Main Purpose of the Job - (Job Summary)
Co-ordinating overall actuarial strategy the Company for Life and Non-Life insurance in line with the Company's strategic objectives as defined by the Board.
Main Responsibilities
Oversee internal actuarial reserving and completion of year end actuarial reserving certifications.
Develop appropriate actuarial reporting to deliver all regulatory and IFRS reporting on Company and Group basis that is in line with best practice.
Preparation & presentation of Quarterly Actuarial Reports to the Board, Board Risk Committee and Statutory bodies.
Developing and continuously refining actuarial reporting tools.
Ensuring adequacy of technical reserves to ensure statutory compliance.
Ensuring data quality to achieve reliable actuarial valuation results and actuarial analysis.
Monitoring and reporting Capital requirements of the Company.
Undertake actuarial analysis for budgeting and planning purposes.
Developing models for internal risk management purposes and assist the risk function in assessing and reporting of risks.
Developing New Products and carrying out profitability tests. Regular pricing and reviewing existing existing products
Regularly reviewing and analysing reinsurance arrangements to ensure optimization and adequacy. Oversee Annual reinsurance certifications.
Maintain a robust ALM framework that effectively manages investment risks within the risk appetites and tolerances of the Company.
Part of investment committee. Reviewing of investment policy and Preparing and presenting ALM reports to the Investment Committee.
Develop and maintain documentation relating to the actuarial process.
Understanding and explaining factors contributing to the underlying performance of the Company.
Leading and managing actuarial communication and correspondences' with internal and external stakeholders.
Identifying, implementing and benchmarking actuarial best practices.
Managing and implementing change initiatives to achieve desired business plans & goals.
Training & mentoring of actuarial staff to achieve highest levels of performance.
Key Deliverables (specific to this position)
Actuarial reserving and financial reporting.
Timely Actuarial Reports to the management, Board & IRA within stipulated timelines
Product(s) development & regular pricing.
Maintain accurate data for regular actuarial analysis and tasks
Developing and training of in house actuarial capacity
Key Indicators
Key Interfaces
Resources Responsible for
Direct Reports (Jobs reporting to this position)
Internal
Deputy Head of Actuarial
Actuarial Analysts/Officers
Actuarial interns
Finance
IT
Business depts (Life & Non-Life)
Reinsurance
Underwriting
Sales & Marketing
Risk & compliance function
Management
Board/Board Risk Committee
External
Appointed actuary
External Auditors
Regulators
Policyholders (Current & Potential)
CRITICAL SUCCESS FACTORS FOR THE JOB
Job Specifications
Academic Qualifications
Bachelor of Science in Actuarial Science
Professional Qualifications
Associate/Fellow of The Actuarial Society Of Kenya/The Institute and Faculty Actuaries/Society Of Actuaries or equivalent Actuarial professional body and member of International Actuarial Association(IAA).
Relevant Experience
At least 5-10 years of actuarial experience with at least 3 years in supervisory role.
Key Job Skills (specific to the job)
Firm knowledge of actuarial principles.
Proficiency in Actuarial tools
Understanding of IFRS 9 & 17 and Risk based regulatory framework in Kenya.
Analytical Skills
Business/Market Awareness
Insurance Skills (special Category)
Actuarial modelling
Risk Management
General Skills
Communication skills
Interpersonal skills
Customer Service
IT skills (fluency)
Our Competencies/Behaviours
Integrity
Reliability
Transparency
Professionalism
Teamwork
Quality
Visionary Leadership