Head: Actuarial Assumption & Model Development Validation
Guardrisk • City of Johannesburg, Gauteng, South Africa
Role & seniority: Senior actuary / validation and modelling lead (Fellow of the Actuarial Society of South Africa; Life Fellowship preferred)
Stack/tools: Prophet model development; ResQ; IFRS 17 and SAM basis setting; ORSA projections; life valuations; IBNR triangulation
Top 3 responsibilities
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Plan and perform independent review and validation of actuarial assumptions and model outputs for IFRS 17 and SAM (including contract boundary, lapse, mortality, expenses)
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Review, pressure-test, and validate gross and financial reinsurance Prophet models and associated outputs; oversee IBNR triangulation
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Communicate validation findings and outputs to Balance Sheet Management functions and governance bodies; support Head of Actuarial Function oversight
Must-have skills
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10+ years post-qualification actuarial experience; at least 5 years in senior validation, modelling, or assumption governance
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Advanced knowledge of Life valuations under IFRS 17 and SAM; strong Prophet modelling capability
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Deep understanding of IFRS 17, SAM standards, and financial reinsurance mechanics
Nice-to-haves
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Life practising certificate (preferred)
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Location & work type: Location and work type not disclosed in the provided information.
Full Description
Guardrisk is the undisputed market leader in cell captive insurance and risk solutions. We are renowned for our innovative approach to cell captive structures and other alternative risk transfer solutions for our clients. Guardrisk offers clients custom designed cover and is registered in South Africa as an insurer for all statutory classes of non-life and life insurance business.
Role Purpose
To provide independent review and validation of actuarial assumptions, IFRS 17 and SAM basis setting, Prophet and ResQ model development for both IFRS 17 and SAM and other ad-hoc activities across the first-line Balance Sheet Management functions.
Responsibilities
Assumption and Model Reviews Prepare assumption review and model development review workplans. Review actuarial assumptions (e.g., Lapses, Mortality, Expenses etc.) used in long contract boundary models. Review and pressure test contract boundary assumptions across both IFRS 17 and SAM.
Modelling and Validation Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis, including ORSA projections. Review IBNR triangulation.
Results and Reporting Provide high-level review of IFRS 17 and SAM Annual results. Document and communicate output of reviews and validations to Balance Sheet Management Functions and broader stakeholders.
Governance & Oversight Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof, feeding into Head of Actuarial Function review processes.
Qualifications
Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable) Life practicing certificate (Preferred)
Experience
10 years post-qualification actuarial experience, with at least 5 years in a senior validation, modelling, or assumption governance role.
Knowledge
Advanced understanding of Life valuations across both IFRS 17 and SAM. Core Prophet model development capability. Advanced understanding of IFRS 17 and SAM standards. Advanced understanding of financial reinsurance mechanics.
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