Head of Actuarial

2 weeks ago

Sydney, New South Wales, Australia NobleOak Full time

Closing Date: 28/04/2023

Job Type:

Permanent - Full Time

Location:

Sydney office

Job Category:

Product & Underwriting

Job Summary:


As a NobleOak Senior Leader and part of the Product & Insurance Leadership team, this role will represent the best interests and rights of both policy holders and shareholders, providing technical actuarial leadership across pricing, valuation, and corporate requirements.

The role will have overall responsibility for the pricing of NobleOak's products, including those of our strategic partners, will oversee the management of NobleOak's valuation models, and will direct the delivery of quality financial information in conjunction with the CFO and Finance Team.


The Head of Actuarial will work directly with the external Appointed Actuary, tightly managing quality and cost, while ensuring commercial, governance, statutory, and financial management requirements are met under financial services legislation and prudential standards.


The Head of Actuarial will lead and build the internal actuarial capability, provide hands on support for pricing, portfolio management, and valuation, and work closely with our reinsurance partners to maximise value for our team, members, and shareholders.

To achieve this, the role will work closely with, and provide support to, the Product and Finance teams.

This includes products which are distributed through our proprietary direct channel as well as key, white-labelled products, distributed through our strategic partners.

The role is reporting through to the Chief Insurance Officer, with the core responsibilities listed below:

Job Description:

Key Accountabilities

Pricing Strategy and Delivery:

Help develop pricing and product strategies.


Oversee ongoing reviews of product and pricing of all products to ensure market competitiveness and target profitability are achieved, regulatory requirements are met, and always prioritising member interests.

Reviewing and approving product pricing and product development.


Modelling - Build, maintain, and monitor pricing and valuation models (as required), ensuring documentation of modelling results and changes are kept up to date.

Conduct other financial modelling work as required.


Pricing Review - Oversee regular reviews of pricing and portfolio performance, including analysis on profitability, risks, trends, and competitor benchmarking, and recommendations for pricing refinement.


Financial Risk - Assist the CFO in developing a financial risk management framework and optimisation of capital deployed; alternative forms of capital investigated and implemented.

Reinsurance - Manage reinsurance relationships, including leveraging resources, negotiations, and other reinsurance liaison as required.


Accurate internal management reporting, as to enable the Management, the Board, and the Product and Insurance Committee to understand the critical business indicators and as a basis for relevant decision making.

Key Responsibilities

Leadership - of the actuarial function at NobleOak.

Pricing and valuation - responsible for the quality and accuracy of NobleOak's pricing and key valuation processes.

Capital Management:
Performing capital calculations and input into requirements as well as providing projections.

Reporting - Write Board/Regulator papers and present where required.

Stakeholders - Maintaining a dialogue with Authorities, Regulators, Institutions and Associations. Represent the company in all negotiations of major actuarial significance.

High Quality and Accurate Communication - Communication with internal and external stakeholders, monitoring information and provide general help across the Insurance Product team when required.

Provision of clear insightful advice.
Process Improvement - Contribute to d rive process improvement and automation in the Insurance department.


Planning and Execution - Provide input to company-wide planning and issues resolution and help drive the execution of our NobleOak operational plan, including key business initiatives.


Quality Control - Operate as an important quality controller for the business, ensuring all product project processes are delivered in a timely manner ensuring continued high satisfaction rates.

Delivery focus - Strive to exceed all metrics and KPIs while providing excellent consistent customer service.


Finance team support - Support in key processes such as valuations, year-end and budgeting to support the finance team in an ASX listed APRA regulated environment.

Teamwork and Culture - Actively contribute to a positive environment and engaged and positive Product and Insurance team. Position NobleOak for ongoing success, with a high-performance culture and strong leadership through acting as a cultural champion.

Desired Skills and Experience

Experience & Qualifications

10 years post qualification experience in a broad range of roles.

Fellowship with the Institute of Actuaries Australia (FIAA).

Developed

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