Actuarial Manager at Takaful Insurance of Africa

Job Purpose:

• Responsible for actuarial modelling and reporting in IFRS 17 financial standard, product development & profit-testing, solvency, regulatory reporting and compliance.

Duties and Responsibilities

• Research and Product Development, which include pricing, development of policy documents for new products, developing illustrations for new products, ongoing profitability monitoring of the product scenario & sensitivity testing.
• Projections and Budgeting- Preparation of actuarial Projections for financial and & strategic
• planning.
• Actuarial modelling- Build and enhance actuarial models and methodologies to support pricing, reserving, and risk analysis.
• Actuarial reporting for financial & regulatory compliance. - This will include actuarial reserving,
• IFRS17 modelling, Financial health reporting, Solvency and Risk based capital reports.
• Preparation and presentation of reports to the management council and the board.
• Develop and continuously maintain the company’s actuarial policy, operations and procedure
• manual.
• Perform statistical modelling to support actuarial valuations and capital reserves.
• Supervise, mentor and coach staff in the actuarial department.
• Stakeholder Engagement- Collaborate with cross-functional teams, including underwriting, finance, and product development, to provide actuarial insights and support business decisions.
• Communicate complex actuarial concepts effectively to both technical and non-technical stakeholders.
• Provide analysis to support the application of appropriate retakaful ‘reinsurance’ arrangements.
• Liaise with the risk and compliance department in the measurement/quantification of operational risks and support mitigation strategies.
• Calculation of all general insurance contract reserves.
• Make recommendations on existing products based on market needs, existing product performance, and competitor analysis, in order to increase sales volume and profitability.
• Perform required actuarial and other analyses for valuations and management reporting and make recommendations to support these analyses.
• Perform calculations in relation to Asset Liability Matching (ALM), economic capital and solvency assessment of the Company, which is used as input for risk management
• Ensure regulatory actuarial reports for both quarterly and annual reporting are prepared and submitted.
• Monitor risk within business positions to ensure excessive risks are not taken during business execution.
• Calculate the technical reserves using appropriate actuarial methodology for financial reporting and regulatory reporting.
• Ensure compliance to IRA regulation.
• Keep updated with trends, changes and best practices.

Academic and Professional Qualifications

• A Bachelor’s degree in Actuarial Science, Statistics, Mathematics or any other related field.
• Well progressed in actuarial professional papers. (Must have passed at least 6 papers)
• A member of a relevant professional body.
• At least 5 years’ experience with not less than 3 years in management.

Skills and Attributes.

• Agile and a continuous learner.
• Deep understanding of business particularly General and Medical business.
• Ability to use mathematical and statistical models to manipulate large data.
• Conversant with IFRS 17, IFRS 9 and IFRS 16 standards.
• Problem solving Skills
• Analytical Thinker
• Leadership Skills.
• Ability to make balanced and sound recommendations and decisions- Recommendations and decisions that are implementable, effective and well thought through.
• Willingness to work with others in a team environment. This includes working towards team goals, participating in decision making, cooperating with others and offering assistance when needed.
• Assuming responsibility and accountability for the successful completion of tasks and adhering consistently to standards of excellence.