Role Summary:
A long term insurance company is seeking an actuarial specialist. The purpose of this role is to ensure the accuracy and reliability of the products and systems from an actuarial perspective.

Duties and Responsibilities:

• Maintain optimal system accuracy and performance from a values and functionality perspective
• Provide specifications to IT team on programs used to administer business
• Implement and test automation of system programs for correctness and conduct audits on the administration system
• Assist with automation and integration of other Group divisions on the administration system
• Report to management
• Provide accurate and easily accessible information for optimal client servicing (TCF)
• Contribute to product development
• Contribute to in-house pricing
• Research of new market developments.
• Compare pricing & design of products with competitors
• Test quotation packages for new products (and product reviews)
• Assist in the development of application forms, sales aids, premium calculators, marketing material and other product material used by Sales (in compliance with legislation and ASISA Codes)
• Maintenance of reinsurance treaties
• Provide data and information to re-insurers for special projects
• Compile and submit reinsurance data and premiums to re-insurers on a monthly basis
• Validate profit-share calculation from re-insurers,
• Maintain relationship with current and potential future re-insurers
• Monitoring of actuarial valuation data
• Monitor the correctness of actuarial valuation data
• Assist IT in the preparation of systems that generate actuarial valuation data
• Assist with implementation of Valuation Report recommendations
• Provide professional input & support to the Group (amendments & general advice)
• Answer client queries of a technical nature that was escalated to Actuarial Support
• Attend to ombudsman queries of a technical nature
• Validate and audit amendments to policies where actuarial support is required
• Assist with values and product related queries from other departments (letters to be written, values queries and tax directive management)
• Updating of financial transactions
• Implementation of investment portfolio returns on the administration system
• Perform calculations of the assets held against unit accounts for re-balancing
• Monitoring of in-force business
• Monitor and analyse in-force data
• Perform experience analysis to confirm lapse assumptions and mortality/morbidity assumptions
• Administration of the Carefree Life Retirement Annuity Fund
• Produce annual RA certificates for mailing to clients
• Validate the correctness and submission of tax directives to SARS on claims
• Compilation and submission of documents and monitoring of Section 14 transfers
• Submission of SARS, SARB and other regulatory reports
• Compilation of the report for the quarterly Carefree Life Retirement Annuity Fund Trustee Meeting

Experience and Qualifications:

• B Degree Actuarial Sciences
• Progress with Actuarial Exams
• 2 - 3 years’ experience in long term insurance
• Legislation knowledge
• Code of Conduct ASSA knowledge