Head of Reserving needed at Discovery Limited

Key Purpose

• Lead the strategic development of actuarial reserving processes and methodologies, leveraging advanced analytics to drive informed decision-making and support business development. Foster innovation and collaboration across teams, shaping the future of the reserving function in a dynamic, growth-oriented environment.

Areas of responsibility may include but are not limited to

Core Corporate Actuarial function

Reserving estimation:

• Lead the development, enhancement and implementation of robust reserving processes and methodologies using actuarial and advanced modelling techniques.
• Monitor experience and assess reserve adequacy, making enhancements as necessary based on emerging data and trends.
• Use data analytics to analyze historical experience to assist Senior Management with strategic decision-making processes.
• Stay updated with and ensure compliance to the relevant regulatory requirements and standards (IFRS 17, SAM, APNs etc.)

Leadership and Innovation

• Define and articulate a strategic vision for the future development of the reserving function, incorporating advancements in technology, analytics, and regulatory requirements.
• Lead initiatives to streamline processes and enhance the scalability of reserving methodologies, ensuring readiness for business growth and expansion into new markets.
• Champion innovation and collaboration within the actuarial team, fostering a culture of continuous improvement and knowledge sharing.

Stakeholder Engagement

• Collaborate with underwriting, finance, claims and pricing teams to optimize the reserving process and provide feedback into strategic decision-making processes.
• Manage deliverables and relationships with external audit, Head of Actuarial Function, Group Risk and the Prudential Authority.
• Presentations to the Actuarial Committee and Senior Management on model enhancements and financial results.

Skills and Knowledge

• Proficiency in MS Office (Excel, PowerPoint and Word)
• Actuarial reserving and modelling – Advanced level
• VBA & SQL – Intermediate level
• Programming skills – R or Python (advantageous)
• Non-Life Reserving Techniques
• IFRS 17
• SAM Financial Soundness Standards (advantageous)
• Relevant Actuarial Practice Notes

Education and Experience

Education:

• Matric
• Honours degree in Actuarial Science
• Fellow of the Actuarial Society of South Africa (FASSA)

Minimum Experience:              

• 6 years proven experience in a Short-Term Insurance organization