Manager: Actuarial Valuations and Statistical Analysis

Manager: Actuarial Valuations and Statistical Analysis
Division: Investment Management
Reference No: 5401
Location: Centurion, Gauteng, ZA
Employment Type: Permanent
Disability (EE Targeted Role): No
T.A.S.K Grade: 16
Job Posting Salary: Negotiable
Job Posting End Date: 11 March 2025

The Road Accident Fund’s Mission:
The RAF’s mission is to provide appropriate cover to all road users within South Africa’s borders, rehabilitate and compensate persons injured as a result of motor vehicle accidents in a timely and caring manner, and promote safe road usage.

Purpose of the Job:
Reporting to the Senior Manager: Corporate Actuarial, the successful incumbent will manage and provide actuarial support and advice to the RAF business, focusing on valuations, funding models, benefit quotations, and statutory reporting.

Key Performance Areas:

• Valuation of Outstanding Claims Provision:

  • Build, develop, and assess models for reserving/valuation, ensuring accuracy and efficiency.
  • Manipulate data to determine reserves and develop appropriate valuation models/methods.
  • Run models, produce results, and apply sensitivity/scenario testing.
  • Oversee the actuarial results interpretation and reporting in RAF’s financial statements.

• Development and Management of Funding Model:

  • Manipulate data for future projections.
  • Develop deterministic and/or stochastic modeling methods.
  • Run models, produce results, and report funding requirements for RAF’s solvency.
  • Oversee actuarial results interpretation and application.

• Quotation of Loss of Earnings/Support Benefits for Claims:

  • Develop models and assumptions for loss of earnings/support benefit quotations.
  • Manipulate data, run models, and check results for reasonability.
  • Produce and manage the quotation process and reports.

• Modelling of Regulatory Solvency Capital Requirements:

  • Use actuarial valuation results for the FSB report and statutory reporting.
  • Run model scenarios and produce necessary reports.

• Providing Executives with Strategic Plan Input:

  • Apply funding models for financial projections and scenario testing.
  • Report findings and manage the process.

• Providing Monthly Claims Statistics for Management Reporting:

  • Extract data from the IT claims system and present in statistical and graphical formats.
  • Provide regular management reports.

• Actuarial Investigations:

  • Investigate mortality and morbidity for loss of earnings/support benefit quotations.
  • Assist with expense investigations and produce relevant reports.

• Manage Actuarial Department Risks:

  • Monitor and review risk mitigation measures.

• Policy Review and Implementation:

  • Contribute to policy and procedure development and implementation.
  • Stay updated with policy execution strategies.

• Reporting:

  • Prepare and submit reports to inform management decisions.
  • Develop reports aligned with RAF’s strategy.

• Stakeholder Management:

  • Manage communication with internal and external stakeholders.
  • Represent the RAF in relevant external activities and events.

• People Management:

  • Manage the team to achieve objectives in line with RAF’s strategic goals.
  • Oversee human capital processes, including conflict management and performance evaluation.

Qualifications and Experience:

• Qualifications:
  • Bachelor’s Degree/Advanced Diploma in Actuarial Science/Mathematics or related field.
  • Postgraduate in Actuarial Science/Mathematics is an advantage.
  • At least 8 professional actuarial exam passes/exemptions are an advantage.
• Experience:
  • 6–8 years’ experience in the actuarial environment, with at least 2 years in a management/supervisory role.

Additional Information:

• RAF offers Total Employment Cost (TEC) packages, with no additional contributions from the employer. Successful candidates will structure their packages according to personal needs.
• Preference will be given to people with disabilities in line with employment equity principles.
• Security vetting will be conducted on all prospective employees.
• Applicants must have foreign qualifications evaluated by the South African Qualifications Authority (SAQA).

Closing Date: 11 March 2025

Application:
Applicants should apply online through the RAF portal.

Important:
If you do not hear from us within six weeks from the closing date, please consider your application unsuccessful.

apply here