Valuations and Modelling Actuary - Capitec Life Limited
(2023-06)
- Reporting on the Solvency Assessment and Management (SAM) basis which includes performing calculations for the Solvency Capital Required (SCR), Best Estimate Liability (BEL) and the Risk Margin.
- Draft periodic and ad-hoc management reports on the SAM results.
- Perform periodic analysis on the change of the SAM solvency position, unpacking the underlying drivers of the changes for the SCR, BEL and Risk Margin.
- Developing and maintaining actuarial models used for SAM reporting, including updating allocated parts of the input tables required for the calculation of the SCR, BEL and Risk Margin.
- As allocated by management, investigate and report on different methodologies allowed under the Financial Standards of Insurers (FSIs), e.g., to identify the optimal methodology to calculate the SAM Risk Margin, considering operational implications and the impact on the solvency cover ratio.
- Perform ad-hoc reporting required by the Regulator (e.g. completing results which are used for industry surveys).
- Take ownership of assigned sections of the actuarial valuation inputs required for the Own Risk and Solvency Assessment (ORSA) process. This includes performing capital projections and sensitivities on a range of capital metrics.
- Embed controls throughout relevant sections of the actuarial valuation process.
Senior Actuarial Specialist - Old Mutual Wealth
(2022-08 - 2023-05)
- Owning the economic model that is used for setting out key performance indicators (KPI's), and keeping this relevant for changes to the business
- Keeping the economic model up to date with latest assumptions and data
- Peer review of actuarial reporting from the Finance Actuary. This includes, amongst other things, Solvency Capital and Value of New Business
- Partnering with the business and other stakeholders to drive any changes required in how the KPI's are reported or calculated
- Assisting with consolidated monthly reporting of the Old Mutual Wealth cluster, analyzing the drivers of profitability and variances to other periods, writing commentary on the results and providing insights to Exco
- Keeping abreast of the competitor landscape, building a database of competitors performance and packaging this for presentation and discussion with the CFO and Exco
Actuarial Risk Analyst - Munich Reinsurance of Africa
(2019-07 - 2022-07)
- Compiling and writing the ORSA Report as well as ensuring that all ORSA requirements are met. Presenting the ORSA Report to relevant stakeholders (i.e. Executive Management and Board of Directors).
- Review and monitoring of risk limits, risks identified in the risk register, internal and external risk environment, including the internal control system.
- Reporting on risk limits and risk matters in the quarterly Internal Risk Report. Presentation and communication preparations.
- Annual review and update of risk management policies
- Providing support to the life and non-life solvency capital actuarial modelling teams, when applicable.
Associate Actuarial Analyst - South African Reserve Bank
(2018-04 - 2019-06)
I moved from the former South African insurance regulator, Financial Services Board (FSB), to the South African Reserve Bank (SARB) a result of a national change in the insurance regulatory regime. The FSB was disbanded, and the Financial Sector Conduct Authority and Prudential Authority were formed. I was part of the FSB staff that moved to the SARB and formed part of the Prudential Authority.
- Performing responsibilities similar to those listed below under the Financial Services Board
- Actuarial practice to applications made by short-term insurance under the Insurance Act of 2018 such as internal model application, insurer specific parameter applications, application for the inclusion of ancillary own funds, applications for asset encumbrance, license conversion etc.
Actuarial Analyst: Actuarial Department, Short Term Insurance - Financial Services Board
(2015-04 - 2018-03)
- Risk assessments and analysis of insurance entities; including determining a risk rating according to the risk-based supervisory (RiBS) framework
- Giving technical support to the Insurance Division
- Input into annual report on stress testing and capital adequacy requirements of registered insurance entities
- Short-term insurance industry Average Valuation Basis analysis
- Support the Insurance Division in the preparation, participation and finalization of on-site visits to regulated entities, preparation of relevant section notes and reporting on any findings by presenting in panel reviews
- Application of the Short-Term Insurance Act of 1998 and actuarial practice to applications made by short-term insurance companies, such as: new license applications, change in statutory actuary, mergers and transfers, application for relaxation in capital requirements, variations of registration conditions etc.
- Supported the SAM department in various projects, Own Risk and Solvency Assessment (ORSA) analysis and reviews as well as CPR return analysis.
- Supporting the Head: Actuarial Insurance and the Chief Actuary in various projects
