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22 May 2017

Full-Time Actuarial Services Manager

To plan, direct, and manage the end-to-end actuarial activities for the Company and provide actuarial input for the determination of the current and future profitability of subsidiaries and the Group – Posted by Bankprofile Harare, Harare Province, Zimbabwe

Job Description

To plan, direct, and manage the end-to-end actuarial activities for the Company and provide actuarial input for the determination of the current and future profitability of subsidiaries and the Group.  Reporting to the Chief Operating Officer this key responsibilities and duties of this role will be to:

  • Participate in the formulation of the Company’s strategy as member of the Exco team.
  • Develop, implement and manage actuarial strategies, policies and processes in line with overall business strategy to improve the earnings of the company, as well as to develop new business prospects and future manpower capability
  • Ensure that actuarial calculations, documentation and reporting comply with statutory and regulatory requirements.
  • Oversee the actuarial valuations and reporting for Company’s business units.
  • Calculate the financial results of the company by conducting experience analyses based on mortality rates, expenses per policy, etc, to develop reasonable assumptions for price-setting and ensuring sufficient reserves, i.e. for projection of future financial results
  • Conduct Financial Soundness Valuation (FSV) on the various product lines to determine accurate actuarial reserves
  • Conduct experience analyses for annual actuarial budgeting purposes and set reasonable assumptions for measuring company performance and growth at year-end
  • Ensure the preparation of the annual budget for the Actuarial department and manage expenditure in line with approved budgetary parameters
  • Develop, price, and profit-test new life insurance products on an ongoing basis as required
  • Monitor profitability of existing products on an annual basis or as required by reviewing pricing
  • Ensure the safekeeping of new product documentation and develop product specifications as agreed by the Product Development Committee, as well as policy wording to ensure consistency of information and pricing assumptions
  • Develop, document and maintain all actuarial systems and models including:
  • Pricing models
  • Valuation models
  • Configuration of administration systems

The ideal position holder should have:

  • Qualified Actuary (Fellow of the Institute of Actuaries) or at least…..passes towards an Actuarial qualification.
  • A minimum of six (6)years experience in the insurance industry, preferably in actuarial valuation, embedded value calculation and product development
  • At least three (3) years of these should have been in a general management capacity with the responsibility for strategic planning, actuarial valuation, budgeting, and product development
  • Strategic visioning & execution with business or commercial orientation
  • Team leadership and management
  • Insurance regulation & corporate governance

 

 

Job Categories: Acturial and Risk Management. Job Types: Full-Time. Salaries: negotiable.

Endless.

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