Actuarial Specialist – Product Development (Microinsurance)
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Job Location:
Johannesburg - South Africa
Monthly Salary:
Not Disclosed
Posted on:
15 hours ago
Vacancies:
1 Vacancy
Job Summary
We are looking for an exceptional individual to fulfill a key role in the GR Microinsurance team with a focus on Microinsurance life structuring & solutions and non-life product development.
Role Purpose
You will work in a highly skilled and specialized team of motivated individuals perform technically demanding calculations and interact with all areas of the business including our cell captive clients. This is an outstanding opportunity to gain experience in a leading cell captive business develop technical skills and industry knowledge and build relationships with a wide variety of internal and external stakeholders with exposure to senior management and clients.
Duties & Responsibilities
- Data Analysis and Reporting
- Responsibilities: Collect analyze and interpret data to support actuarial functions. Prepare regular reports and presentations for internal and external stakeholders.
- Analyse mortality morbidity and lapse rates for life insurance.
- Analyse key performance metrics for non-life insurance products such as claims loss ratios frequencies and severities.
- Pricing and Product Development
- Responsibilities: Assist in the development and pricing of new insurance products. Ensure products are competitive and compliant with regulatory requirements.
- Develop pricing models for life and non-life insurance products.
- Conduct profitability analyses for new and existing insurance products.
- Assist with the structuring of new deals and finding solutions to improve structuring.
- Risk Management
- Responsibilities: Identify assess and manage risks associated with insurance products. Support the development of risk mitigation strategies.
- Perform stress testing and scenario analysis for life insurance portfolios.
- Evaluate underwriting risks for non-life insurance policies.
- Regulatory Compliance
- Responsibilities: Ensure compliance with relevant actuarial standards and regulatory requirements. Assist in the preparation of regulatory reports.
- Prepare statutory reports for life insurance products.
- Ensure non-life insurance products comply with local regulations.
- Experience Studies and Assumptions Setting
- Responsibilities: Conduct experience studies to inform assumptions used in pricing reserving and risk management.
- Analyse historical data to set assumptions for life insurance products.
- Review claims and exposure data to update assumptions for non-life insurance products.
- Collaboration and Communication
- Responsibilities: Work closely with other departments such as underwriting finance and product development. Communicate actuarial findings and recommendations effectively.
- Collaborate with the underwriting team to refine underwriting guidelines.
- Present insurance risk assessments to senior management.
- Professional Development
- Responsibilities: Stay updated with industry trends actuarial techniques and regulatory changes. Pursue continuous professional development.
- Attend industry conferences and training sessions.
- Participate in relevant actuarial exams and courses.
Requirements
- Bachelors degree in Actuarial Science Mathematics Statistics or related field
- Making good progress towards an Actuarial qualification
- Exposure to both life and non-life insurance will be advantageous
- Exposure to pricing and product development in insurance
- At least 3-5 years working experience in an actuarial role
Competencies
- Analytical thinking
- Collaborative
- Examining Information & Providing Insights
- Articulating Information
- Excellent written and verbal communication skills
- Interpreting Data
- Innovative & Generating Ideas
- Managing Tasks
- Developing Expertise
- Exploring Possibilities
Required Experience:
IC
Key Skills
- Sales Experience
- Marketing
- Customer Service
- Communication skills
- Military Experience
- Retail Sales
- Product Demos
- Customer Support
- Product Management
- Product Development
- Unity
- Microscopy
About Company
Guardrisk is the leading provider of cell captive business and alternative risk transfer solutions in South Africa.
