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Become part of MiWay's Actuarial department!

Published on: 27 July 2017

Rubix cube

MiWay’s Actuarial department plays an essential role in the company since the work we do is at the core of insurance – i.e. charging the right client the right premium.

We are responsible for claims reserving (estimating how much premium we should set aside for claims that we still need to pay, including claims we don’t know about yet) and calculating how much capital we need to set aside to protect MiWay against unforeseen events. In addition to the more traditional actuarial work in short-term insurance, actuaries at MiWay often get involved in other exciting projects like building fraud prediction models.

We are a relatively small department, which offers all team members an opportunity to get exposure to most areas of the business. We interact with a large range of stakeholders in the business, from senior management to software developers to claims investigators.

If you’re ready to step up your game and join MiWay's Actuarial department, please send your CV and a short introduction letter to actuarial.careers@miway.co.za

Team members work in an environment with lots of scope for modelling. Furthermore, we use SQL to implement our own models on MiWay’s policy administration system, which has the following benefits:

  • Controlling much of the development ensures that what gets implemented is exactly as we intended
  • Having less dependency on other parties also means that we can complete projects faster
  • An added bonus is the satisfaction of seeing how our hard work directly benefits the business!

The challenges we are faced with daily don’t come with an instruction manual on how to solve them. The first part of the actuarial syllabus focuses on theory and technical knowledge, which we like to think of as your toolbox containing all the skills and tricks that you’ve accumulated over the years. The latter part of the syllabus focuses on applying that technical knowledge to solve problems.

To be a great actuary, you need a toolbox that contains a wide variety of tools, but even more importantly, you need the ability to identify the best tool for each job. MiWay provides an environment where you can keep expanding your toolbox of skills as well as your knowledge.

Graduate Programme

MiWay is a division of the Sanlam group, offering graduates the opportunity to be part of the Sanlam Graduate Development Programme. The Sanlam Graduate Development Programme (GDP) focuses on accelerated development and building marketable technical and leadership competencies. The programme consists of:

  • A comprehensive orientation programme
  • Customised development blocks aimed at developing leadership competencies
  • Group coaching
  • On-the-job support for professional and technical development

Graduates will be based at MiWay’s head office in Midrand, however, formal GDP events including the development blocks will take place at the Sanlam Head Office in Cape Town. All travel expenses to Cape Town will be covered. The programme duration is 18 months after which candidates will settle into a permanent position at MiWay.

The GDP includes a specific Actuarial Training Programme tailored to actuarial graduates and makes provision for comprehensive study support and study leave.

Currently completing your studies? Why not apply for the 2018 Actuarial Training Programme / Sanlam GDP with the aim of taking up a permanent actuarial position at MiWay after the GDP?
Apply now
Click on "Apply Now" and apply for the "Actuarial Trainee (Graduate Role) CT/Jhb".

External resources

Interested in learning more about data science? Have a look at some interesting websites with more information:

References to more information regarding the actuarial profession and South African insurance industry: