Manager: Actuarial Analysis and Quantification

Location: Centurion

Salary: R1 028 791.00 per annum, negotiable

Purpose of the Job

Reporting to the Senior Manager: Actuarial Quantification and Claims Risk, the successful incumbent will be responsible to manage the provision of actuarial support and advice to RAF business.

Duties & Responsibilities

Manage the Calculation Models for “Loss of Earnings” and “Loss of Support” Benefits for Motor Vehicle Claims

• Participate in the development and assessment of models for loss of income compensation calculations and reports using appropriate techniques to ensure that the data is accurate, and model processes are effective, efficient, high quality, well documented and verifiable.
• Ensure that the actuarial results are correctly interpreted and applied by internal and external users.

Research and Development of Loss of Income Calculation Methodologies and Models

• Research on state-of-the-art modelling and calculation techniques and methodologies.
• Implement new and state of art calculation techniques and methodologies.
• Participate in the review and update underlying calculation assumptions and inputs to ensure relevance and appropriateness.

Manage the Provision of Actuarial Expert Advice

• Assist with interpretation of legal, medical and other information relevant for calculation of loss of Income compensation.
• Review on loss of Income calculations done by colleagues or other experts and external actuarial service providers.

Accident Data Management and Forecasting

• Participate in the development of models to forecast the number of accidents and claims.
• Manage accident data capturing, analysis and reporting from different sources.

Reporting

• Provide results in statistical and graphical form to provide information for monthly, quarterly, half-yearly and annual management reporting.
• Develop functional reporting systems, for management, projects or performance reporting.
• Prepare proposals, briefings, presentations, reports, and other documentation and provide management information both verbally and in report format.

Actuarial Investigations

• Provide investigation support on various aspects of the loss of income calculation inputs including, distributions of income by age group, geographical location, employment sectors, etc.
• Investigate the potential impact of various assumptions underlying loss of income calculations such as discount rates, mortality and morbidity rates, contingencies, earnings progression, inflation, taxation, remarriage, inheritance and accelerated benefits, etc.
• Ensure that the actuarial investigation results are correctly interpreted and applied.

Policy Review and Implementation

• Contribute to the development and implementation of departmental policy, procedures and processes.
• Keep up to date with effective policy and practice execution strategies.

Stakeholder Relations Management

• Facilitate and manage communication with relevant internal and external stakeholders and proactively and progressively manage the relationships.
• Represent the Fund in relevant external activities and events.

People Management

• Manage staff in the department to ensure that they achieve their objectives in line with the strategic objectives of the RAF.
• Manage the implementation of human capital processes and procedures to control/regulate workplace conflict and/or institute corrective measures and consultation processes to address deviations from standards.

Desired Experience & Qualification

Qualifications and Experience

• Bachelor’s Degree or Advanced Diploma in Actuarial Science/ Mathematics related qualification.
• Qualified Associate/ Fellow Actuary of (ASSA/ IFoA/ SoA/ CAS) or any other internationally recognized Actuarial Board.
• Postgraduate in Actuarial Science/ Mathematics related qualification advantageous.
• Relevant 6 – 8 years’ experience in an Actuarial environment of which 2 years must be on a manager/ supervisory level.

Technical and behavioral competencies required

• Communication.
• Network and alliances.
• Planning, organising and coordinating.
• Ethics and values.
• Change Management.
• Risk management.
• Stakeholder development and relations.
• Reporting.
• Knowledge on actuarial core principles, methodologies, forecasting and models.
• Excellent Microsoft Excel, Access and MS Word skills.
• Sound actuarial judgment.
• Strong technical background in reserving/valuations.
• Independent and creative in analysing business results, develop appropriate solutions or alternatives to problems and effectively communicating related issues and results to management.
• Excellent analytical, problem solving & data manipulation skills.

Package & Remuneration

Total cost to company applicable to this position is minimum R1 028 791.00 per annum, negotiable.

NB: “RAF offers Total Employment Cost packages with no additional contributions from the Employer, successful candidates are required to structure their packages in a manner that will suit their needs”.

Interested?

• The Road Accident Fund subscribes to the principles of employment equity and preference will be given to People with Disabilities.
• Applicants who have not received any correspondence from us within six weeks from the closing date can consider themselves unsuccessful.
• Security Vetting shall be conducted on all prospective employees.
• It is the applicants’ responsibility to have foreign qualification evaluated by the South African Qualification Authority (SAQA) and to provide proof of such evaluation.

Click here to apply

All the best with your applications