- Published on
ROAD ACCIDENT FUND (RAF) - SENIOR MANAGER: ACTUARIAL CLAIMS ADNINISTRATION
ROAD ACCIDENT FUND (RAF)
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
The Organization requires the services of qualified individuals within its Head Office for the following position:-
THIS IS AN INTERNAL AND EXTERNAL ADVERTISEMENT
SENIOR MANAGER: ACTUARIAL CLAIMS ADNINISTRATION: T.A.S.K GRADE 18
09042021SMA
LOCATION: Centurion
CLOSING DATE & TIME: 4/28/2021 11:55 PM
Purpose of the Job: Reporting to the Chief Operations Officer, the successful incumbent will be accountable to oversee the effective and efficient provisioning of actuarial support and advice to the RAF business.
Key Performance Areas
Calculation Models for "Loss of Earnings" and "Loss of Support" Benefits for Motor Vehicle Claims
- Build, develop and assess models for loss of income compensation calculations and reports using appropriate technique to ensure that the data is accurate, and model processes are effective, efficient, high quality, well documented and verifiable.
- Ensure that calculation assumptions such as mortality rates, interest rates, inflation, contingencies, earnings progression, taxation, etc. are set.
- Manage the whole loss of income actuarial calculations and reporting process.
- Develop and ensure implementation of the new and state of art calculation techniques and methodologies.
- Ensure a research on factors and statistics relevant for accurate loss of income determination is conducted.
- Ensure provision of support to the claims administration team with developing reporting matrices and identifying risk management strategies that can be used in managing claims risks.
- Ensure provision of support to the claims administration team with modeling and establishing forecasts for claims volumes and settlements to monitor and improve operational efficiencies.
Actuarial Experts Advice to the Internal and External Stakeholders
- Ensure correct interpretation of medical expert's reports and other professionals' reports.
- Ensure review on loss of Income calculations and research done by internal colleagues, other experts and external actuarial service providers.
- Develop models to forecast the number of accidents and claims.
- Oversee accident data capturing, analysis and reporting from different sources.
- Provide executives with the expenditure and revenue projections for short and long-term planning purposes.
- Set model assumptions to make them suitable for projection purposes.
- Run model for Strategic Plan results.
- Ensure correct data and reports are extracted from IT claim system(s).
- Ensure provision of results in statistical and graphical form to provide credible monthly, quarterly, half-yearly and annual management reporting.
- Oversee investigations on various aspects of the loss of income calculation inputs including, distributions of income by age group, geographical location, employment sectors, etc.
- Oversee expense investigation support for the RAF budgeting purposes.
- Oversee that the actuarial investigation results are correctly interpreted and applied.
- Quality assure all the claims to eliminate all the fraudulent claims.
- Champion risk management in the Operations division.
- Provide interface between Operations Division and Enterprise Risk Management Department of RAF.
- Ensure the benefits of an efficient and effective customer driven department to internal and external stakeholders.
- Build mechanisms to encourage continuous engagement with key internal and external stakeholders to ensure a foundation for effective working relationships.
- Recruit, appoint into and train personnel in the Actuarial Claims Administration department.
- Ensure that proper HR systems and policies and procedures are fully functional within the department.
Qualifications and Experience
- Postgraduate Diploma/ Honours Degree/ Professional Qualification Degree @ NQF Level 8 related qualification in Actuarial Science/ Mathematics.
- Qualified Associate/ Fellow Actuary of (ASSA/ IFoA/ SoA/ CAS/ SoA) or any other internationally recognized Actuarial Board) would be ideal.
- Relevant 8 – 10 years' experience in an Actuarial environment of which 3 years must have been on a management level.
- At least one (1) year in loss of income damages quantification.
Technical and Behavioral competencies required
- Strategic capability and leadership.
- Results orientation.
- Business and financial acumen.
- Brand and Stakeholder orientation.
- Organizational resilience.
- Communication.
- Team Resilience.
- Network and Alliances.
- Talent Management.
- Change Management.
- Excellent verbal and written communication skills.
- Strong Microsoft Excel, Access and MS Word skills.
- Complex problem identification, solving and decision making.
- Actuarial core principles.
- Impact of actuarial advice to different stakeholders.
- Knowledge of FSB regulatory requirements.
- Strong technical background in reserving/ valuations.
- Independent and creative analysis of business results.
- Excellent analytical, problem solving and data manipulation skills.
- Budget management ability.
Remuneration
Total cost to company applicable to this position is minimum R1 160 042.00 per annum, negotiable.
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".
Closing date: 28 April 2021
Applications can be forwarded to the Recruitment Officer at Eco Glades; email address is Thembi.recruitment@raf.co.za OR hand delivered at 420 Witch-Hazel Avenue, Eco Glades 2, Centurion.
INSTRUCTION TO PROSPECTIVE APPLICANTS
- Indicate the name and the reference number for the position you are applying for on the subject line
- Do not submit copies of qualifications and ID as these will be requested from shortlisted candidates on the interview date
- Submit a short CV with a maximum of 5 pages
- Please indicate your current salary and salary expectations if considered for the position.
NB:
- 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.