Closing Date 2023/09/20
Reference Number LAN230906-3
Job Title Senior Actuarial Analyst [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 Senior Actuarial Analyst is to support the Head: Actuarial Short Term & Life with product development and pricing, technical valuations (internal management accounts, IFRS and SAM), forecasting, reinsurance, capital management, asset-liability modelling, risk analytics, regulatory reporting and producing periodic reports for both LBIC and LBLIC.
2. Part of the function is to implement sound effective actuarial governance processes, conduct actuarial investigations, derive, maintain and update the actuarial assumptions, actuarial models and methods used in the company.
3. The Senior Actuarial Analyst will assist the Head: Actuarial Short Term & Life with product insights, competitor analysis, market trends, data insights, research and advanced analytics to enhance growth, profitability, improve operational efficiency and balance sheet optimization.
4. This position will work hand-in-hand with the Corporate Actuarial Analyst, Pricing Actuarial Specialist and Investment Specialist, primarily from running with corporate actuarial calculations of LBIC/LBLIC, including product development and pricing-related projects and conducting asset-liability management and monitoring in conjunction with the investment consultant.
5. The Senior Actuarial Analyst will report to the Head: Actuarial Short Term & Life.
Key Performance Areas
Corporate Actuarial (IFRS17, SAM, ORSA)
1. Develop, enhance continuously and implement valuations (IFRS17 and SAM) cash flow and capital models (economic capital and/or regulatory capital) including their automation.
2. Development of processes and data extracts to feed into IFRS17 actuarial calculations and associated methodologies and documentation in line with relevant legislation:
3. Perform the calculations of the Liquidity Shortfall Indicator as per the regulatory requirements to the Prudential Authority.
4. Operating the SAM regulatory capital model and continuously improving and automating various models.
5. Developing and testing controls and various capital allocation methodologies.
6. Developing the automation of the whole valuation process from input data to actuarial output.
7. Maintain the ORSA model and identify areas of improvement.
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. Review and enhance existing products and solutions and support product development initiatives.
4. Research, develop new and innovative products.
5. Product management, ensuring all product and pricing related documents for the product are reviewed and maintained appropriately.
6. Develop, enhance and implement new rating and pricing models for existing and new products.
7. Produce appropriate calculation tools and/or quotation tools in collaboration with sales and operations departments and IT.
8. Perform mix of business, claims, expense, new business, lapse and loss ratio analysis.
9. Calculation of actual experience compared against pricing assumptions and propose adjustments as-and-when required.
Data Collection and Analysis
1. Collate data from the reinsurers/reinsurance broker and operations department and conduct the necessary reinsurance and risk analytics.
2. Maintaining research and development database of products.
3. Maintain the highest standard of technical competence
4. Ensure the definitions and assumptions are aligned to the problem statement.
5. Integrate data from other sources to inform the models.
6. Develop actuarial assumptions, verify, maintain and update them on an annual basis.
7. Input data to actuarial models accurately and test it against historical data.
Reinsurance Analytics and Investment Operations
1. Evaluation of reinsurance structures and other forms of risk transfer arrangements including determining optimal reinsurance or risk transfer structure.
2. Monthly and annual market risk and credit risk analytics in collaboration with the Investment Consultant.
3. Reinsurance Analytics/Reporting in collaboration with the Operations department.
4. Risk Analytics in collaboration with the Risk department.
5. In conjunction with the Investment Specialist and/or Investment Consultant, conduct, enhance or review asset-liability matching and modelling exercises to ensure that LBI’s investment strategy and strategic asset allocation is in line with LBI’s risk strategy, risk appetite, liquidity needs and optimizes capital requirements and investment return.
Reporting And Profitability Analysis
1. Manage monthly, quarterly, semi-annual and annual reporting as well as deliverables for both internal and external stakeholders. Ensure timely submission of various periodical reports to the Head: Actuarial Short Term & Life or Senior Management.
2. Perform product research, profitability analysis, product competitor analysis, market feasibility studies, and actuarial investigations and propose remedial action where necessary.
3. Cross functional collaboration, providing input and guidance on product related elements across the value chain.
4. Assist the Head: Actuarial Short Term & Life with the deliverables, preparation and reporting of Pricing Committee matters.
5. Product performance monitoring.
6. Provide analytics and trends into internal product and changes in the market landscape.
7. Monthly and quarterly reporting of risks on risk register.
8. Effectively assess and report on problem areas.
9. Ensure timely submission of various periodical reports to the Head: Actuarial Short Term & Life or Management or Senior Management.
|
PREFERRED MINIMUM EDUCATION AND EXPERIENCE
1. Relevant 3/4-year qualification in Actuarial Science or Mathematical Statistics.
2. At least 6 actuarial exemptions from the Actuarial Society of South Africa (“ASSA”) or from a recognized professional actuarial body (e.g. Institute and Faculty of Actuaries).
3. 3-5 years Actuarial Experience in Life and/or Short-term Insurance Industries. Agricultural specific insurance will be advantageous.
4. 3-5 years Previous experience in a corporate (IFRS, SAM and/or ORSA) actuarial environment is crucial.
5. 3-5 years Previous experience in pricing, product development or reinsurance will be advantageous
Critical Competencies
1. Knowledge of Actuarial Software or Programming/Database Language (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 Statement, 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 and Pricing
8. Reinsurance (short term and/or life insurance)
9. Asset-Liability Modelling (“ALM”)
10. Statistical/Actuarial models and Analytical Methods
Additional Requirements
1. Travel as and when required
2. Extended hours as and when required
|
English 
FRENCH
