Let's Write Africa's Story Together!
Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.
Design, develop and lead the implementation of the actuarial risk framework in a multi-channel / multi-product business to support reserving, financial reporting and regulatory SAM processes. Performs actuarial analysis to provide advice and problem-solving input to others in particularly complex situations. Provide independent in-depth analysis to monitor reserve adequacy. Collaborate across actuarial functions to build strong actuarial standards and capabilities in Solvency Assessment & Management (SAM). Report writing of reviews done and recommendations identified.
Responsibilities
Support the implementation of an actuarial risk framework in a multi-channel / multi-product business to enable data-driven, strategic decision-making
Ensure best practice actuarial frameworks and processes are followed.
In collaboration with the Head of Actuarial Control Function, ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions and capital requirements.
Review of the calculation of technical provisions as required.
Review the build, parameterisation, refinement and validation of the organisation’s internal capital model.
Review the use of the economic capital models for business applications (e.g. Reinsurance Structuring and Business Planning).
Ensure the economic capital model is operating in a controlled and well-governed manner.
Assess the sufficiency and quality of the data used for capital modelling, reserving and SAM calculations as required.
Review Standard Formulae Model under SAM.
Develop risk parameters for various requirements (e.g. market, operational, underwriting and non-life) using capital modelling tools.
Review actuarial projections regularly.
Review actuarial technical guidelines and methodologies as well as test and review capital models.
Support the approval process of all new products and amendments to products.
Review controls for all required areas with actuarial functions to assess the effectiveness of controls.
Provide support to risk management function including the ORSA and Risk Appetite / Strategy.
Provide required oversight in areas of the business requiring actuarial sign-off (including pricing, product development, reinsurance, proposed transactions and others).
Participate in the relevant local and OM Group governance and other structures as required.
Continuous improvement to ensure effective service
Ensure statutory and legislative knowledge is always current in order to resolve customer complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
Ensure adherence to organisational policies, practices and procedures.
Identify solutions to enhance cost effectiveness and increase operational efficiency.
Service delivery to ensure customer satisfaction
Maintain service, quality and desired outputs across the business process by ensuring compliance to tactical policies, procedures and standards.
Establish productive operational relationships with key stakeholders in the various channels and administrative teams.
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.
Ensure cost efficiency through financial and corporate governance
Contribute to the development and implementation of fit for purpose budgets.
Manage quality people practices
Align own behaviour with the organisation culture and values.
Share and transfer product, process and systems knowledge to colleagues.
Collaborate and work with the HR and IT teams to deliver required service levels.
Actively share information with other team members regarding successes, issues, trends and ideas.
Experience, knowledge & skills required
Nearly or Newly Qualified Actuary
4 – 6 years’ experience in Solvency Assessment & Management (SAM), capital modelling and reserving within the general insurance industry.
3 – 5 years’ experience in reinsurance management, pricing and underwriting would be advantageous.
Competencies
Strategic Is able to understand, identify and acts on broader opportunities in order to drive longer term, value-adding change. Applies judgement effectively. Identifies and acts on market and/or competitor trends/opportunities
Customer Putting the customer at the heart of business decisions and driving to improve value for customers.
Collaboration Creates trust, respect and builds meaningful relationships. Able to handle a wide range of relational challenges to ensure collaboration across boundaries.
Leading with Influence Influences and rallies people behind common goals; actively supports growth and inspires others to exceed expectations. Communicates clear strategies and objectives for own function.
Innovation Generates creative/out of the box solutions. Challenges the status quo and/or demonstrates ability to relate to challenges from a range of diverse but relevant perspectives. Willing to take calculated risks when introducing novel ideas.
Personal Mastery Learns and actively works to build self-awareness; develop through experience and feedback from others. Copes effectively with stress and has the resilience to take on stretching and challenging assignments. Adjusts effectively to work within new work structures; processes; requirements and cultures.
Executing Displays consistent energy, drive and perseverance in order to deliver results. Demonstrates a willingness to take calculated risks to achieve stretch performance goals.
The Recruitment Process:
TA Interview: This will be a discussion with a member of the Talent Acquisition Team to give you an understanding of our business, our culture & values and more context on the role. It will also allow us the opportunity to get to know you more and ensure OMI can meet your career aspirations.
Panel Interview: This will be with 2 members of the Senior Leadership of the Hiring Team and 1 member of the HC Leadership Team.
Technical & Psychometric Assessments: These will depend on the role and will sometimes happen concurrently with Vetting through an external service provider & Internal Verification.
Final Feedback.
All About OMI:
https://www.oldmutual.co.za/about/old-mutual-insure/
Please note that, unfortunately, we cannot accept any applications after the closing date
Skills
Action Planning, Adaptive Thinking, Agile Project Management, Data Compilation, Data Controls, Executing Plans, Financial Acumen, Identifying Customer Needs, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Negotiation, Policies & Procedures, Risk Management, Workflow Management
Competencies
Balances StakeholdersBuilds Effective TeamsBuilds NetworksBusiness InsightCommunicates EffectivelyDevelops TalentDirects WorkDrives Results
Education
Bachelor of Science Honours (BSc Hons): Actuarial Science (Required), NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent
Closing Date
24 August 2026 , 23:59
The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.
The Old Mutual Story!
Old Mutual Limited is a listed company on the Johannesburg Stock Exchange and has secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. As a Pan-African financial services company, we are focused on Africa, her needs and her people.
Together with you, we have educated our children, given more homes warmth and light, empowered small businesses and improved infrastructure in Africa. Our story will continue #WithAfricaForAfrica.
