The Head of Modelling (Actuarial): Life Insurance is a senior leadership role responsible for overseeing all actuarial modelling activities within a life insurance environment. This position plays a critical part in ensuring the accuracy, efficiency, and governance of actuarial models used for financial reporting, valuation, and regulatory compliance. The role is central to supporting strategic decision-making through high-quality actuarial insights and robust modelling frameworks.

With a strong heritage in financial services and a commitment to innovation across Africa, this role contributes to shaping the future of life insurance through advanced actuarial practices, modern modelling techniques, and continuous improvement of actuarial systems.

The Head of Modelling (Actuarial): Life Insurance ensures that all modelling outputs align with international financial reporting standards, regulatory requirements, and internal risk management frameworks while driving efficiency and innovation in actuarial processes.

Job Purpose

The primary purpose of the Head of Modelling (Actuarial): Life Insurance is to lead the actuarial modelling function responsible for supporting IFRS reporting, SAM (Solvency Assessment and Management), Embedded Value calculations, and other actuarial valuation requirements. The role ensures that all models are accurate, well-governed, and continuously improved to meet evolving business and regulatory needs.

Key Responsibilities

Actuarial Modelling Leadership

• Provide strategic leadership and oversight to the actuarial modelling team
• Ensure effective development, validation, and maintenance of actuarial models
• Oversee models used for IFRS17, SAM, Embedded Value, and other reporting frameworks
• Guide the implementation of best practices in actuarial modelling and analytics

Model Governance and Development

• Ensure all model developments are implemented in line with internal governance frameworks
• Maintain strong control over model changes, documentation, and validation processes
• Monitor model performance and ensure continued relevance and accuracy
• Conduct regular reviews of modelling assumptions and methodologies

Experience Analysis and Monitoring

• Investigate experience variances and assess their impact on model outputs
• Ensure actuarial models remain aligned with actual business experience
• Recommend adjustments to assumptions based on data-driven insights
• Support continuous refinement of actuarial methodologies

Systems and Software Management

• Act as the primary liaison with actuarial software providers, including Prophet
• Oversee the use and optimisation of Prophet modelling systems
• Identify opportunities to improve modelling efficiency and reduce run times
• Explore and implement alternative modelling platforms where appropriate

Innovation and Efficiency Improvement

• Lead initiatives to enhance actuarial modelling processes and systems
• Drive automation and efficiency improvements across modelling workflows
• Evaluate emerging technologies such as R, Python, and advanced analytics tools
• Promote innovation in actuarial modelling approaches and infrastructure

Stakeholder Engagement

• Collaborate with finance, risk, and actuarial reporting teams
• Provide clear communication of modelling results and insights to senior stakeholders
• Support cross-functional decision-making with reliable actuarial data
• Build strong working relationships with internal and external partners

Technical Expertise and Requirements

• Qualified actuary or part-qualified actuary with substantial relevant experience
• Minimum of 7 years’ experience in actuarial roles within life insurance
• Strong knowledge of life insurance products, including reinsurance structures
• Advanced experience in Prophet modelling software
• Knowledge of IFRS17, SAM, and Embedded Value frameworks
• Proficiency in actuarial programming tools such as R and Python is highly advantageous

Leadership and Strategic Impact

The Head of Modelling (Actuarial): Life Insurance is expected to demonstrate strong leadership, analytical thinking, and strategic foresight. The role requires the ability to manage complex actuarial systems while leading a team towards operational excellence. A key focus is ensuring that modelling outputs support long-term financial sustainability and regulatory compliance.

Education Requirements

• Bachelor’s Degree or Advanced Diploma in Business, Commerce, or related fields (required)
• Professional actuarial qualifications or equivalent advanced actuarial training

Equal Opportunity Commitment

This role is offered within an equal opportunity and inclusive working environment that values diversity and fairness. Recruitment decisions are based on merit, experience, and alignment with organizational objectives. The organisation reserves the right not to proceed with any appointment for the advertised Head of Modelling (Actuarial): Life Insurance position.