Actuarial Manager

ORGANIZATIONAL CONTEXT FOR THE ROLE OF MANAGER, ACTUARIAL SERVICES

The Social Security Board (SSB) is a statutory body whose mission is to provide a customer-centered and financially sustainable Social Security Program that provides lifetime coverage to its beneficiaries. Achieving this mission requires SSB to deliver a dynamic social insurance program that will provide a guaranteed level of protection effectively, efficiently, and inclusively.

The demand for SSB’s programs and services continues to increase, even more so amid national and global economic, social, and demographic changes and challenges. To thrive and continue to achieve its mission, SSB must institute effective reform measures and continuously engage in evidence-based governance and decision-making.

ROLE SUMMARY

The Actuarial Manager assists SSB in being responsive to the evolving needs of the public and the changing environment for the actuarial programs within SSB. Under the Actuarial Services department in the Policy, Research and Actuarial Services (PRAS) division, the Manager Actuarial Services plays a crucial role in ensuring the sustainability and effective management of social security core programs. The Manager Actuarial Services utilizes expertise in actuarial science and modeling to lead the members of Actuarial Services department to analyze actuarial data, assess risks, and forecast the financial implications of our social security programs and investments. This position requires a deep understanding of actuarial principles and the ability to work collaboratively with cross- functional teams. The Manager Actuarial Services plays a critical role in analyzing and assessing the financial sustainability and actuarial soundness of the social security system.

Other responsibilities include collaboration with external actuaries, providing technical support, and present the final data to the relevant stakeholders, in an easy and understandable way.

In addition, the manager is also responsible for overseeing and managing the daily operations of the department. The role will involve leading a team of actuarial junior professionals.

Successful candidates will be those who demonstrate exceptional critical thinking, possess an advanced knowledge of actuarial modelling, and can communicate complex actuarial findings to non-technical audiences.

Key areas of responsibility and associated activities:

1. Strategic Planning: Develop and implement strategies to ensure the long-term financial stability of the social security system, considering demographic trends, legislative changes, labour market trends, and economic and financial factors.

1. Actuarial Analysis: Review actuarial analysis to evaluate the financial impact of proposed changes to social security programs, including but not limited to, benefit adjustments, contribution rates, and eligibility criteria.

2. Risk Assessment: Assess and manage risks associated with the social security system, including longevity risk, investment risk, and demographic risk.

3. Financial Forecasting: Prepare financial forecasts and projections to estimate future obligations and funding requirements.

4. Policy Development: Contribute to the development and revision of social security policies, ensuring compliance with relevant laws and regulations

5. Team Management: Lead and manage a team of actuarial professionals, providing guidance, coaching, and performance feedback.

6. Stakeholder Engagement: Collaborate with internal and external stakeholders, such as the General Manager, the Board of Directors, government agencies, policymakers, and industry experts, to understand what kind of statistics and data is needed, to effectively communicate actuarial findings and provide recommendations.

ROLE REQUIREMENTS

Minimum Education and Experience Requirements:

1. Bachelor’s degree in actuarial science.
2. Successful completion of at least one actuarial exam
3. Experience Requirements: At least two years of experience in actuarial roles, preferably in the social insurance industry
4. Effective communication
5. Strong knowledge and understanding of actuarial principles, methodologies, and practices.
6. Experience in managing and leading a team of actuarial professionals
7. Proven history of successfully completing actuarial projects and delivering accurate and timely results.
8. Proficiency in actuarial software and data analysis tools.
9. Familiarity with regulatory requirements and compliance related to actuarial work
10. Must be enthusiastic about contributing to an organization focused on continuously improving consumer experiences.

