Senior Actuarial Specialist Retail Protection Product Development

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Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

Old Mutual is a premium African financial services organisation that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 17 countries. The lines of business include Life and Savings, Property and Casualty, Asset Management and Banking and Lending.

We are rooted in our purpose of Championing Mutually Positive Futures Every Day and believe that a great customer experience is anchored in a great employee experience.

Role overview

The Team:

As part of Old Mutual’s Personal Finance segment, you will be part of shaping and executing the Retail Protection strategy. The Retail Protection Product team is responsible for the design, development, delivery and maintenance of a holistic suite of retail protection propositions within our Personal Finance markets across the middle-to-high income markets in South Africa. Development support is also provided to our Namibian business.

Guided by our vision - to be our customer’s first choice to sustain, grow and protect their prosperity - we are passionate about developing simple, yet innovative propositions that are relevant to our customer’s and advisor’s needs, deliver on its promises and ultimately enable our customers to achieve their financial dreams and goals.

The Retail Protection Product team has an exciting opportunity for a Senior Actuarial Specialist. A key focus will be the delivery of major projects and product developments across the South African and Namibian retail market as well as providing ongoing support and product management to Old Mutual’s flagship retail protection products. The role will support the current product ranges as well as any new and innovative propositions for our retail customers. This includes but will not be limited to Life, Disability, Severe Illness and Funeral Cover for individuals and businesses.

Collaboration is at the heart of this role. You’ll work closely with teams across the value chain including pricing & experience investigations, marketing, servicing, claims, legal and compliance, IT and colleagues within the broader Personal Finance segment to turn insights and ideas into solutions that matter.

This is your opportunity to drive meaningful change, combining technical depth, commercial thinking and creativity to differentiate our propositions in a competitive market.

What you’ll love about this role:

• Exposure to a wide range of complex retail protection products to grow your technical product development expertise.

• Ability to bring forward creative ideas to support the business in responding to internal and external challenges including using technology and digital solutions to rethink and optimise ways of work.

• Being part of a dynamic team focused on reshaping the proposition and associated processes to deliver customer value and support advisors in a competitive market.

• Build your stakeholder engagement skills.

What we’re looking for:

• A passion for Protection products and fair understanding of the South African retail market and regulatory environment.

• Ability to use data and analytical techniques to draw insights to optimise the product design and processes.

• Solution driven, passionate, energetic and innovative approach to work.

• Ability to work in a diverse and evolving environment.

Key Result Areas

In this role, you will be expected to:

• Play a leading role in the design and ongoing management of the Retail Protection product ranges

• Leverage actuarial expertise to provide product support on technical product rules, underwriting and claims to solve business challenges and address customer or advisor queries.

• Produce and maintain product specification documents related to the above

• Apply a risk management and market conduct lens across tasks to ensure robust product design and decision making.

• Incorporate regulatory impacts into retail protection product design and correspondence.

• Work cross-functionally to deliver on pre-defined pieces of work and support the technical actuarial aspects of the delivery of end-to-end solutions.

• Manage stakeholder expectations

• Drive process efficiencies and innovation by leveraging technology, data, market insights and design thinking.

Requirements: Skills, Qualifications and Experience required

• Nearly or newly qualified actuary, or actuarial student with excellent exam progress, and a minimum of 4 years’ relevant experience.

• Product development experience would be an added advantage

• Exposure to coding or process automation will be beneficial

• Business acumen and negotiation skills

• Strong interpersonal and communication skills, with the ability to collaborate effectively across teams with diverse skill sets

• Ability to work independently, as well as in a team

• Ability to work on a wide range of deliverables over a given period of time

• Ability to complete tasks within agreed timelines with minimal guidance. Capacity to work under pressure when required.

Please note: the appointment may be made at a lower role size depending on the successful candidates’ experience and exam progress.

Competencies

• Strategy

• Innovation

• Collaboration

• Leading with Influence

• Execution

• Customer First

• Personal Mastery

Skills

Analytical Thinking, Computer Literacy, Data Compilation, Data Controls, Executing Plans, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Risk Management

Competencies

Balances Stakeholders

Builds Networks

Business Insight

Collaborates

Communicates Effectively

Cultivates Innovation

Decision Quality

Drives Results

Education

Bachelor of Science (BSc): Actuarial Science (Required)

Closing Date

26 June 2026 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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