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:
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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.
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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.
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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.
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Modelling of Regulatory Solvency Capital Requirements:
- Use actuarial valuation results for the FSB report and statutory reporting.
- Run model scenarios and produce necessary reports.
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Providing Executives with Strategic Plan Input:
- Apply funding models for financial projections and scenario testing.
- Report findings and manage the process.
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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.
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Actuarial Investigations:
- Investigate mortality and morbidity for loss of earnings/support benefit quotations.
- Assist with expense investigations and produce relevant reports.
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Manage Actuarial Department Risks:
- Monitor and review risk mitigation measures.
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Policy Review and Implementation:
- Contribute to policy and procedure development and implementation.
- Stay updated with policy execution strategies.
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Reporting:
- Prepare and submit reports to inform management decisions.
- Develop reports aligned with RAF’s strategy.
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Stakeholder Management:
- Manage communication with internal and external stakeholders.
- Represent the RAF in relevant external activities and events.
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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.
