Job Description
In order to be considered the following is required:
- 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
Responsibilities:
Data Analysis and Reporting:
- 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:
- 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:
- 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:
- 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:
- 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:
- 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:
- 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
Information displayed above not limited to advertisement.
Please consider your application as unsuccessful if you have not received a response within 14 days of submitting your application.
How to Apply
Click the green “Go Apply” button below to apply directly online with the employer.
About Other Insurance Jobs in Gauteng
The Other Insurance (OI) industry is a significant sector in Gauteng, South Africa, offering a range of career opportunities for professionals with the right skills and experience. Typically, OI roles are in demand across various industries, including financial services, technology, and manufacturing, as companies seek to manage and mitigate risks associated with their operations.
Generally, OI specialists in Gauteng can expect salaries that vary widely depending on factors such as level of experience, company size, and industry sector. While broad salary ranges cannot be provided due to the variable nature of these factors, it is common for experienced OI professionals to earn between R600 000 and R1 200 000 per annum, while entry-level roles may start at around R300 000 to R500 000 per annum. However, salaries can fluctuate depending on individual circumstances.
Common skills required for OI roles in Gauteng include expertise in financial management, risk analysis, data interpretation, communication, and project management. Other essential skills often include proficiency in insurance software, analytical thinking, problem-solving, and the ability to work under pressure. Many OI professionals also hold relevant certifications or degrees in fields such as actuarial science, business administration, or economics.
The financial services sector is a significant employer of OI professionals in Gauteng, with other industries such as technology and manufacturing also commonly hiring for these roles. Other sectors that may employ OI specialists include healthcare, construction, and logistics. In terms of career development, many OI professionals in Gauteng progress to senior roles within their current organisations or move into related fields such as risk management, auditing, or claims handling.
For those seeking a career in OI, it is essential to develop a broad range of skills and experience, often through formal education and training. Many OI professionals in Gauteng have pursued certifications such as the Fellow of the Institute of Actuaries (FIA) or the Chartered Insurance Practitioner (CIP). Building strong relationships with clients, colleagues, and stakeholders is also crucial for success in this field.
This information provides general career guidance. Actual salaries and requirements vary by employer.
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