Reporting to the Chief Actuary, the role holder will provide actuarial support to business and participate in overall risk management for the company. He/she is expected to lead and manage a team that is all rounded and highly motivated to achieve both their personal and career objectives.
Key responsibilities:
Provide input into underwriting strategy and rules for Life Insurance entities across the Group.
Analyse statistical data in order to determine rates for different risks in acceptance of proposals for new policies and products in conjunction with the underwriting department.
Review the product performance with regards to their claims and expense experience and advise on appropriate pricing.
Provide analysis to support the application of appropriate reinsurance arrangements and provide inputs to the reinsurance management strategy.
Working with the risk and compliance department in the measurement quantification of operational risk in General Insurance entities.
Provide leadership to the team in determining and calculating all Life insurance contract reserves.
In charge of developing the Asset Liability Management framework for the Life Insurance entities, working closely with the wider Actuarial Team and the investment team to actualize the ALM framework.
Coordinate the preparation of business plans/budgets and capital management initiatives for the life business.
Provides input to the enterprise risk management by conducting stress and scenario testing, reviewing the risk appetite statements, etc.
Ensuring compliance with IRA regulation and other relevant regulations.
Supervising, mentoring and coaching staff under supervision.
Work closely with the finance function, appointed actuary and external auditor in the preparation of financial statements and the disclosure requirements.
Be highly conversant with IFRS 17 requirements and have the relevant skills to implement the new standard.
Make presentations to management and board on the performance of the various Life Insurance entities, including financial impacts of actions taken by management and the board.
Perform any other duties as may be assigned from time to time.
Technical/ Functional competencies:
Statistical techniques.
Proficient knowledge on the insurance industry in Kenya.
Knowledge of reinsurance arrangements and structures.
Knowledge of statistical packages or programming (e.g. SAS, Visual Basic)
