Closing Date 2023/07/03
Reference Number LAN230425-2
Job Title Pricing Actuarial Specialist [Centurion]
Division Land Bank Insurance Company
Unit LBIC
Job Type Classification Permanent
Location - Country South Africa
Location - Province Gauteng
Location - Town / City Centurion
JOB ADVERT SUMMARY
The Land and Agricultural Development Bank of South Africa (Land Bank) is South Africa’s only specialist agricultural bank established in 1912, the bank’s sole objective is to serve South African commercial and emerging farmers and bring specially designed financial services within their reach. These services enable farmers to finance land, equipment, improve assets and obtain production credit. The Land Bank provides financial services that have moved with the times and continues to provide services to agri-business and constantly reviews its offerings to ensure that they match the needs of an industry. As change has swept across the sector in South Africa the socio-economic makeup of agriculture has altered, bringing new entrants from historically disadvantaged backgrounds on to the land, these new farmers, facing the challenges of establishing sustainable agri-businesses across the agricultural value chain, Land Bank has been a commercial lifeline offering appropriately designed financial products that facilitate personal and commercial viability in a sector that is vital to the sustainability of South Africa and its people.
MAIN PURPOSE OF THE JOB
1. The role of the Pricing Actuarial Specialist is to support the Head: Actuarial Short Term & Life with all product development and pricing functions.
2. The Pricing Actuarial Specialist will clean, consolidate, validate and analyse data including policy movements, data reconciliations and preparation of actuarial investigations in order to come up with a pricing basis and models for purposes of technical pricing of the company’s products for both short-term and long-term insurance businesses.
3. Part of the function is to build and implement pricing models that include system implementation and documentation of the modelling process, monitoring loss ratios and other key performance indicators to identify opportunities to improve pricing models and/or product design features.
4. The Pricing Actuarial Specialist will research, develop, design and enhance products (crop, agri-asset, individual life and group life) to enhance the product offering to clients, including profit testing and product management.
5. This position will report to the Chief Actuarial Officer.
KEY PERFORMANCE AREAS
Corporate Actuarial (IFRS17, SAM, ORSA)
1. Assist with valuations (IFRS17 and SAM), cash flow and capital models (economic capital and/or regulatory capital).
2. Assist with IFRS17 actuarial calculations for any new products or enhancement of products.
3. Calculation of actual experience compared against valuation assumptions.
4. Assist with solvency projections as a result of new business and/or enhanced products.
5. Assist with the scenario and stress tests calculations in the periodic Own Risk and Solvency Assessment (“ORSA”) process for any new business and/or enhanced products.
6. Assist with calculations of Embedded Value and Value of New Business periodically i.e. profit testing of new and existing products and report to the Chief Actuarial Officer.
7. Provide an input in periodic risk reports on technical provisions, capital requirements, key risk indicators and ORSA process.
8. Make an input into risk appetite metrics compared against the risk limits periodically.
9. Calculate the impact that the company’s strategy and corresponding financial projections will have on the company’s solvency over the business planning horizon.
Product Development and Pricing
1. Perform technical pricing on new and renewal business (crop, agri-asset and individual credit life).
2. Pricing of new group schemes and reviewing of existing group schemes based on claims experience.
3. Assist in the review and enhancement of existing products and solutions and support product development initiatives.
4. Assist in researching and developing new and innovative products.
5. Assist with product management, ensuring all product and pricing related documents for the product are reviewed and maintained appropriately.
6. Calculate premium discounts to be offered and justify them.
7. Develop and implement new rating and pricing models for existing and new products.
8. Perform mix of business, claims, expense, new business, lapse and loss ratio analysis.
9. Conduct scenario testing and sensitivity analysis of various pricing assumptions.
10. Calculation of actual experience compared against pricing assumptions.
11. Provide an input into pricing basis development and enhance pricing basis annually.
Data Collection and Analysis
1. Analyze policy movements.
2. Integrate data from other sources to inform the pricing models.
3. Input data to pricing, reserving and capital models accurately and conduct profit testing.
4. Compare actual experience against expected experience, produce AvE and advise on appropriate actions to be taken.
5. Assist with data analysis to support various areas of LBI (reinsurance, underwriting, risk management, sales and management) which includes predictive analytics and artificial intelligence.
Reinsurance Analysis
1. Collate data from the reinsurers/reinsurance broker and operations department and conduct the necessary reinsurance analytics prior to reinsurance renewals.
2. Run models for assessing the impact of reinsurance and other risk transfer mechanisms.
3. Evaluation of reinsurance structures and other forms of risk transfer arrangements including determining optimal reinsurance or risk transfer structure.
4. Reinsurance Analytics/Reporting in collaboration with the Operations department.
5. Assist the Head: Actuarial Short Term & Life and Operations Department in engaging with reinsurers/reinsurance brokers on rating and product decisions.
6. Ensure timely submission of various periodical reports to the Head: Actuarial Short Term & Life or Management or Senior Management.
Actuarial Investigations And Profitability Analysis
1. Effectively identify problem areas related to product and pricing and report to the Chief Actuarial Officer.
2. Embedded Value calculations and preparation of value of inforce and Value of New Business metrics or Key Performance Indicators.
3. Ensure that all policies and procedures are adhered to.
4. Provide input for the periodic reports to the Product Development Committee (and Pricing Committee) on Product specific issues.
5. Investigate all actuarial requests of internal and external stakeholders including internal/external auditors as well as regulators, and provide timely feedback as requested.
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PREFERRED MINIMUM EDUCATION AND EXPERIENCE
1. Relevant 3-year qualification in Actuarial Science or Mathematical Statistics and a student member of the Actuarial Society of South Africa (“ASSA”).
2. At least 3 actuarial exemptions from ASSA or from an equivalent recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).
3. 2-4 years Actuarial Experience in Life and/or Short-term Insurance Industries either in product development and/or pricing. Agricultural specific insurance will be advantageous but not essential. Previous experience in a corporate (IFRS, SAM and/or ORSA) actuarial environment is advantageous but not essential.
4. At least 3 actuarial exemptions from ASSA or equivalent recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).
CRITICAL COMPETENCIES
1. Knowledge of Actuarial Software or Programme/Database (VBA, SQL, PowerBI, R, Python, Basys, Moses, Prophet, or similar)
2. Advanced Microsoft Office
3. Relevant legislation applicable to insurance companies such as the Insurance Act of 2017 and associated Prudential Standards Financial Soundness for Insurers as well as International Financial Reporting Standards (“IFR17”)
4. Actuarial Methodologies - Knowledge and understanding of the principles, regulations and legislation pertaining to acceptable actuarial policies
5. Ability to understand Financial Statements, Accounting Ratios and Risk Metrics
6. Short term and/or Life Insurance Corporate Actuarial (SAM, ORSA)
7. Short term and/or Life Insurance Product Development & Pricing
8. Reinsurance (short term and/or life insurance)
9. Predictive Analytics and/or Machine Learning
10. Statistical/Actuarial models and Analytical Methods
ADDITIONAL REQUIREMENTS
1. Travel as and when required
2. Extended hours as and when required
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