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
Requirements
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
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
Practical end to end
Prophet modelling experience will be an added advantage
Technical Competencies
Statistical/actuarial techniques
Proficient knowledge in 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
5.2 Corecompetencies
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
If you are interested in the above role and meet the minimum
requirements, please submit your application by Friday March 03rd 2023. Only shortlisted candidates will be
contacted.