Gauteng: HEAD: ACTUARIAL ASSUMPTION & MODEL DEVELOPMENT VALIDATION posted by MECS Africa

Bringing solid experience from the Insurance Industry the Head will be required to deliver on the below work outputs, responsibilities and their individual contribution.

1. 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. 

2. 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 

3. 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 

4. 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. 

QUALIFICATIONS AND EXPERIENCE  
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 

CRITICAL 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. 

Making decisions:
Is determined and decides on actions; willingly assumes responsibility; is 
definitive and stands by own decisions. 

Producing output:  
 Embracing Change:
Copes with change and variety; tolerates uncertainty and ambiguity; adapts to new challenges