Analyst: Corporate Actuarial

The Road Accident Fund’s mission is to provide appropriate cover to all road users within the borders of South Africa; to rehabilitate and compensate persons injured as a result of motor vehicle accidents in a timely and caring manner; and to actively promote safe use of our roads.

Purpose of the Job: Reporting to the Senior Analyst: Corporate Actuarial Data Science, the Analyst: Corporate Actuarial Data Science is responsible for the analysis of financial risks within the Fund as well as to provide support in the management of financial risk.

Key Performance Areas

Predictive analytics and modelling

• Participate in the development of predictive analytics solutions in order to improve fraud detection models and enhance customer experience.
• Assist team with developing, training, testing and deploying new predictive and analytical models using analytical models and algorithms.
• Gather and quality assure statistical data that is applied on predictive modelling and forecasting techniques.
• Assist with the development of scalable, efficient, and automated processes for large scale data analyses and model development, validation, and implementation.
• Maintain automated prescriptive analytics solutions that support various aspects of fraud monitoring and detection.
• Maintain existing data analytics solutions (code and/or models), to ensure that the data contributes to consistent improvements.
• Profiling data to be used to inform modelling approaches.
• Provide both technical and administrative support to the actuarial team, in producing statistical reports and analysis.

Actuarial analysis reporting

• Participate in the annual development of the Revenue Requirement Model (RRM) with various funding and/or operational scenarios which will be the basis of discussion with National Treasury regarding the funding requirements and for inclusion in the Strategic Plan and Annual Performance Plan.
• Support in the valuation assumptions performed by Actuaries and that the statutory actuary performs quarterly valuation on all claims.
• Perform an independent valuation on outstanding claims also on a monthly and quarterly basis.

• Perform quarterly valuation on outstanding claims.
• Perform the valuation on outstanding claims on a quarterly basis.
• Interpret acturial analysis correctly.
• Start the determination of costs, actuarial accrued liability and actuarial value of the assets for the Fund.
• Provide information and research on balance sheet management issues, like stochastic reserving, economic capital, asset liability management, and replicating portfolios.
• Contribute to the development of actuarial analysis “payout” models that will redesign compensation packages.
• Use Stochastic Modelling to determine distributions of potential future payments by the Fund.
• Draft the scope, liquidity/balance sheet reports.
• Support the design, implementation, review and audit of quantitative models for the calculation of Fund’s liabilities and capital requirements.
• Understand and use complex mathematical formulas, particularly in the area of advanced statistics and modelling.
• Produce easy to understand data visualizations and outputs.
• Make use of specialist software to complete data analytic tasks.

Reporting

• Aid in the maintenance of functional reporting systems, for management, project or performance reporting.
• Ensure regular and periodic reports are sent to the Senior Analyst for review and submitted as and when required to provide progress updates and/or inform management decisions.
• Maintenance and storage of proposals, briefings, presentations, reports, and other documentation and providing management information both verbally and in report format.

Stakeholder Management

• Assist with maintaining proactive and progressive relationships with key stakeholders.
• Assist with inquiries and requests for information from both internal and external stakeholders.
• Aid in the maintenance of relationships with vendors, service providers or procurement teams and ensure that all relevant procured items are invoiced and paid on time.
• Assist with presentation of data findings in an easy-to-read and understood format.

Continuous improvement and innovation

• Research industry best practice/innovations and identify where technology can be utilised in systems and processes.
• Understand job specific tasks and their requirements.
• Share ideas to improve the way of working.
• Contribute to creative sessions and offer ideas to the team.
• Participate in initiatives to improve service delivery.

Qualifications and Experience

• Bachelor’s Degree/Advanced Diploma in Actuarial Science/ Mathematics/ Investment Management/ Risk Management related qualification.
• Relevant 4 years’ experience in an actuarial data science related environment.

Technical, Managerial, and behavioral competencies required

• Planning, Organising and Coordinating
• Personal Mastery
• Judgement and Decision Making
• Ethics and Values
• Client Service Orientation
• External force and industry knowledge.
• Understanding of Modelling.
• Understanding of Actuarial valuations.
• Understanding of Actuarial reserving.
• Understanding of Data analysis/ actuarial analysis.
• Understanding of Actuarial investigations.
• Understanding of Statistical financial analysis.
• Understanding of Financial analysis.
• Knowledge of Forecasting and projections.

NB: “RAF offers Total Employment Cost packages with no additional contributions from the Employer, successful candidates are required to structure their packages in a manner that will suit their needs”.

The Road Accident Fund subscribes to the principles of employment equity and preference will be given to People with Disabilities.

Applicants who have not received any correspondence from us within six weeks from the closing date can consider themselves unsuccessful

Security Vetting shall be conducted on all prospective employees

It is the applicants’ responsibility to have foreign qualification evaluated by the South African Qualification Authority (SAQA) and to provide proof of such evaluation.