Road Accident Fund Is Recruiting: GRADUATE DEVELOPMENT PROGRAMME: ACTUARIAL X 1 – South Africa
Purpose of the Graduate Development Programme
The Graduate Development Programme presents opportunities for young, high-potential individuals from diverse backgrounds to grow and contribute to our future development. Participants will gain relevant work experience that aligns with their skill sets and identified talents.
The programme is designed to offer graduates genuine work experience, enabling them to explore and expand their raw talents within our Claims Division: Actuarial Management Department. It prioritises the development and refinement of technical, business, and leadership skills, while also setting the stage for dynamic growth.
Duties & Responsibilities
Developmental outcomes and deliverables for the respective programme will include, but not be limited to the below:
Actuarial Analysis and Quantification
Gain an understanding of the RAF business and its operating environment.
Acquire a comprehensive understanding of the actuarial basis of income valuations such as mortality, interest, contingencies, earnings progression, and taxation.
Gain knowledge on how to use Loss of Earnings and Loss of Support Models.
Learn how to report on results per the guidelines set out by professional bodies such as Actuarial Society of South Africa (ASSA)/ Institute and Faculty of Actuaries (IFoA)
Conduct research on Loss of Income methodologies.
Understand how to interpret, scrutinise, and critique professional reports from various experts and sources.
Learn stakeholder and client management processes, including day-to-day interaction with various RAF business units.
Acquire knowledge on the procedures employed in determining fair, reasonable, and equitable compensation for victims of road accidents.
Develop skills for claims risk management and risk mitigation.
Be able to execute ad hoc actuarial work as and when required.
Conduct actuarial investigations both independently and with a team.
Improve professional communication skills with frequent presentation of data findings in an easy-to-read and easily understood format.
Gain a strong technical background on valuations, working on various applications including MS Excel, MS Access, MS Word, System Applications and Products Business Intelligence (SAP BI) and System Applications and Products Three tier (SAP(R)).
Role and Duties
Complete all actuarial modules of the development programme within the specified time frame.
Adhere to organisational policies, standards, and procedures.Capture and report information as required.
Report and communicate ideas and recommendations effectively.
Foster effective team relationships and provide support to colleagues as needed.
Build and maintain partnerships and relationships with stakeholders within the business and communities.
Engage with relevant stakeholders to gain the necessary business acumen and community involvement.
Qualification & Other Requirements
A certified copy of your Grade 12 or NQF Level 4 Certificate.A certified copy of your Bachelor’s Degree in Actuarial Science/Mathematics or a related qualification or Academic Transcript.A
certified copy of your ID.Your CV and motivational letter.
Technical and Behavioural Competencies Required
The successful candidate will be required to display the following competencies in this role:
Sound actuarial judgment.
Strong technical background in reserving/valuations.
Analysis of business results.
Excellent analytical, problem-solving, and data manipulation skills.
Ability to identify, solve, and make decisions on complex problems.
Strong proficiency in MS Excel, MS Access, and MS Word
Planning, organising, and coordinating.
Judgment and decision-making.
Ethics and values.
Client service orientation.
Excellent verbal and written communication skills.
The graduates will be awarded a monthly stipend
Terms and Conditions
Prospective graduates who have completed their studies are invited to apply for the programme.
Contract of Employment: A fixed-term contract appointment for the duration of the graduate programme.
Date of employment: 01 April 2023.