AVBOB, AFRICA’S LARGEST MUTUAL ASSURANCE SOCIETY PROVIDING A ONE-STOP FUNERAL INSURANCE AND BURIAL SOLUTION, HAS A VACANCY FOR: MANAGER: ACTUARIAL SERVICES (CORPORATE)

PURPOSE OF THE JOB:

This role is responsible for the first line actuarial life insurance valuations (Financial Soundness Valuation (FSV)), Solvency Assessment and Management (SAM) and IFRS 17) in the Society.  A team of five actuarial staff (combination of two actuarial specialists and three actuarial analysts) reports to this manager who is responsible for the coordination and management of the staff and the activities of the department.  The incumbent is primarily tasked with the production of valuation results in line with financial and regulatory reporting standards. The position reports into a General Manager. Additionally, the incumbent coordinates the actuarial systems design and function, oversees the optimisation of systems and procedures and coordinates projects across a number of disciplines to achieve objectives. Additionally, the professional performs, researches and advises across the business as an expert in the field.

KEY PERFORMANCE AREAS:

·            Management of a team of 5 actuarial staff responsible for all first line FSV, SAM and IFRS 17 valuations. This includes, but is not limited to:

Ø  Actuarial data processes.

Ø  Experience investigations of demographic assumptions (mortality, withdrawal, premium escalation take-up, retrenchment)

Ø  Valuation run setup, execution and consolidation of results.

Ø  FSV, SAM and IFRS 17 valuation reports.

Ø  Value of New Business (VNB) report.

Ø  Second-line deliverables required by the external Head of Actuarial Function (HAF) to carry out review of first-line work.

Ø  Audit deliverables and queries to ensure timeous sign-off of actuarial liabilities.

Ø  Maintenance and improvement of actuarial models (DCS, Prophet, Qlikview and Excel).

Ø  Actuarial sections of annual and quarterly regulatory returns.

Ø  IAS 19 (at and post retirement employee benefit) valuation model.

Ø  Input into ORSA scenarios and calculation of consequent ORSA cashflow projections.

·            Oversee the calibration of capital and earnings-at-risk metrics.

·            Draft of the quarterly report to Management Actuarial Committee (MAC).

·            Present the quarterly reports and valuation reports at the MAC and Actuarial and Risk Committee (ARC), a sub-committee of the Board, meetings.

·            Provide specialised input into the bonus and capital management and risk appetite.