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Job Description

The Old Mutual Legacy and Product Management Team is seeking a suitably qualified individual for a Senior Actuarial Specialist role. The Legacy & Product Management team is responsible for product management and performance for both savings and income closed products in the Old Mutual retail market.  

This exciting opportunity offers exposure to an interesting combination of technical and business issues.  The role requires a technically sound individual, who can collaborate effectively with various teams and stakeholders at all levels.  This is a unique opportunity as the incumbent will play an important 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. 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.

The successful candidate’s focus will largely be to support strategically significant projects (of various sizes) for the book, while running with smaller projects and BAU work (business as usual). 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 delivering fair customer outcomes, change management and execution, to dig in and drive these changes across the line.

Role Qualifications, Skills and Experience:

Actuarial student with a minimum of 10 credits with at least 2 years actuarial experience. (Senior Actuarial student / Actuarial student making good progress with Actuarial exams / Nearly qualified actuary with substantial actuarial experience.

Product experience would be a distinct advantage.

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

Analytical

Good interpersonal and communication skills.

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

The appointment may be made at a lower role size depending on exam progress and 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 Actuarial Specialist, Senior Actuarial Specialist (OMAO) and Senior Specialist: Actuarial Underwriting.

ResponsibilitiesActuarial Analysis, Assumptions and Insights

Analyze, interpret, and present data ensuring the completeness, accuracy, and appropriateness of all insurance data used in order to contribute to the production of actuarial analyses, assumptions and insights. Conduct research and request relevant information to enable analysis of key themes and trends using primary data sources and business intelligence tools.

Actuarial Calculation of Funding Requirement

Contribute to the evaluation of funding contributions, like employee benefit schemes, and to the development of recommendations for future funding contribution levels.

Actuarial Model Creation and Maintenance

Develop and maintain 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 product features and benefits 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

Ensure the organization is not exposed to undue risks by using risk, financial management and control systems to achieve specific goals within a designated area of the business.

Actuarial Financial Reporting

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

Compliance

Maintain and renew a deep knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct, and ensure own work adheres to required standards. OR Identify, within the team, patterns of non-compliance with the organization's policies and procedures, and with relevant regulatory codes and codes of conduct, taking appropriate action to report and resolve these and escalating issues as appropriate.

Improvement/Innovation

Identify shortcomings in existing processes, systems, and procedures, and use established change management programs to address them.

Skills

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

Competencies

Balances Stakeholders

Builds Networks

Business Insight

Collaborates

Communicates Effectively

Cultivates Innovation

Decision Quality

Drives Results

Education

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

Closing Date

01 February 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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