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Job Description

Old Mutual Alternative Risk Transfer Limited (OMART Life) is looking for a suitably qualified individual for a role as Head of Actuarial. This position within OMART offers you the opportunity to form part of the senior management team of a diverse growing business that enables and support the launch of 1st and 3rd party life insurance cell captives.

OMART is a dynamic life insurance company and regularly interacts with various specialist areas within Old Mutual both within and outside this business unit.

Being a separately managed company with various internal and external clients the Head of Actuarial will play an important role in the reporting requirements product & pricing approvals and governance framework of OMART Life and its clients. This role presents the opportunity to manage OMARTs relationships with a variety of internal and external stakeholders get a full overview of running a life insurance company while driving innovation and transformation of the South African life insurance market.

Key Result Areas

• Responsible for risk management and governance as per the Prudential standards under the Insurance Act including ORSA and Risk Policy oversight.

• Responsible for owning all actuarial reporting deliverables processes and methodologies including the specific areas listed below

  • Producing and presenting reports to the OMART Life Board and Board Committees

  • Assisting the Head of Control Functions with reports and information requests

  • Capital Management including OMART Life representation on Capital Management Committee engagement with Balance Sheet Management and ownership of OMART Life Dividend policy calculation and recommendation for declaration to the OMART Board

  • Regulatory Solvency methodology and calculation

  • Valuation process and methodology for published statutory and tax reporting purposes

  • Prudential authority engagement submissions and information requests

  • Management of the development/maintenance of actuarial valuation models

  • Experience investigations and product monitoring

  • Data management in support of reporting requirements and monitoring deliverables

  • Reinsurance process owner

  • Business planning and forecast submissions

• Member of the Cell selection and onboarding Committee

• Responsible for monitoring and updating of OMART and client investment mandates

• Liaise with a wide range of internal and external stakeholders on actuarial matters

• Manage communication of actuarial changes to external stakeholders

• Manage a team including actuarial specialists

Requirements: Skills Qualifications and Experience required

• Qualified Actuary

• Minimum of 8 years Life Actuarial experience

• Valuation experience is essential

• IFRS 17 experience is essential

• 23 years Middle/Senior Management Experience

The following would also be advantageous:

• Cell captive experience

• Experience of presenting and engagement with senior stakeholder including Boards of Companies

• Experience with Prophet and/or DCS or similar actuarial modelling packages

• Experience in process improvement and optimisation

Personal attributes:

• Selfstarter who shows initiative and is able to drive projects to completion with minimal guidance.

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

• Strong sense of ownership.

• Strong communication skills both written and verbal.

• The ability to work with detail yet maintain a big picture perspective

• Ability to gather a wide range of information filter and then use in making sound and balanced decisions.

• Strong business acumen

Manages a line of business with a team of insurance actuaries. Conducts research and recommends policies to assist with the organizations financial structure completes financial projections and performs actuarial analysis. Provides advice and problem solving input to others in particularly complex situations. OML roles mapped to this profile are: Senior Manager: Treaty Reinsurance Senior Manager : Catastrophe & Climate Change Modelling Actuarial Manager
Actuarial Manager (OMAO) Head: Pricing & Underwriting Commercial & Rest of Africa Head: Pricing and Strategy Head: Underwriting Personal Lines and Senior Manager: Pricing.

Responsibilities

Actuarial Analysis Assumptions and Insights

Manage the creation and presentation of complex highquality actuarial analyses assumptions insights and management reports providing guidance to others in complex or ambiguous situations to support business decisionmaking and/or business performance evaluation. Perform complex statistical analysis to enable data analysis.

Actuarial Model Creation and Maintenance

Manage the development and maintenance of actuarial models for a significant product line ensuring full integration with wider business models to enable actuarial analysis financial reporting and regulatory compliance.

Actuarial Product Development & Management

Develop proposals for significant or complex new products and for the improvement and management of existing products that create competitive advantage that are viable in relation to the organizations risk appetite and financial objectives and that meet regulatory requirements.

Actuarial Financial Reporting

Manage the production of statutory and nonstatutory actuarial financial information reports and other disclosures relating to for example a product line local legal entity or market segment.

Leadership and Direction

Identify and communicate the actions needed to implement the functions strategy and business plan within the business area or department; explain the relationship to the broader organizations mission vision and values; motivate people to commit to these tenets and do extraordinary things to achieve local business goals.

Performance Management

Manage and report on performance within the department or area of responsibility; set appropriate performance objectives for direct reports and hold individuals accountable for achieving them; take appropriate corrective action where necessary to ensure the achievement of annual business objectives.

Organizational Risk Management

Manage a significant portion of the organizations risk financial management and/or control process.

Compliance

Monitor and review performance and behaviors within area of responsibility to identify and resolve noncompliance with the organizations policies and relevant regulatory codes and codes of conduct.

Organizational Capability Building

Use the organizations formal development framework to identify the teams individual development needs. Plan and implement actions including continuing professional development specified by professional or regulatory institutions to build their professional capabilities. Provide informal training or coaching to others throughout the organization in own area of expertise to enable others to improve performance and fulfill personal potential.

Skills

Action Planning Adaptive Thinking Agile Project Management Data Compilation Data Controls Executing Plans Financial Acumen Identifying Customer Needs Information Management Insurance Product Management Insurance Sales Legal Practices Negotiation Policies & Procedures Risk Management Workflow Management

Competencies

Balances Stakeholders

Builds Effective Teams

Builds Networks

Business Insight

Communicates Effectively

Decision Quality

Ensures Accountability

Financial Acumen

Education

NQF Level 9 Masters

Closing Date

08 May 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.

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