Job Ref. No: JLIL 258 (Re-advertised)
Role Purpose
- The role holder will play a pivotal role in supporting the actuarial function in product development & pricing, actuarial modeling and providing technical insights that inform strategic decision-making. The role involves pricing life insurance products & actuarial analysis, ensuring that the company maintains a competitive edge in the market.
Main Responsibilities
Operational
- Develop and maintain actuarial models for pricing life insurance products, ensuring that they are competitive, profitable, and compliant with regulatory requirements.
- Conduct detailed risk assessments and perform sensitivity analyses to support the pricing process.
- Collaborate with Product Development teams to design new products and revise existing ones, ensuring that pricing structures are sustainable and market relevant.
- Prepare regular actuarial reports, including solvency assessments and profitability analyses, to support internal decision-making and regulatory reporting.
- Analyse historical data to identify trends, assess risks, and predict future outcomes that impact pricing and product development.
- Develop and refine actuarial models to improve the accuracy of projections and support the company’s financial planning.
- Conduct experience studies on mortality, morbidity, lapse rates, and other relevant factors to ensure that pricing assumptions are up-to-date and reflective of actual experience.
- Recommend adjustments to pricing and reserves based on experience analysis findings.
- Actuarial reporting for financial & regulatory compliance. This will include actuarial reserving, IFRS17 modelling, Financial Condition Reporting, Solvency and Risk Based Capital reports
- Support the risk management function by identifying and quantifying risks related to insurance products, including underwriting, investment, and operational risks.
- Provide input into the development of risk management strategies and the setting of risk limits.
- Perform other duties as may be assigned from time to time in line with your role.
Corporate Governance
- Adhere to regulatory requirements and internal policies, ensuring compliance in all aspects.
- Implement and uphold robust data protection and privacy practices, safeguarding customer information and ensuring confidentiality.
- Participate in audits and internal control assessments, addressing any identified gaps or issues promptly.
- Compliance. Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards
- Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
Culture
- Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
- Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
- Individualized Development Planning. Create personalized development plans that align with your career aspirations and the organization’s objectives.
Key Competencies
- Analytical Skills. Strong analytical abilities to interpret complex data, identify trends, and develop accurate actuarial models.
- Problem-Solving. Aptitude for solving complex problems, particularly those related to pricing, risk assessment, and financial forecasting.
- Attention to Detail. Meticulous attention to detail to ensure the accuracy of actuarial calculations, models, and reports.
- Communication Skills. Ability to communicate complex actuarial concepts clearly and effectively to both technical and non-technical stakeholders.
- Team Collaboration. Strong interpersonal skills to work effectively with cross-functional teams, including Finance, Underwriting, and Product Development.
Academic Background & Relevant Qualifications
- Bachelor’s degree in actuarial science or any other related course.
- Professional actuarial exams progress – Minimum 2 exams with recognized body such as IFOA, SOA
- Minimum of 1 year of experience in an actuarial role, with a focus on life insurance.
- Experience in pricing life insurance products and developing actuarial models is essential.
How to Apply
If you are qualified and seeking an exciting new challenge, please apply via [email protected] quoting the Job Reference Number (Job Ref. No: JLIL 258) and Position by 25th October 2024. Only shortlisted candidates will be contacted