Additional qualifications and experience which are considered assets(s):

1. Professional actuarial certification such as Fellow of the Society of Actuaries (FSA) or Associate of the Society of Actuaries (ASA)

2. Advanced Actuarial Certification: Advanced actuarial certifications beyond the minimum requirement, such as Chartered Enterprise Risk Analyst (CERA) or Chartered Financial Analyst (CFA), can demonstrate a higher level of expertise and dedication to the field

3. Management Experience: Previous experience in a managerial or supervisory role, where there is demonstration of strong leadership, team management, and decision-making skills which can be highly valuable in an Actuarial Manager position

4. Industry Experience: Experience in specific industries such as social insurance, pensions, healthcare, or financial services can provide valuable insights and domain knowledge that can be applied to actuarial analysis and decision-making.

5. Project Management Skills: Possessing project management skills and experience, including the ability to plan, organize, and execute complex actuarial projects within defined timelines and budgets, can be advantageous in managing the team’s workload and delivering results.

6. Regulatory Compliance Knowledge: Familiarity with regulatory frameworks and compliance requirements relevant to actuarial work, such as Solvency II, IFRS 17, or local insurance regulations, is beneficial as it ensures adherence to legal and industry standards

7. Data Analytics and Programming Skills: Proficiency in data analysis tools (e.g., SAS, R, Python, SPSS) and programming languages can enhance the Manager, Actuarial Services’ ability to manipulate and analyze large datasets, automate processes, and derive valuable insights from actuarial models.

8. Communication and Presentation Skills: Strong communication skills, both written and verbal, are crucial for effectively conveying complex actuarial concepts to non-technical stakeholders, presenting findings to senior management or clients, and building relationships with key stakeholders.

9. Continuing Professional Development: Demonstrating a commitment to continuous learning and professional development through participation in industry conferences, seminars, workshops, or relevant training programs showcasing the Manager Actuarial Services’ dedication to staying updated with the latest actuarial practices and advancements.

RESPONSIBILITIES ASSOCIATED WITH ACHIEVING THE RESULTS OF THIS ROLE

In fulfilling the key responsibilities and achieving the expected results of the role, the Manager Actuarial Services:

1. Team Leadership and Management:
   • Provide leadership, guidance, and mentorship to the actuarial team
   • Set clear goals and expectations for team members and monitor their performance
   • Foster a positive and collaborative work environment to maximize team productivity and engagement
   • Allocate resources effectively and ensure work is distributed appropriately among team members to achieve timely and accurate results
2. Actuarial Analysis and Reporting:
   • Provide and review complex actuarial analysis to assess risk, determine pricing strategies, and evaluate financial outcomes.
   • Develop and maintain actuarial models, methodologies, and assumptions to support accurate analysis and reporting
   • Prepare comprehensive reports and presentations that communicate actuarial findings to stakeholders, including the Board of Directors, management and staff, stakeholders, and regulatory bodies.
   • Ensure compliance with relevant actuarial standards, regulatory requirements, and internal policies
3. Strategic Planning and Decision Making:
   • Contribute to developing strategic plans and business strategies based on actuarial insights and analysis
   • Provide recommendations for improving financial performance, risk management, and long-term sustainability
   • Collaborate with cross-functional teams, in areas such as underwriting, finance, and product development, to support informed decision-making.
4. Risk Assessment and Management:
   • Identify and assess risks associated with insurance products, investments, or other areas of actuarial focus
   • Develop risk management strategies to mitigate identified risks and optimize financial outcomes
   • Monitor risk exposure and implement appropriate risk mitigation measures
5. Regulatory Compliance:
   • Stay updated on relevant regulatory requirements and ensure compliance with actuarial standards, laws, and regulations
   • Provide guidance on regulatory changes that may impact actuarial operations and implement necessary adjustments
6. Stakeholder Engagement:
   • Collaborate with internal stakeholders, such as executives, underwriters, and claims managers, to provide actuarial insights and support decision-making processes.
   • Build relationships with external stakeholders, including clients, auditors, and regulatory authorities, to ensure effective communication of actuarial findings and compliance with requirements.
7. Continuous Improvement:
   • Stay informed of emerging actuarial trends, methodologies, data analysis and modelling software and best
   • Identify opportunities for process improvements, automation, or enhancements to actuarial models and systems.

• Drive initiatives to enhance the efficiency, accuracy, and effectiveness of actuarial operations