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  • Posted: Aug 2, 2021
    Deadline: Aug 6, 2021
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    Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.
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    Actuarial Associate

    Job Ref. No. HRJIC641  

    Role Purpose

    The role holder will work within the regional IFRS17 sub-workstream, with responsibility for technical modelling and actuarial computations, business & financial impact analysis, implementation within strict timelines.

    Main Responsibilities

    1.  IFRS17 transition and reporting
      1. Gap analysis, business & financial impact analysis.
      2. IFRS17 methodology position papers: On options & recommendations under non-prescribed technical decisions.
      3. Technical modelling and actuarial computations under IFRS17 methods: GMM, PAA, VFA.
      4. Model Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
      5. Test products to examine their technical & operational feasibility under IFRS17.
    2. System Set-Up
      1. Set up product models and reporting on actuarial & IFRS17 software
      2. User Acceptance Testing & go live
      3. Model validation, audit trails, documentation, and communication
    3. Projections and Budgeting
      1. Projected actuarial cash flows under IFRS17 budgets
    4. Financial & Regulatory reporting
      1. Inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital reports
      2. Support stakeholders with actuarial inputs: Finance, appointed actuary and Audit/ assurance teams on IFRS17 reporting within monthly, quarterly & end year reporting timelines
    5. Profit testing
      1. Profit-test products under IFRS17 and recommendations on optimal treatment of onerous contracts
      2. bNew product development & reporting: Technical analysis & model changes under IFRS17
      3. Actuarial analysis
      4. Analysis of Jubilee’s value of new business, embedded value & Asset Liability Management valuations
      5. Risk assessment and reporting under IFRS17 reporting
    6. Any other duties as maybe assigned from time to time

    Key Competencies

    1. Customer Focus
    2. Continuous Innovation
    3. Ownership & Commitment
    4. Teamwork

    Qualifications

    1. Bachelor’s Degree in Actuarial Science/Mathematics/Statistics or any other related field.
    2. Professional Actuarial Exams (associate under IFOA/SOA or equivalent)
    3. Accounting Qualification will be an added advantage

    Relevant Experience

    1. Minimum of three years relevant experience, one in a supervisory level. Analytical, actuarial modelling & software skills. IFRS17 implementation experience – added advantage.

    Method of Application

    If you are qualified and seeking an exciting new challenge, please apply via Recruitment@jubileekenya.com quoting the Job Reference Number and Position by 6th August 2021.

    Only shortlisted candidates will be contacted.

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