Product Development
Description of Core Duties
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
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
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