Discovery – Insure
Actuarial Manager – Corporate Actuarial
About Discovery
Discovery’s core purpose is to make people healthier and to enhance and protect their lives. We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery. Our fast-paced and dynamic environment enables smart, self-driven people to be their best. As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our society.
About Discovery Insure
Discovery Insure is committed to creating a nation of great drivers and building better businesses through our innovative Shared-value Insurance model. Discovery Insure is South Africa’s fastest growing short-term insurance company with comprehensive products that provide protection against current and emerging risks facing clients in the motor and home insurance sectors. Vitality Drive, an internationally-recognised and award-winning programme, is a key differentiator in the market that incentivises and rewards clients for driving well. The Vitality Drive programme has been scaled to local and international markets which now include Europe and the Middle East. The company employs over 1 000 people who are committed to putting our customers and financial advisers first by providing unique and innovative solutions and cover.
Key Purpose
The focus of the role will be to manage and oversee regulatory capital submissions, budgeting, ORSA, capital management activities and ad-hoc investigations and projects for Discovery Insure.
The role plays a key enabling function to the company’s strategy, providing actuarial insight into capital efficiency, reinsurance optimisation, investment strategy, and risk‑based decision‑making. The incumbent will work closely with senior stakeholders across underwriting, claims, finance, investments, legal, risk, and executive management, and will represent the capital function in internal and external governance forums.
This role is suited to a highly ambitious qualified actuary who is motivated to take the capital function to the next level, continuously enhance modelling sophistication, and position Discovery Insure as a market leader in capital management, regulatory excellence, and innovation. The successful candidate will actively shape the future direction of the capital function.
Areas of responsibility may include but are not limited to
Corporate Actuarial – Capital Function:
- Overall accountability for quarterly and annual regulatory solvency submissions, and engagement with the Prudential Authority.
- Ownership and oversight of internal capital requirements, including ORSA, internal risk calibrations, economic capital model development, and stress and scenario testing.
- Development, management, and execution of the Discovery Insure Capital Plan, ensuring alignment with business strategy, and risk appetite.
- Responsibility for the investment strategy from a capital and risk perspective, in collaboration with Group Treasury, Finance and Discovery Bank.
- Active involvement in reinsurance optimisation, including capital efficiency assessments, structural analysis, and support of reinsurance renewal.
- Monitor, interpret, and lead the implementation of new and emerging regulatory requirements, ensuring timely and compliant adoption.
- Lead annual budgeting and capital planning processes, including model enhancement, governance improvements, and automation initiatives.
- Drive and deliver strategic actuarial projects that support business performance, capital efficiency, and shareholder value.
- Exposure across the broader Corporate Actuarial function, working collaboratively with reserving and reinsurance teams to shape integrated capital, reserving, and risk solutions.
- Managing external audit and head of actuarial function engagements.
- Prepare, review, and present capital‑related papers to the Discovery Insure Actuarial Committee.
- Create and deliver high‑impact presentations to the Board and EXCO.
- Ensure robust documentation and ongoing maintenance of capital methodologies, models, and processes.
Stakeholder Engagement:
- Manage the relationship and deliverables with the Head of Actuarial Function (HAF) in respect of capital oversight and governance.
- Lead and manage the external audit engagement for the capital function, including coordination, issue resolution, and delivery accountability.
- Collaboration with finance, pricing, reserving, business intelligence, underwriting, and operations to optimise data flows, assumptions, and governance.
- Provide actuarial input into strategic decision‑making, product development, and growth initiatives.
- Manage relationships with Group Risk, Internal Audit, and the PA.
- Present capital insights, model enhancements, and financial impacts to senior management and governance committees.
- Mentor and manage team members, supporting development and embedding a high‑performance actuarial culture.
Skills
- Advanced SAM Solvency Capital Modelling
- ORSA Experience
- Internal / Economic Capital Modelling
- Strong commercial and strategic mindset
- Proficiency in MS Office: Excel, PowerPoint and Word
- Programming Skills: VBA, SQL, R and Python
- Prophet Modelling (advantageous)
- Sound knowledge of Prudential Standards (FSI / SAM)
- Sound knowledge of relevant Actuarial Practice Notes
- Proven people management and stakeholder leadership skills
- Strong analytical, problem-solving, and communication skills
Education and Experience
Qualification
- Matric
- Honours degree in Actuarial Science
- FASSA: Fellow of the Actuarial Society of South Africa (advantageous)
- F103 and F203 (advantageous) or only Fellowship F203 left
Experience:
- 4-6 years short-term insurance experience, with capital exposure
EMPLOYMENT EQUITY
The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.
