Job Summary
Provide actuarial support that mainly focuses on Product development and
Pricing. The assignment also includes valuation, experience investigation,
Asset Liability Matching, IFRS modeling, Reinsurance and other actuarial
special projects.
Description of Core Duties Product development: · Work actively with the business development teams
and liaise with the Group to price and provide actuarial support for new
products · Individual Life insurance product pricing from
ideation to product launch · Regular reviewing and monitoring of internal
experience and trends to ensure company product pricing meets profit targets · Repricing methodologies and bases and, where
appropriate, development of new pricing techniques and rating factors in
liaison with the Group · Ensure product pricing is consistent with the set
underwriting policy and regulatory guidance · Provide analysis to support the renegotiation of
existing group contracts · Assist system vendors in product setup in the administration
system · Review and monitor experience on all products to
inform pricing assumptions and decision-making including profit testing of
existing products · Prepare reports on product performance for
management decision making · Work closely with reassures to ensure treaty
optimization · Product Approvals: Drive the product approval
process both within the Company and externally with the Insurance Regulator
and other government bodies – where relevant. · Product Documentation: Develop and continually
review product training manuals and marketing materials that are appropriate
to the target market and distribution channel of the products. Valuation: · Assist with new product implementation into the
valuation systems and provide future projections under the valuation
standards at the time · Assess the capital requirements of new products that
assists with capital consumption and choice of product designs Experience Investigation: · Assist with the annual experience investigations on key
assumptions for pricing and valuations. · Sensitivity analysis and impact assessment of the
various assumptions Asset Liability Modeling
(ALM): · Assist with the
quarterly preparation of ALM calculations and presentations to management in
relation to the new and existing products Actuarial Modelling: · Building and
maintaining models for pricing, Value of New Business (VNB), ALM, capital
modeling and experience investigations |
Education, including specialized training
· Bachelors’ degree in actuarial science, statistics, engineering,
mathematics or any equivalent with a strong emphasis on mathematical
proficiency
· Good Progress in the Institute of
Actuaries examinations or any other recognized Actuarial bodies
Experience
· At least 4 years’ experience in an actuarial function focused on pricing
of new products or repricing/ product review
· Practical end to end Product development experience
· Good interpersonal communications skills
· Good writing and verbal communications skills
· Sensitivity to Customer needs
Technical Competencies
· Statistical/actuarial techniques
· Proficient knowledge on the insurance industry in Kenya
· Knowledge of reinsurance arrangements and structures
· Knowledge of software packages or programming (e.g., Excel, R, Visual
Basic for Applications)
· Product development knowledge
· Proficiency in Prophet coding will be an added advantage
Core competencies
· Adhering to principles and values
· Delivering results and meeting customer expectations
· Self-driven and provide independent thinking
· Relationship building and Networking within and outside the organization
· Strong analytical skills
· Learning and researching
· Presenting and communicating Information
· Achieving personal work goals and objectives
· Connecting work to business objectives