Job Purpose:
Responsible for actuarial modelling and reporting in IFRS 17 financial standard, product development & profit-testing, solvency, regulatory reporting and compliance.
Duties and Responsibilities
Research and Product Development, which include pricing, development of policy documents for new products, developing illustrations for new products, ongoing profitability monitoring of the product scenario & sensitivity testing.
Projections and Budgeting- Preparation of actuarial Projections for financial and & strategic
planning.
Actuarial modelling- Build and enhance actuarial models and methodologies to support pricing, reserving, and risk analysis.
Actuarial reporting for financial & regulatory compliance. – This will include actuarial reserving,
IFRS17 modelling, Financial health reporting, Solvency and Risk based capital reports.
Preparation and presentation of reports to the management council and the board.
Develop and continuously maintain the company’s actuarial policy, operations and procedure
manual.
Perform statistical modelling to support actuarial valuations and capital reserves.
Supervise, mentor and coach staff in the actuarial department.
Stakeholder Engagement- Collaborate with cross-functional teams, including underwriting, finance, and product development, to provide actuarial insights and support business decisions.
Communicate complex actuarial concepts effectively to both technical and non-technical stakeholders.
Provide analysis to support the application of appropriate retakaful ‘reinsurance’ arrangements.
Liaise with the risk and compliance department in the measurement/quantification of operational risks and support mitigation strategies.
Calculation of all general insurance contract reserves.
Make recommendations on existing products based on market needs, existing product performance, and competitor analysis, in order to increase sales volume and profitability.
Perform required actuarial and other analyses for valuations and management reporting and make recommendations to support these analyses.
Perform calculations in relation to Asset Liability Matching (ALM), economic capital and solvency assessment of the Company, which is used as input for risk management
Ensure regulatory actuarial reports for both quarterly and annual reporting are prepared and submitted.
Monitor risk within business positions to ensure excessive risks are not taken during business execution.
Calculate the technical reserves using appropriate actuarial methodology for financial reporting and regulatory reporting.
Ensure compliance to IRA regulation.
Keep updated with trends, changes and best practices.
Academic and Professional Qualifications
A Bachelor’s degree in Actuarial Science, Statistics, Mathematics or any other related field.
Well progressed in actuarial professional papers. (Must have passed at least 6 papers)
A member of a relevant professional body.
At least 5 years’ experience with not less than 3 years in management.
Skills and Attributes.
Agile and a continuous learner.
Deep understanding of business particularly General and Medical business.
Ability to use mathematical and statistical models to manipulate large data.
Conversant with IFRS 17, IFRS 9 and IFRS 16 standards.
Problem solving Skills
Analytical Thinker
Leadership Skills.
Ability to make balanced and sound recommendations and decisions- Recommendations and decisions that are implementable, effective and well thought through.
Willingness to work with others in a team environment. This includes working towards team goals, participating in decision making, cooperating with others and offering assistance when needed.
Assuming responsibility and accountability for the successful completion of tasks and adhering consistently to standards of excellence.
Do you meet the requirements above? Are you interested in this role?Send your application to reach us by September 20, 2023 strictly through hr@takafulafrica.co.ke .Please attach your CV, testimonials and a cover letter.
Apply via :
hr@takafulafrica.co.ke
