Discovery – Insure

Actuarial Manager – Reinsurance Manager

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 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 sectors. Vitality Drive, an internationally-recognised 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

Drive the development, implementation, and optimisation of reinsurance strategies and arrangements to support the Discovery Insure’s risk management, capital efficiency, and business objectives. The role exists to ensure effective structuring, placement, and management of reinsurance treaties and facultative arrangements, providing expert actuarial input and strategic recommendations to executive management. The Reinsurance Actuary will collaborate closely with reinsurance brokers, actuarial, underwriting, claims, finance, and external reinsurers to deliver robust risk transfer solutions, maintain regulatory compliance, and enable sustainable growth in a dynamic short-term insurance environment.

Areas of responsibility may include but are not limited to

• Reinsurance Programme Design & Placement:
  Lead the structuring, negotiation, and placement of reinsurance treaties and facultative arrangements (including quota share, surplus, and excess of loss), ensuring alignment with Discovery Insure’s risk appetite and business objectives.
• Broker & Reinsurer Engagement:
  Build and maintain strong working relationships with reinsurance brokers and reinsurers to secure optimal terms, foster innovation, and ensure effective execution of reinsurance strategies.
• Reinsurance Account Management
  Oversee the end-to-end management of reinsurance accounts, including preparing and submitting all required documentation to reinsurance brokers, coordinating with finance teams and reinsurers to ensure accurate and timely settlements, and proactively resolving any queries or discrepancies.
• Strategic Advisory & Research:
  Research, evaluate, and recommend reinsurance structures and market opportunities that support Discovery Insure’s business and capital objectives. 
• Portfolio Analysis & Reporting:
  Analyse reinsurance and risk-sharing portfolios, conduct experience investigations, and create dashboards to monitor payments, recoveries, and outstanding balances. Deliver clear, actionable reports and insights to management and stakeholders.
• Governance & Compliance:
  Ensure all reinsurance activities comply with regulatory requirements, internal policies, and governance standards (including IFRS 17, SAM, and relevant actuarial practice notes).
• Stakeholder Collaboration:
  Collaborate with internal teams (actuarial, underwriting, claims, finance, legal, compliance, risk) to ensure seamless execution and administration of reinsurance arrangements.
• Process Optimisation:
  Drive continuous improvement of reinsurance processes, methodologies, and controls to enhance operational efficiency and support business growth.
• Presentations & Communication:
  Prepare and deliver clear, insightful presentations on reinsurance matters to reinsurers, the Actuarial Committee, and Exco, ensuring effective communication of strategy, results, and recommendations.
• In-House Catastrophe Modelling:
  Perform in-house catastrophe modelling to support reinsurance renewal negotiations, reinsurance optimisation and ORSA processes.

Knowledge and Skills

• Advanced proficiency in MS Office (Excel, Powerpoint and Word) - Essential
• VBA – intermediate level - Advantageous
• SQL – intermediate level - Advantageous
• Catastrophe Modelling Software - Advantageous
• Knowledge of IFRS 17 and SAM - Advantageous

Education and Experience

Education:

• Matric (Essential)
• Honours degree in Actuarial Science
• Associate of the Actuarial Society of South Africa (AMASSA)
• Fellow of the Actuarial Society of South Africa (FASSA) or equivalent international fellowship  - Advantageous

 Minimum Experience:              

• At least 5 years’ proven experience in the insurance or reinsurance industry
• 7-10 years’ proven experience in the insurance or reinsurance industry - Advantageous
• Hands-on involvement in reinsurance placement, account management, and reporting - Advantageous
• Track record of collaborating with reinsurance brokers, reinsurers, and internal teams (actuarial, underwriting, claims, finance) - Advantageous

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.