Manager: Actuarial

A specialist manager in the Product Development department who reports into the Senior Manager of Actuarial Business Solutions.

Main purpose of the role is to own and maintain the PPS Insurance risk product pricing models and ensure that pricing of new products or enhancements to existing products are actuarially sound.

The role will also be responsible for monitoring experience under existing products and will be the chair of the regular Claims Committee meetings. Other aspects of the product, apart from claims, will also be monitored (e.g. Premiums Under Advice, lapse experience, new business volumes and mix, etc) In addition, the role may involve leadership direction and managerial responsibilities to junior actuarial analysts who support the pricing and experience monitoring functions in the team.

Reporting to the Senior Manager: Actuarial Business Solutions this position will have interaction with other teams within the Actuarial Business Solutions department, as well as with other departments within the PPS Group (e.g. Corporate Actuarial Department, Claims and IT).

It is also expected that the incumbent interacts with the Head of Actuarial Function, reinsurance partners and other external parties.

Formal Qualifications:

• Matric.
• Fellow of the Actuarial Society of South Africa (ASSA) or Institute or Faculty of Actuaries (UK).

Knowledge & Experience:

• Must have at least 5 to 10 years of experience (product development, pricing or reinsurance experience in products similar to PPS product range will be advantageous).
• Attention to detail is critical.
• Knowledge of actuarial principles and retail insurance products.
• Knowledge and background of the financial services industry.
• Excellent verbal and written communication skills.
• Computer literate, strong Excel skills required, Access, SQL skills would be beneficial.
• Strong administration skills.
• Knowledge of MS Office.
• Proficient in the use of Prophet Actuarial modelling software.

Strategic Orientation :

• High standard of integrity, service excellence and a passion for the industry.
• Ability to think strategically, execute quality proposals under multiple and competing deadlines and work extra hours as needed.
• Driven and ambitious experienced self-starter with excellent business acumen.

Communication:

• Is articulate and communicates in a logical way and structures information to meet the needs and understanding of intended audiences.
• Expresses opinions, information and key points of view clearly and assertively.
• Is confident in conceptualising, building, and presenting plans and related presentations.
• Anticipates and responds appropriately to the needs, reactions, and feedback of an audience.
• Exceptional networker.

Computer Literacy:

• Is adept in the use of the latest MS Office package, particularly Excel, Word and Power-point.
• Proficient in Prophet Actuarial Modelling software.

Interpersonal and Intrapersonal Skills:

• Teamwork - must be able to work as a member of a team.
• Can work under pressure.
• Adaptable as business needs and priorities change.
• Has a pleasant manner and positive attitude - even under pressure.
• Good understanding of the organisations goals and objectives.
• Good interpersonal, written, and oral communication skills.
• Ability to present ideas in user-friendly language.
• Self-motivated and directed, with keen attention to detail.
• Able to prioritize and execute tasks in a high-pressure environment.
• Experience working in a team-oriented, collaborative environment.
• Leadership.
• Responsible and accountable.
• Good business acumen.

• Development and maintain actuarial pricing models for existing products and future product enhancements using actuarial modelling software (Prophet).
• Conduct pricing exercises as and when new products are introduced or w.r.t. enhancements to existing products, using actuarial modelling techniques and Prophet.
• Determine appropriate pricing assumptions for new product enhancements, with the support of product development team and perform sensitivity testing on these assumptions.
• Analysing PPS data and experience to support pricing assumptions and to support the broader business in making decisions.
• Gain approval from Corporate Actuarial and Head of Actuarial Function on pricing assumptions.
• Monitor pricing basis for existing products to assess appropriateness of assumptions.
• Propose changes to pricing basis based on emerging experience and engage with Corporate Actuarial Function to align the valuation basis with the pricing basis, where appropriate.
• Responsible for in-depth monitoring of claims trends and reporting of insights to the regular Claims Committee meeting.
• Chair the Claims Committee meeting, which includes attendees from the Group Executive Committee.
• Providing actuarial support to various other areas, and the broader business e.g. Technical Marketing, IT related investigations, testing support, etc.
• Support the Technical Marketing team with ongoing competitor investigations.
• Compilation of management reports and special investigations from time to time including support of new initiatives/enhancements to existing products via the
• PPS Product Governance framework.
• Alignment of PPS Actuarial functions with published ASSA Guidance notes, and other regulatory requirements
• Actively coach and mentor actuarial team members to enhance their work competency levels.
• Manage junior actuaries in the delivery and execution of the work deliverables.