Head Actuarial Assumption & Model Development Validation

Johannesburg - South Africa

Monthly Salary: Not Disclosed

Posted on: 15 hours ago

Vacancies: 1 Vacancy

Job Summary

Introduction

Guardrisk part of Momentum Group Limited is South Africas leading provider of cell captive business and alternative risk transfer solutions offering tailor-made risk financing and access to professional reinsurance markets. As the market leader we specialise in innovative cell captive structures that allow clients to operate their own insurance products within a ring-fenced facility including underwriting actuarial legal compliance and financial reporting services without the costs and complexities of establishing an insurance company. Registered for most statutory classes of non-life and life insurance we provide customised cover and strategic risk solutions. Our services cater to corporates that are serious about risk management those facing complex or high-cost risks and businesses looking to offer their own branded insurance products.

Role Purpose

To provide independent review and validation of actuarial assumptions IFRS 17 and SAM basis setting Prophet and ResQ model development for both IFRS 17 and SAM and other ad-hoc activities across the first-line Balance Sheet Management functions.

Duties & Responsibilities

Responsibilities work outputs and individual contribution

Assumption and Model Reviews

Prepare assumption review and model development review workplans

Review actuarial assumptions (e.g. Lapses Mortality Expenses etc.) used in long contract boundary models

Review and pressure test contract boundary assumptions across both IFRS 17 and SAM.

Modelling and Validation

Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis including ORSA projections

Review IBNR triangulation

Results and Reporting

Provide high-level review of IFRS 17 and SAM Annual results

Document and communicate output of reviews and validations to Balance Sheet Management Functions and broader stakeholders

Governance & Oversight

Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof feeding into Head of Actuarial Function review processes.

Requirements

Qualifications

Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable)

Preferable Life practicing certificate

Experience

Minimum 10 years post-qualification actuarial experience with at least 5 years in a senior validation modelling or assumption governance role.

Knowledge

Advanced understanding of Life valuations across both IFRS 17 and SAM

Core Prophet model development capability

Advanced understanding of IFRS 17 and SAM standards

Advanced understanding of financial reinsurance mechanics

Competencies

Developing Strategies: Are comfortable leading people; coordinates and directs groups; seeks to control things.

Examining information: Analyses and processes information; asks probing questions; strives to find solutions to problems.

Interpreting Data: Interprets data rationally by quantifying issues; applies technology as a means to evaluating data; evaluates information objectively

Providing Insights: Is focused on continuously improving things; provides insights by identifying key issues; makes intuitive judgements.

IntroductionGuardrisk part of Momentum Group Limited is South Africas leading provider of cell captive business and alternative risk transfer solutions offering tailor-made risk financing and access to professional reinsurance markets. As the market leader we specialise in innovative cell captive st...