commitment of others. For
example, deftly explains how own ideas can advance others' interests and
address their concerns. Uses sophisticated negotiation skills; earns concessions
while building a sense of partnership. Expresses views with powerful conviction
and rationale.
SKILLS
Action Planning
Use comprehensive knowledge and skills and provide guidance and training to
others on how to develop appropriate plans or perform necessary actions based
on recommendations and requirements.
Analytical Processes
Apply expertise to act as the organizational authority on supporting research
schedules using appropriate analytical processes and procedures.
Product Development
Negotiation
Use comprehensive knowledge and skills to negotiate and provide guidance and
training to others on how to help the organization by obtaining consensus
between two or more internal or external parties who may have different
interests.
Numerical Skills
Use an expert understanding of numerical concepts to act as organizational
authority on performing mathematical operations such as report analysis.
Finance and budget process and procedures, Pricing, Strong background in
mathematics and statistics.
Compliance
Use comprehensive knowledge and skills and guide and train others to achieve
full compliance with applicable rules and regulations in management and/or
operations.
Actuarial Society of South Africa, South African Life Insurance Act and
Regulations.
Reporting
Apply comprehensive knowledge and guide and train others to create relevant,
lucid and effective reports.
Modelling
Use comprehensive knowledge and skill and guide and train others to develop
financial and economic models for planning and monitoring purposes.
Multitasking
Apply comprehensive knowledge / skill, and provide guidance and training to
others.
Data Collection and analysis
Act as the organisational authority and established expert on analyzing data
trends for use in reports to help guide decision making.
Attention to details
Apply comprehensive knowledge / skill, and provide guidance and training to
others.
Computer Skills
Independently supports business processes with comprehensive understanding
and effective use of standard office equipment and standard software packages,
while also providing guidance and training to others.
Actuarial and statistical software., Advanced Microsoft Office., Prophet and/or
Basys
Verbal and Written Communication
Apply comprehensive knowledge and provide guidance and training to others on
how to use clear and effective verbal communications skills to express ideas,
request actions and formulate plans or policies.
Presentation skills
Use comprehensive knowledge and skills to communicate with other people and
provide guidance and training to others on how to speak in a clear, concise and
compelling manner.
Planning and Organizing
Use comprehensive knowledge and skills and provide guidance and training to
others on how to plan, organize, prioritise and oversee activities to efficiently
meet business objectives.
Data mining
Apply comprehensive knowledge / skill, and provide guidance and training to
others.
Data Management
Apply comprehensive knowledge and skills and provide guidance and training to
others on how to acquire, organise, protect and process data to fulfil business
objectives.
EDUCATION
General Education
- Bachelors / Honours degree in Actuarial Science or similar (Essential)
- Qualified or near qualified Actuarial qualification with Life Insurance technical subject (Essential)
- FASSA (Fellow of the Society of SA)
- Qualified actuary (Fellow of the actuarial) (society)
- Any relevant management qualification: Degree / Diploma or relevant
- Leadership Development Program (Advantageous)
EXPERIENCE
General Experience
- 6 or more years Actuarial work experience in financial services (Essential)
- 5 years’ experience in Life Insurance Valuations and Life Insurance Pricing (Essential)
Managerial Experience
- 6 years to 10 years' experience of planning, managing and organizing resources
- within short / medium timescales within the overall policy framework (Essential)
ADDITIONAL INFORMATION
*SAQA Accredited Equivalent - it is the onus of the applicant to provide 1Life 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 recognised 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 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.
