Junior Actuarial Analyst
Company: 1Life Insurance
Location: Gauteng
Date Posted: 2024/09/16
Job Type: Permanent
Positions Available: 2
Salary: Market Related
Job Reference Number: J0190008
About the Company
1Life is a licensed life insurer committed to transforming the South African life insurance industry into one that is customer-friendly and service-oriented. 1Life is a wholly owned subsidiary of Clientele Limited.
Job Purpose
Provide support to senior analysts and managers in the 1Life Actuarial team. Use actuarial models to address business problems, model scenarios, and provide solutions for business improvement.
Key Responsibilities:
Model Deployment and Testing
- Support systems changes planning and delivery.
- Conduct impact and sensitivity analysis on pricing and profitability.
- Provide insight into how pricing changes affect policy growth and profitability.
- Assist in model testing, performance monitoring, and tracking pricing changes.
Data Collection & Analysis
- Use various data sources to analyze business impacts.
- Extract, verify, and reconcile data for actuarial models, ensuring completeness and accuracy.
- Align assumptions and definitions with business problem statements.
Actuarial Modeling
- Assist in the development and maintenance of actuarial models.
- Document model processes, definitions, assumptions, and usage scope.
- Ensure proper processes are in place to reduce modeling risks and support new users.
Improvement & Innovation
- Identify inefficiencies and assist with solutions.
- Keep up with business developments and proactively develop actuarial solutions.
- Maintain research into actuarial techniques to enhance business efficiencies.
Business Requirements Identification
- Assist in collecting business requirements and delivering within the product development and pricing framework.
- Support the Actuarial control cycle through development, deployment, and monitoring.
- Help manage key business metrics, including the value of new business, embedded value, and product line profitability.
Stakeholder Engagement
- Engage with internal stakeholders (Sales and Marketing) and keep them informed of project outcomes.
- Work with external stakeholders to find appropriate product development solutions.
- Maintain service levels for business requests and provide actionable feedback.
Insights & Reporting
- Contribute to preparing data and analytics reports.
- Present insights and recommendations to stakeholders and ensure data is validated.
Operational Compliance
- Adhere to organizational policies, procedures, and regulatory standards, and maintain compliance with the Actuarial Society of South Africa’s integrity standards.
Performance Management
- Manage personal workflow, meet quality standards, and leverage performance management systems to improve efficiency.
Job Requirements:
Education:
- Grade 12 / SAQA Accredited Equivalent (Essential)
- Bachelor’s degree in actuarial science or similar (Essential)
- Progress toward Actuarial qualification (Advantageous)
Experience:
- 1+ years of actuarial work experience in financial services (Advantageous)
- Experience with Prophet software (Advantageous)
Applicants must provide certified evidence of qualifications. Compliance with Financial Sector Conduct Authority (FSCA) competency requirements is mandatory. By applying, you consent to having your qualifications verified.
This role offers a challenging opportunity to support actuarial analysis and innovation within the life insurance space. Perfect for those with an eye for data and a drive to optimize business processes through actuarial models.
