Job Purpose
The jobholder is responsible for providing actuarial support by:
- Assisting in pricing of medical products and corporate schemes, ensuring adequa- cy and competitiveness of rates.
- Supporting actuarial reporting, monitoring portfolio performance, and generating insights for management decision-making.
- Reviewing and approving selected medical quotations within delegated authority limits.
- Supporting product evaluation, product development, and enhancement of product benefits in line with market needs and regulatory requirements.
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Responsibilities
Medical Pricing & Quotations Support
- Conduct actuarial analysis for medical scheme quotations including risk assess- ment, pricing, and premium adequacy reviews.
- Support the pricing of group, SME, retail, and new specialized medical products.
- Develop and maintain pricing models, rating tools, and actuarial assumptions.
- Review and approve quotations within delegated authority limits, ensuring consis- tency with pricing guidelines.
- Analyse loss ratios, utilization patterns, and scheme performance before pricing or repricing.
- Support underwriting teams in interpreting pricing outcomes and advising on commercial positioning.
Actuarial Reporting & Portfolio Performance
- Prepare monthly loss ratio reports, performance dashboards, and trend analyses for the medical portfolio.
- Carry out actuarial modelling to evaluate claims experience, risk exposures, and portfolio sustainability.
- Assist in IBNR estimation, reserving, and actuarial valuations as required by the de- partment.
- Monitor performance of key accounts and provide early-warning indicators for de- teriorating schemes.
- Support management with insights for strategic decision-making, including profit- ability improvement initiatives.
Product Development & Evaluation
- Participate in evaluation, design, and enhancement of insurance products.
- Conduct competitor analysis and market research to guide product positioning and pricing.
- Assist in preparation of product papers and regulatory submissions for IRA approval.
- Assess the viability of new products through actuarial modelling and scenario testing.
- Monitor product performance and recommend adjustments to benefits, pricing, or underwriting guidelines.
Data Analytics & Insights
- Validate and analyse data to ensure accuracy and reliability for pricing and reporting.
- Develop tools for experience monitoring, utilization analysis, and actuarial insights.
- Ensure high data quality and collaborate with ICT and Underwriting teams to improve data capture processes.
Stakeholder Support
- Work closely with Medical Underwriting, Claims, Case Management, Finance, ICT, and Business Development teams to support operational and strategic activities.
Compliance & Governance
- Ensure compliance with internal underwriting guidelines, pricing frameworks, and regulatory requirements.
- Maintain documentation of pricing models, assumptions, methodologies, and actu- arial processes.
- Support audit requirements related to pricing, actuarial reporting, and product de- velopment.
Qualifications:
Minimum Academic Qualifications
- BSc. Actuarial Science or Statistics or Mathematics or related field is required.
Professional Qualifications:
- Progress towards Actuarial Professional Papers (SOA, IFoA, or similar)
Experience:
- Minimum 2 years’ experience in actuarial work, preferably in general/medical insurance pricing, analytics.
- Experience in underwriting practices, pricing models and actuarial reporting will be an added advantage
Knowledge
- Strong understanding of general/medical insurance products, pricing methodologies, analytics, and actuarial techniques.
- Familiarity with IRA regulations and reporting expectations.
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How to Apply