Actuarial Expert (Product Solutions: Legacy & Product Management)

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Job Description

Role Overview

The Old Mutual Legacy and Product Management Team is seeking a suitably qualified individual for an Actuarial Expert role. 

This is a unique opportunity as the incumbent will play a leading role in managing a suite of closed retail products that span the evolution of savings and risk solutions in South Africa – from reversionary bonus policies to universal life products, unit trusts and other more modern composite investment solutions. The products have significant assets under management and service more than half a million customers. 

As the regulatory environment and industry standards evolve, we need to ensure the suite keeps abreast of these changes which will require the individual to navigate a wide range of technical and business issues. The adaptability of this diverse product set requires adaptability in thinking and the ability to collaborate and execute in partnership with a wide set of stakeholders across the business – including senior management, other product areas, marketing, client servicing, IT, legal and compliance. 

While some BAU items may need oversight from the individual, the focus will largely be to drive strategically significant projects (of various sizes) for the book. This will include innovating the processes and systems on which these products are administered and driving the take-on of new closed product ranges within the team.

Highly significant changes are underway in this space, and we are looking for an individual with a passion for agile execution, change management and delivering fair customer outcomes to dig in and drive these changes across the line.

Role Qualifications, Skills and Experience required

• Nearly/newly qualified actuary with 5-6 years actuarial experience

• Experience managing a team is an advantage

• Self-starter who shows initiative and is able to drive projects to completion with minimal guidance.

• Business acumen and negotiation skills.

• Good interpersonal and communication skills.

• Ability to work on a wide range of deliverables at once.

• Product experience would be an advantage.

Please note that the appointments may be made at a lower role size depending on the successful candidates' experience.

Preference will be given to suitably qualified candidates in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Examines and summarizes statistical data by applying mathematical and statistical knowledge to unpaid claim liability, trend analysis, rate formula, forecasting, and premium analysis. Participates in the preparation of annual statements, calculation of tax related issues, and drafting of business coverage forms. OML roles mapped to this profile are: Senior Specialist Actuarial, Fund Actuary, Actuarial Expert and Senior Specialist: Reinsurance Analytics.

ResponsibilitiesActuarial Analysis, Assumptions and Insights

Create and present high-quality actuarial analyses, assumptions, insights, and reports to support business decision-making and/or business performance evaluation. Perform complex statistical analysis to enable data analysis.

Actuarial Financial Reporting

Produce complex actuarial financial information, ensuring the accurate completion of a key strand of the process to contribute to the production of statutory and non-statutory reports and other disclosures.

Actuarial Model Creation and Maintenance

Develop and maintain complex actuarial models, ensuring that the underlying structure of the actuarial assumptions are fully validated and that the models can be integrated into wider business models to enable actuarial analysis, financial reporting, and regulatory compliance.

Actuarial Product Development & Management

Develop proposals for new products and for the improvement and management of existing products that create competitive advantage, that are viable in relation to the organization's risk appetite and financial objectives, and that meet regulatory requirements.

Organizational Risk Management

Develop and/or deliver a contingency plan for significant aspects of the risk and financial management and/or control process.

Actuarial Calculation of Funding Requirement

Evaluate funding contributions, like employee benefit schemes, and develop recommendations for future funding contribution levels.

Compliance

Monitor and review performance and behaviors within area of responsibility to identify and resolve non-compliance with the organization's policies and relevant regulatory codes and codes of conduct.

Improvement/Innovation

Identify shortcomings and suggest improvements to existing processes, systems and procedures, then delivers a plan for a small element of a change management program.

Skills

Analytical Thinking, Computer Literacy, Data Compilation, Data Controls, Executing Plans, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Risk Management

Competencies

Balances StakeholdersBuilds NetworksBusiness InsightCollaboratesCommunicates EffectivelyCultivates InnovationDecision QualityDrives Results

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

01 March 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.

All prospective employees are required to disclose their vaccination status as part of the recruitment process.

Please refer to the Old Mutual’s Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.

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