Zeenat Osman
Short-term Actuarial Specialist
Bryanston
Summary
My expertise spans detailed pricing, product innovation, and risk management within the realm of general insurance. I've adeptly merged cutting-edge pricing approaches and devised analytical solutions specifically designed to address the distinct challenges of the South African market, thereby enhancing profitability. My background in reserving and capital modeling has further refined my skills as a pricing actuary, aligning closely with market demands.
Overview
10
10
years of professional experience
7
7
years of post-secondary education
Work History
Assistant Vice President: Pricing
Absa Insurance Company
12.2021 - Current
- Responsible for the end-to-end pricing of the 15 peril Homeowner's Comprehensive Insurance (HOC) book
- New rating factors (including flood risk metrics), peril adjustments and external data were incorporated into the latest rate review
- Built a Power Surge Impact Analysis tool to account for load shedding currently being experienced in South Africa
- Responsible for the annual pricing and product design of VAPs products including Legal and Gap cover.
Senior Actuarial Pricing Specialist
Innovation Group Solutions
12.2017 - 12.2021
- Pricing and product development for regulated niche insurance markets
- Successfully led two major tender proposals for BMW and Mercedes, resulting in both being secured as clients
- Built the company's first GLM pricing model
- Developed refund and cancellation matrices for clients
- Developed a complete in-house reserving tool for the company to perform run-off projections on the expired, current, and forecasts for future-incepting business
- Responsible for setting up standard monthly Exco reports for continuous risk tracking and monitoring
- Provided insights on sales, retentions, and assisted with strategic business decisions to improve customer product profitability as well as enhancing the new customer lifetime value model developed
- Performed financial and risk reporting, as well as statistical modelling for the different stakeholders in the business – including conducting reports, forecasts, and trend analysis as well providing input towards setting up the company risk register
- Identified and executed improvements to reduce business risk and streamline processes and procedures
- This led to reducing the cost of product and pricing implementation processes by approximately 25%.
Actuarial Consultant
KPMG Services Pty
07.2016 - 12.2017
- Assisted insurers with SAM-related matters, including gap analysis, implementation plans, ORSA, and capital calculations
- Independent recalculations of various Comprehensive Parallel Run submissions during audit's while assisting with the refinement of the standard formula SAM calculation and reporting tool for the South African short-term insurance industry
- Produced quarterly and annual non-life reserving reporting for numerous clients
- Involved in a large due diligence project for mergers and acquisitions, reserving and SAM/SII-related work including ORSA reviews and the completion of the technical quantitative elements relating to the risk appetite framework
- Valuations and short-term insurance audits range from simple direct insurers to large complex direct insurers and reinsurers
- Fostering strong client relationships and successfully identifying additional business opportunities in the UAE have been key highlights.
Senior Actuarial Analyst
Deloitte Pty
01.2014 - 07.2015
- Loss of Income/Earnings (LOE) and Loss of Support (LOS) claims made to the Road Accident Fund (RAF) whilst maintaining/ refining the model used for these calculations
- Health insurance reserving for various medical schemes in the SADC region
- Employee Benefit Liabilities, including various Post-Retirement Medical Assistance (PRMA) Benefits
- Developed benefit design and contribution structures for various medical schemes within the SADC region with the aim of improving scheme profitability
- Other research and analysis include - research into the health insurance industry in several African countries; and the analysis of developed countries currency hedging environment (including hedging tools, regulation, and taxation) to assist developed countries with setting export credit terms.
Education
Bachelor of Science: Actuarial Science and Mathematical Statistics -
University of Witwatersrand
01.2010 - 05.2012
BSc (Hons): Mathematical Statistics - undefined
University of Witwatersrand
01.2013 - 05.2013
National Senior Certificate (NSC) - undefined
Lenasia Muslim School (LMS) - Johannesburg, Gauteng
01.2005 - 05.2009
Skills
Pricing, reserving and capital modelling (excluding internal capital models) for different lines of business for General insurers
Strategic and innovative leader with expertise in data-driven decision-making and judgement calls, team development, and project management; adept at communicating complex pricing strategies, driving change, and fostering a culture of continuous improvement and creativity
Emblem, Radar, Classifier, Innovation Group in-house pricing software (Alteryx) and KPMG in-house reserving software (KLASS)
R, SQL, Python, SAS
Prezi, PowerBI, Tableau
References
- Alberto Gutierrez, Head of Actuarial, iWYZe, Old Mutual Insurance, 071 308 4987
- Clive Hogarth, Head of Retail Pricing, Old Mutual Insurance, 083 332 8323
- Gerard Fisher, Head of Pricing in Product Development, Pricing and Underwriting, Innovation Group South Africa, 082 520 7427, gerard.fisher@innovation.group
- Catherine Naidoo, Head of Product Development, Pricing and Underwriting, Innovation Group South Africa, catherine.naidoo@innovation.group
- Mahmood Jeenah, Senior Manager - MENA Actuarial Services, EY Dubai, +971 56 411 4354 and +27 74 378 6886, m_jeenah@yahoo.com
- Malcolm Jewell, Director, Head of Actuarial, KPMG South Africa, 082 683 5505, malcolm.jewell@kpmg.co.za
- Talita Jacobs, Head of Data Analytics and Insights, Momentum Corporate, 082 325 8834, talitawes@gmail.com
Extracurricular Activities
Currently hold a 2nd Dan black belt in Shotokan Karate, graduated by Japanese Sensei Funakoshi. Qualified to attend the World Karate Championship in 2008 held in Las Vegas for Kumite and in 2014 held in Italy for Kumite and Kata. Completed my first Midmar Mile swim at the age of 7, and thereafter completed it on 8 consecutive occasions. Selected to be part of the junior South African swimming squad for 50m and 100m Breaststroke. Love to travel and am an avid hiker.
Exam Progression
Passed the following Actuarial Science board exams through the Actuarial Society of South Africa (ASSA):
- A101 / CT3: Probability and Mathematical Statistics
- A102 / CT7: Business Economics
- A103 / CT2: Finance and Financial Reporting
- A201 / CT1: Financial Mathematics
- A202 / CT4: Models
- A203 / CT5: Contingencies
- A204 / CT6: Statistical Methods
- A205 / CT8: Financial Economics
- CT9
- A401: Generic Practice Module
- Business Awareness Module
-A301/ CA1: Actuarial Risk Management
- A302: Communications
- A402: Modelling
- F101/ ST1: Healthcare Insurance Applications
- F103/ST3: Short-term Insurance Applications
I have the Short-term Fellowship (F203) exam remaining which I will be sitting this session.
Timeline
Assistant Vice President: Pricing
Absa Insurance Company
12.2021 - Current
Senior Actuarial Pricing Specialist
Innovation Group Solutions
12.2017 - 12.2021
Actuarial Consultant
KPMG Services Pty
07.2016 - 12.2017
Senior Actuarial Analyst
Deloitte Pty
01.2014 - 07.2015
BSc (Hons): Mathematical Statistics - undefined
University of Witwatersrand
01.2013 - 05.2013
Bachelor of Science: Actuarial Science and Mathematical Statistics -
University of Witwatersrand
01.2010 - 05.2012
National Senior Certificate (NSC) - undefined
Lenasia Muslim School (LMS) - Johannesburg, Gauteng
01.2005 - 05.2009