Actuarial Analyst - Agri
Santam Insurance · Johannesburg, Gauteng
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- Santam Specialist Business has a career opportunity for an Actuarial Analyst – Parametric Insurance, based in Alice Lane and reporting to the Business Head: ROA and Parametric Crop Insurance.
- The Agri Crop specializes in crop insurance solutions and plays a critical role in delivering exceptional service to clients, brokers, and stakeholders across the agricultural industry.
JOB PURPOSE
- Provide actuarial expertise to support the design, pricing, monitoring, reporting and sustainability of parametric insurance products across the business.
KEY RESPONSIBILITIES
Product Design and Development
- Support the execution of product innovation strategies through the development of parametric insurance solutions that meet customer, market, and business needs.
- Analyse weather, satellite, and environmental datasets to support product pricing.
- Develop and maintain pricing methodologies, product assumptions, rating structures, and benefit designs across product lines.
- Support automated claims assessment and payout calculations across product lines.
- Collaborate with Underwriting, Distribution, Claims, Risk, and Operations teams to implement market-leading and sustainable parametric insurance solutions
Pricing and Profitability Management
- Develop, maintain, and enhance actuarial pricing models using appropriate statistical and actuarial methodologies.
- Conduct pricing reviews and analyses to ensure premiums adequately reflect underlying risks, claims experience, expenses, capital requirements, and business objectives.
- Monitor product and portfolio performance through profitability analysis, loss ratio monitoring, trend analysis, and experience investigations.
- Identify emerging risks and recommend pricing actions to improve portfolio performance and profitability.
- Support management decision-making through scenario testing, sensitivity analysis, and financial impact assessments.
- Establish and monitor pricing governance frameworks, assumptions, and model controls to ensure consistency and accuracy.
Reinsurance Adequacy and Optimisation
- Support the design, evaluation, and optimization of reinsurance structures to protect the business against earnings volatility and catastrophic losses.
- Analyse portfolio exposures and accumulation risks to recommend appropriate retention levels and reinsurance purchasing strategies.
- Conduct treaty performance reviews and evaluate the financial effectiveness of reinsurance programmes.
- Collaborate with Reinsurance teams, brokers, and reinsurers to provide actuarial insights that support negotiations and programme renewals.
Data Analytics and Business Insights
- Develop dashboards, actuarial monitoring tools, and management reporting frameworks to support business decision-making.
- Support business cases, strategic projects, and investment decisions through robust data and actuarial analysis.
- Support predictive modelling, segmentation analysis, and data-driven business initiatives.
QUALIFICATIONS AND EXPERIENCE
- Degree in Actuarial Science, Mathematics, or Statistics
- 5 years of actuarial experience within short-term insurance or reinsurance, or a related environment.
- Experience in product design and Insurance Pricing
TECHNICAL COMPETENCIES
- Climate and Weather Risk Modelling
- Remote Sensing and Satellite Analytics
- Portfolio Performance Monitoring and Reporting
- Data Analytics and Visualization
OTHER COMPETENCIES
- Analytical and Critical Thinking
- Problem Solving and Decision Making
- Attention to Detail
- Planning and Organising
- Communication and Presentation Skills