Actuarial Analyst- IFRS17 Reserving


Your time is now to be your exceptional best at Old Mutual!


Job Description

Job Purpose


Accurate reserving is one of the key objectives of a short term insurer as it helps the business to manage its portfolio of risks more profitably.

Communication and reporting of regulatory (SAM) technical provisions results to various stakeholders is a key part of the role.

An immediate challenge for this job will be developing and implementing efficient modelling solutions and process automation for the new IFRS17 accounting standard.

This role will include significant interaction with other functions of the business (for example Finance, Risk, IT, Business units, etc.)


Job Purpose

Determining IFRS 17 technical provisions:

Produce technical provisions at levels that are appropriate and fit for purpose for the business and in compliance with accounting (IFRS 17 and other relevant international accounting standards) and professional requirements.

Complete development of new best practice methodologies and supporting investigations.
Support the development of data solutions to support actuarial reporting.
Gain a deep understanding of the impact on finance systems and identify opportunities to enhance this landscape.
Revamp impacted processes in light of the new reporting requirements. This will require the use of innovative thinking and potentially the development of new modelling techniques.
Identifying opportunities for standardisation and improved efficiency through automation or process changes.
Implementing and maintaining data and model governance.
Determining regulatory (SAM) technical provisions:

Produce technical provisions at levels that are appropriate and fit for purpose for the business and in compliance with regulatory (i.e. SAM) and professional requirements.


Review the methodology and calculation of Technical Provisions for OM Insure. This includes further automation of these processes to ensure efficiency and to reduce the risk of errors.
Provide support in ensuring actuarial best practice in the determination of technical provisions for short-term insurance licences across the Group.
Review technical guidelines in order to recommend financial and statistical assumptions.
Support methodology, assumption and dependency structures setting.
Preparation of reports for submission to senior management and the regulator.
Business Support

Data preparation to provide business support as required.
Analysis and support on business initiatives as required.
Provide support on other actuarial projects, for example development patterns for use in rate reviews provided to pricing teams.
Manage effective customer service and relations to deliver customer service satisfaction

Maintain service, quality and desired outputs within a specific functional process through ensuring compliance to tactical policies, procedures and standards.
Resolve escalated customer queries and complaints and provide feedback to customers on matters resolved.
Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.
Minimum Requirements

The role will suit technically minded individuals, ideally with in-depth knowledge of actuarial reporting and an ability to explain and reconcile different reporting bases.
The role will require a strong ability to apply commercial and innovative thinking, including around automation of actuarial reporting processes. We’d prefer that repetitive work is automated to have time to focus on business matters with deep commercial outcomes.
Specific requirements include the following:

Actuarial student with 2-3 years’ experience in general insurance or other analytical actuarial work
Strong technical and problem solving skills
An ability to work independently but be comfortable interacting with stakeholders when required
A strong sense of accountability
Ability to work under pressure
SAM / Technical Provisions / Reserving exposure preferred
VBA, ResQ and/or SAS experience would be an advantage
An interest in learning new things and exploring alternative ways of completing tasks





Skills and Experience

5 Years relevant work experience


Bachelor of Science Honours (BSc Hons): Actuarial Science (Required)

Closing Date

7 December 2020