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  • Posted: May 20, 2023
    Deadline: Not specified
  • Never pay for any CBT, test or assessment as part of any recruitment process. When in doubt, contact us

    As one of the largest insurers and financial services companies in East Africa, we have decades of experience in helping discerning individuals protect and create their wealth. But that’s not all. We also keep an eye firmly on the future, using innovation to craft financial products and services that we know you need in today’s constantly changin...
    Read more about this company


    Assistant Manager Product Development Actuarial

    Job Summary

    • Provide actuarial support that mainly focuses on Product development and Pricing. The assignment also includes valuation, experience investigation, Asset Liability Matching, IFRS modeling, Reinsurance and other actuarial special projects.

     Description of Core Duties

    Product development:

    • Work actively with the business development teams and liaise with the Group to price and provide  actuarial support for new products
    • Individual Life insurance product pricing from ideation to product launch
    • Regular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets
    • Repricing methodologies and bases and, where appropriate, development of new pricing techniques and rating factors in liaison with the Group
    • Ensure product pricing is consistent with the set underwriting policy and regulatory guidance
    • Provide analysis to support the renegotiation of existing group contracts
    • Assist system vendors in product setup in the administration system
    • Review and monitor experience on all products to inform pricing assumptions and decision-making including profit testing of existing products
    • Prepare reports on product performance for management decision making
    • Work closely with reassures to ensure treaty optimization
    • Product Approvals: Drive the product approval process both within the Company and externally with the Insurance Regulator and other government bodies – where relevant.
    • Product Documentation: Develop and continually review product training manuals and marketing materials that are appropriate to the target market and distribution channel of the products.


    • Assist with new product implementation into the valuation systems and provide future projections under the valuation standards at the time
    • Assess the capital requirements of new products that assists with capital consumption and choice of product designs

    Experience Investigation:

    • Assist with the annual experience investigations on key assumptions for pricing and valuations.
    • Sensitivity analysis and impact assessment of the various assumptions

    Asset Liability Modeling (ALM):

    • Assist with the quarterly preparation of ALM calculations and presentations to management in relation to the new and existing products

    Actuarial Modelling:

    • Building and maintaining models for pricing, Value of New Business (VNB), ALM, capital modeling and experience investigations


    • Education, including specialized training
    • Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency
    • Good Progress in the Institute of Actuaries examinations or any other recognized Actuarial bodies


    • At least 4 years’ experience in an actuarial function focused on pricing of new products or repricing/ product review
    • Practical end to end Product development experience
    • Practical end to end Prophet modelling experience will be an added advantage

     Other attributes

    • Good interpersonal communications skills
    • Good writing and verbal communications skills
    • Sensitivity to Customer needs
    • Ability to work as part of the team and independently

    Technical Competencies

    • Statistical/actuarial techniques
    • Proficient knowledge on the insurance industry in Kenya
    • Knowledge of reinsurance arrangements and structures
    • Knowledge of software packages or programming (e.g., Excel, R, Visual Basic for Applications)
    • Product development knowledge
    • Proficiency in Prophet coding will be an added advantage

     Core competencies

    • Adhering to principles and values
    • Delivering results and meeting customer expectations
    • Self-driven and provide independent thinking
    • Relationship building and Networking within and outside the organization
    • Strong analytical skills
    • Learning and researching
    • Presenting and communicating Information
    • Achieving personal work goals and objectives
    • Connecting work to business objectives

    Method of Application

    Interested and qualified? Go to ICEA Lion Group on to apply

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