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With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Responsible for providing support in terms of data, modelling and calculations to the Actuarial team to ensure delivery on valuations, profitability monitoring, capital calculations and new products. Provide support for reporting to the regulators and the Absa Group.
Perform all other duties as reasonably assigned.
Accountability: Data and model development (30 %)
• Perform data checks and create model point files
• Ensure that the data reconciles with the financials and perform other data checks to ensure the data is correct and credible.
• Liaise with Group Actuary and Statutory Actuary to ensure that the data reconciliations are signed off according to the Absa Group valuations timelines.
Accountability: Liability valuation and financial reporting (40 %)
• Support the valuation team to perform the liability valuation, regulatory capital calculation and embedded value calculation.
• Provide support to calculate the regulatory and published disclosures
Product Development (30%)
• Support the execution of the product strategy in an agile manner
• Understand the customer need and specific customer problem the business are solving for in designing product solutions that differentiates itself from the market
• Support the design of innovative solutions that consider the end to end customer journey and policy lifecycle
• Understand the competitive landscape and general commercial and economic environment through market research in order to help inform product design
• Collaborate with functional support and risk areas in the product design process. This includes Customer Experience, Distribution, Underwriting, Claims, Policy Servicing, Fraud, Legal, Risk, Compliance, Technology, etc.
• Development and reporting of key performance and experience monitoring metrics
• Support formal product reviews
• Analyse product profitability and recommend product design changes where necessary
• Understand and ensure adherence to regulatory requirements and internal governance and control policies and procedures
Perform all other duties as reasonably assigned
Bachelor’s Degree: Actuarial Science (Required)