Assistant Manager - Actuarial Services at Madison Group Limited

Overall Responsibility:

• The job holder will be responsible for performing actuarial analyses, developing models and providing insights that support sound business decision-making while ensuring compliance with applicable actuarial standards and regulatory requirements.

Key Responsibilities:

• Lead the preparation of monthly, quarterly and annual actuarial valuations, including reserve adequacy assessments and technical reserve monitoring. 
• Prepare actuarial reports for Management, Board Committees, regulators, and other stakeholders. 
• Support the preparation of IFRS 17 financial results, disclosures and Financial Condition Reports (FCR).
• Prepare actuarial assumptions and IFRS 17 projections to support the Company’s budgeting, forecasting, business planning, and strategic decision-making. 
• Perform capital modelling, stress testing, solvency assessments and capital optimization analyses. 
• Prepare and submit statutory actuarial reports and regulatory returns within prescribed timelines. 
• Coordinate actuarial audits, including data preparation, assumption setting, validation of valuation results, and implementation of audit recommendations. 
• Liaise with the Insurance Regulatory Authority (IRA), external auditor, appointed actuary, and other stakeholders.
• Conduct business experience investigations, profitability analyses, pricing reviews, and portfolio performance monitoring. 
• Develop, maintain and enhance actuarial models, predictive pricing models, dashboards, and reporting tools. 
• Provide actuarial advice and technical support to Underwriting, Claims, Finance, Reinsurance, Risk, and Executive Management. 
• Present actuarial analyses and recommendations to management and Board Committees to support business decisions.
• Supervise, mentor and develop junior actuarial staff.
• Ensure compliance with IFRS 17, actuarial standards of practice, Insurance Act requirements, IRA regulations, and internal governance policies. 

Knowledge, Skills & Experience

• Minimum of 4–6 years’ relevant actuarial experience in the insurance or financial services industry.
• Relevant experience in life, general, or health insurance.
• Demonstrated experience in actuarial modelling, pricing, reserving, financial reporting and/or risk management.
• Technical actuarial expertise.
• Analytical and problem-solving skills.
• Leadership and people management.
• Business acumen and stakeholder management. 
• Communication and professionalism.

Academic and Professional Qualifications required

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, or a related quantitative discipline.
• Progress towards qualification in either Institute and Faculty of Actuaries (IFoA) or Society of Actuaries (SOA).
• A member of Actuarial Society of Kenya.
• Sound knowledge of IFRS 17 and its application in insurance valuation, financial reporting, actuarial modelling and regulatory compliance.