Job Purpose:
- 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.
Knowledge, experience and qualifications required:
- University Degree in actuarial science, statistics, engineering, mathematics, physics, economics or related field with strong emphasis on mathematical proficiency.
- 7-9 years of relevant actuarial experience in an actuarial function with a company with a similar maturity level as Britam.
- Fellow of the Institute of Actuaries or significant progress with exams from a recognized actuarial body.
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
