Actuarial Manager at Kenyan Alliance Insurance

Main Purpose of the Job- (Job Summary)

The role holder is responsible for providing support to General and Life Insurance and other support functions in the Company such as Finance and Risk. The role involves providing actuarial analysis to ensure the company is always aware of its financial liability position, risks and market dynamics.

Main Responsibilities

General Insurance

• Review and test models and assumptions on actuarial valuation for general insurance
• Price new products and provide ratings guidelines for general insurance
• Provide actuarial input in the Product Development Process for general insurance
• Monitor and analyze experience investigations (claims, expenses etc.) and other actuarial investigations for general insurance
• Formulate the investment strategy and review of the investment performance to provide insights for general insurance
• Review and provide insights on solvency position and capital requirements
• Perform long term financial projections to support decision making
• Review of reinsurance arrangements and give recommendations on suitability of the reinsurance arrangements
• Prepare and present quarterly industry analysis report for the subsidiaries and
• Prepare draft quarterly Board Papers
• Participate in special projects such as the IFRS 17 implementation support as well as other projects requested by general insurance.Life Insurance
  • Provide input into underwriting strategy and rules for Life insurance business
  • 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 financial and operational risk in Life insurance business
  • Co-ordinate the supplementary reporting requirements to Annual Financial Reports
  • In charge of developing the Asset Liability Management framework for the life business and working closely with the Management 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 to IRA regulation and other relevant regulations
  • Work closely with the finance function, appointed actuary and external auditor in the preparation of financial statements and the disclosure requirements
  • Make presentations to management and board on the performance of the business, including financial impacts of actions taken by management and the board

  Perform any other roles as may be assigned by management from time to time.

Knowledge & Experience

The candidate must demonstrate and possess the following skills and qualifications:

• University Degree in actuarial science or related field
• Minimum 5 years of relevant actuarial experience in an actuarial function
• Fellowship Qualification (IFOA, SOA or other recognized actuarial body)
• Exposure and experience in reporting, including IFRS 17 implementations
• Strong data programming skills
• Good analytical skills
• Statistical techniques
• Excellent communication and presentation skills
• Problem solving skills’
• Excellent interpersonal skills
• Leadership skills with high personal integrity