Duties & Responsibilities:
Manage and oversee optimal system accuracy and performance from a values and functionality perspective
- Provide guidance to IT team on programs used to administer business
- Implement and test automation of system programs for correctness and conduct audits on the administration system
- Assist with automation and integration of other Assupol Group divisions on the administration system
- Provide accurate and easily accessible information for optimal client servicing
Contribute to Product Development
- Research product feasibility from an administration system perspective
- Check compatibility with business ethics
- Contribute to in-house pricing of individual and group products
- Research of new market developments and generation of product ideas.
- Compare pricing & design of products with competitors
- Examine the terms & conditions of master policies
- Test quotation packages for new products (and product reviews)
- Assist in the development of application forms, sales aids, premium calculators, marketing material and other product material used by Sales (in compliance with legislation and ASISA Codes
Manage reinsurance treaties
- Research risk rates and reinsurance terms available in the market
- Monitor treaty monthly and recommend changes
- Manage and oversee that data and information are provided to reinsurers for special projects
- Manage and oversee reinsurance data and premiums are compiled and submitted to reinsurers on a monthly basis
- Manage profit-share payouts from reinsurers
- Maintain relationship with current and potential future reinsurers
Management of actuarial valuation data
- Monitor the correctness of actuarial valuation data
- Assist IT in the preparation of systems that generate actuarial valuation data
- Interpret actuarial report
- Discuss with management (actuarial committee)
- Manage the implementation of Valuation Report recommendations
Provide professional input & support to the Group (amendments & general advice)
- Provide input on client queries of a technical nature that was escalated by staff members
- Provide input on and monitor ombudsman queries of a technical nature
- Manage and oversee amendments to policies where actuarial support is required
- Manage values and product related queries from other Assupol departments (letters to be written, values queries and tax directive management
Manage and oversee the updating of financial transactions
- Manage and maintain the implementation of investment portfolio returns on the administration system
- Manage and oversee rebalancing reporting of the assets held against unit accounts
- Manage and oversee reporting to Investments Department
Monitoring of in-force business
- Monitor and analyse in-force data
- Manage, oversee and provide input on experience analyses of in-force business (e.g. to confirm lapse assumptions, mortality/morbidity assumptions, etc.)
Manage the administration of Assupol retail pension funds
- Manage and ensure the annual contribution certificates are completed for mailing to clients
- Manage the correctness and submission of tax directives to SARS on claims
- Manage and oversee the compilation and submission of documents and monitoring of Section 14 transfers
- Oversee the submission of SARS, SARB and other regulatory reports and compilation of the report for the quarterly Trustee Meetings
- Oversee that Finance are assisted with fund financial statements and assist Fund Valuator with fund valuations
Formal Education
B Degree Actuarial Sciences
Passed CT 1- 9
CA 1- 3 (All A Level subjects) (Advantage)
Experience
3 - 5 years’ experience in long term insurance
