Actuarial Analyst

Job Ref. No: JLIL 258

Role Purpose

• The role holder will play a pivotal role in supporting the actuarial function by performing complex analyses, developing pricing models, and providing insights that inform strategic decision-making. The role involves conducting detailed risk assessments, pricing life insurance products, and ensuring that the company maintains a competitive edge in the market.

Main Responsibilities

Operational

• Actuarial reporting for financial & regulatory compliance. This will include actuarial reserving, IFRS17 modelling,
• Financial Condition Reporting, Solvency and Risk Based Capital reports
• Develop and maintain actuarial models for pricing life insurance products, ensuring that they are competitive, profitable, and compliant with regulatory requirements.
• Conduct detailed risk assessments and perform sensitivity analyses to support the pricing process.
• Collaborate with Product Development teams to design new products and revise existing ones, ensuring that pricing structures are sustainable and market relevant.
• Prepare regular actuarial reports, including solvency assessments and profitability analyses, to support internal decision-making and regulatory reporting.
• Analyze historical data to identify trends, assess risks, and predict future outcomes that impact pricing and product development.
• Develop and refine actuarial models to improve the accuracy of projections and support the company's financial planning.
• Conduct experience studies on mortality, morbidity, lapse rates, and other relevant factors to ensure that pricing assumptions are up-to-date and reflective of actual experience.
• Recommend adjustments to pricing and reserves based on experience analysis findings.
• Support the risk management function by identifying and quantifying risks related to insurance products, including underwriting, investment, and operational risks.
• Provide input into the development of risk management strategies and the setting of risk limits.
• Perform other duties as may be assigned from time to time in line with your role.

Corporate Governance

• Adhere to regulatory requirements and internal policies, ensuring compliance in all aspects.
• Implement and uphold robust data protection and privacy practices, safeguarding customer information and ensuring confidentiality.
• Participate in audits and internal control assessments, addressing any identified gaps or issues promptly.
• Compliance. Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.

 Culture

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Individualized Development Planning. Create personalized development plans that align with your career aspirations and the organization's objectives.

Key Competencies

• Analytical Skills. Strong analytical abilities to interpret complex data, identify trends, and develop accurate actuarial models.
• Problem-Solving. Aptitude for solving complex problems, particularly those related to pricing, risk assessment, and financial forecasting.
• Attention to Detail. Meticulous attention to detail to ensure the accuracy of actuarial calculations, models, and reports.
• Communication Skills. Ability to communicate complex actuarial concepts clearly and effectively to both technical and non-technical stakeholders.
• Team Collaboration. Strong interpersonal skills to work effectively with cross-functional teams, including Finance, Underwriting, and Product Development.

Academic Background & Relevant Qualifications

• Bachelor’s degree in actuarial science or any other related course.
• Professional actuarial exams progress – Minimum 4 exams with recognized body such as IFOA, SOA
• Minimum of 2 years of experience in an actuarial role, with a focus on life insurance.
• Experience in pricing life insurance products and developing actuarial models is essential.