Job Description

Let's Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Pricing, product development, and new business assessment actuarial oversight across Old Mutual Insure and its subsidiaries. Monitor the pricing strategy to support the growth and development of the business through a risk-based pricing model across all product sets and distribution mechanisms nationally. Collaborate across actuarial functions to build strong actuarial standards and capabilities in pricing and product development. Support the ACF team on other second line reviews including reserving, SAM and IFRS 17.

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.

• Provide required oversight in areas of the business requiring actuarial sign-off (including pricing, product development, reinsurance, proposed transactions and others).

• Support the approval process of all new products and amendments to products.

• 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 premium rates, technical provisions and capital requirements.

• Conduct regular rate adequacy analyses to assess the appropriateness of current premium levels and identify opportunities for pricing refinement.

• Monitor portfolio profitability by product, segment, channel and underwriting cohort, identifying adverse trends and emerging risks.

• Support the development and review of underwriting guidelines to ensure alignment with pricing strategy and risk appetite.

• Assess the sufficiency and quality of the data used for pricing,

• Review of the calculation of risk-based premiums.

• Review due diligence projections for new business acquisitions.

• Engage with pricing teams across the business for best practice pricing strategies, rate changes, price strength analysis and reporting.

• Review actuarial projections regularly.

• Support the ACF team with additional areas of reviews including but not limited to SAM calculations; Reinsurance structures and ORSA assessments.

• Review controls for all required areas with actuarial functions to assess the effectiveness of controls.

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.

Minimum Requirements

• Near or newly Qualified Actuary.

• 3-5 years’ experience in pricing within the Short-term Insurance Industry.

• Strong knowledge of GLM pricing techniques and portfolio management

• Emblem and Radar experience

• Akur8 experience advantageous

• Strong knowledge of machine learning

• Stakeholder management

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/

https://www.linkedin.com/posts/old-mutual-insure_i-work-at-old-mutual-insure-of-course-activity-7161674472469524483-w0j6-utm_source=share&utm_medium=member_desktop

Please note that, unfortunately, we cannot accept any applications after the closing date

Skills

Competencies

Balances StakeholdersBuilds Effective TeamsBuilds NetworksBusiness InsightCommunicates EffectivelyDevelops TalentDirects WorkDrives Results

Education

Bachelor of Science (BS): 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!