Head: Actuarial Unit

PURPOSE OF THIS ROLE

The purpose of this role is to is to ensure the Corporation’s financial resilience and sustainability through sound reserving, pricing, capital management and actuarial insight, while supporting strategic decision-making and regulatory compliance. This position has management responsibilities for Actuarial Analysts and a Pricing Specialist.

KEY ACCOUNTABILITIES, MEASURES & INTERFACES

Operational Delivery

• Lead the actuarial and pricing team, fostering technical expertise and professional growth.
• Oversee the calculation of and review monthly reserving.
• Maintain the integrity of actuarial and valuation data.
• Oversee the calculation of regulatory and economic capital requirements.
• Oversee actuarial input into capital strategy, including capital adequacy targets, capital optimisation and solvency monitoring.
• Oversee actuarial input of IFRS 17 technical provisions and related disclosures.

• Prepare and sometimes present actuarial matters to the Executive Committee, Board and Board Committees.
• Develop and maintain actuarial reserving and capital models, and pricing models.
• Set premium rates that reflect expected losses, appropriate expense loadings and profit margins relative to the capital requirements.
• Ensure models are well-documented, regularly calibrated, validated, and fit for decision-making.
• Make recommendations on changes needed for reserving, capital management and pricing related policies, processes and procedures.
• Comply with key regulatory and risk management procedures/frameworks.
• Ensure that the pricing methodologies are adequate with due consideration to industry practices and international benchmarks such as the OECD guidelines on the pricing of export credit insurance.
• Maintain and oversee the actuarial model governance, including model validation, change control, documentation standards and independent review.
• Oversee the Corporation’s Asset–Liability Management (ALM) framework, including providing actuarial input data, validating assumptions and results produced by external ALM consultants, and assessing implications for capital management and risk appetite.
• Ensure ALM outputs are appropriately reflected in capital management, ORSA, and strategic decision-making.

Own Risk and Solvency Assessment (ORSA) process

• Contribute to the development and implementation of the Own Risk Solvency Assessment (ORSA).

• Provide actuarial input into the design and optimisation of the reinsurance programme, including assessing capital efficiency, risk transfer effectiveness and pricing implications..
• Collaborate with other units (Economists, Underwriters, and Risk Managers) to align actuarial projections and analyses with broader Corporation’s goals and risk appetite.
• Ensure maintenance of ORSA documentation.
• Develop with other units stress-tests, and model the solvency impact under such scenarios.

Key Measures

• Quality of actuarial reserve reports (accuracy and appropriate incites on reserve movements).
• Updated models and policies.
• Evidence of the adequacy and effectiveness of premium and reserving policies.

Key Interfaces

• ECIC functions especially Finance, Risk, Portfolio Management Workout, Political Analysis and Economic Research and Underwriting.
• ECIC Executives and Heads of Units.
• Various Management and Board committees.
• Regulatory Stakeholders.

QUALIFICATIONS AND EXPERIENCE

• Must have a relevant Bachelor’s degree and be a qualified actuary or nearing qualification (Technical Member, Associate or Fellow) with the Actuarial Society of South Africa or an equivalent international actuarial body. Fellowship will be advantageous.
• Minimum 10 years actuarial experience across reserving, capital management and pricing
• Extensive experience in Microsoft Office packages e.g. Word; Excel and Power-Point.
• Experience with actuarial modelling tools and programming languages (e.g. VBA, R, Python, SQL)

SKILLS AND ABILITIES

The incumbent should have demonstrated the following competencies:

• Proven proficiency in actuarial concepts/methodologies.
• Proficiency in developing actuarial models (reserving, capital and pricing models).
• Proficiency in Excel.
• Advanced understanding of IFRS 17 and Prudential Authority standards.
• Ability to communicate verbally and in writing at all levels (Board, Executives, Staff and other key Stakeholders).
• Ability to coordinate and manage multiple functions.
• Ability to communicate actuarial concepts to non-specialists.
• Ability to forge relationships with other areas of the business and at all levels.
• Strong aptitude for problem resolution and decision making.
• Able to demonstrate a high degree of integrity.
• Problem solving skills to identify issues and present creative and practical solutions.
• Excellent analytical skills.
• Strict attention to detail and deadline orientated.

BEHAVIOURAL COMPETENCIES

The incumbent is required to have the following competencies:

• Inspirational Leadership – Motivate and inspire others to work towards common goals. Proactively seek feedback and coaching to drive personal development. Develop capabilities of others and nurture future talent.
• Business Acumen – Demonstrate commercial and financial expertise. Uses a methodical problem-solving approach as a foundation for effective decision-making considering importance, urgency and risk.
• Delivery – Translates business objectives into practical, prioritised and organised action plans; ensures plans are successfully implemented. Makes effective use of resources when executing; ensures processes are in place to achieve outcomes aligned to operational excellence standards.
• Leading & Managing Change – Embraces, leads and manages change, providing guidance and support during implementation.
• Teamwork – Promotes, collaboration information sharing and learning within and across business boundaries. Focuses on ensuring stakeholder satisfaction by building mutually beneficial relationships with stakeholders.

All candidates must demonstrate living the ECIC values being:

• Innovation
• Teamwork
• Integrity
• Excellence
• Accountability

APPLICATIONS

Applications can be submitted through ECIC’s careers portal https://ecic.breezy.hr/

Closing Date: Friday, 3rd April 2026

NOTE: It is ECIC’s intention to promote equity through the filling of posts, according to the set Employment Equity targets.

Data Protection

Personal information collected and processed for purposes of recruitment will be protected from unauthorised access and improper use or disclosure.

Declaration and Informed Consent

By submitting your application for the advertised role, you give ECIC permission to process your personal information and you acknowledge that you understand the purpose for which it is required and for which it will be used. Furthermore, you declare that all personal information supplied to the ECIC for the purposes of recruitment is accurate, up to date, not misleading and that it is complete in all respects.