Head of Actuarial Department at Kenindia Assurance Company Limited

Main Purpose of the Job - (Job Summary)

Co-ordinating overall actuarial strategy the Company for Life and Non-Life insurance in line with the Company’s strategic objectives as defined by the Board.

Main Responsibilities

• Oversee internal actuarial reserving and completion of year end actuarial reserving certifications.
• Develop appropriate actuarial reporting to deliver all regulatory and IFRS  reporting on Company and Group basis that is in line with best practice.
• Preparation & presentation of Quarterly Actuarial Reports to the Board, Board Risk Committee and Statutory bodies.
• Developing and continuously refining actuarial reporting tools.
• Ensuring adequacy of technical reserves to ensure statutory compliance.
• Ensuring data quality to achieve reliable actuarial valuation results and actuarial analysis.
• Monitoring and reporting Capital requirements of the Company.
• Undertake actuarial analysis for budgeting and planning purposes.
• Developing models for internal risk management purposes and assist the risk function in assessing and reporting of risks.
• Developing New Products and carrying out profitability tests. Regular pricing and reviewing existing existing products
• Regularly reviewing and analysing reinsurance arrangements to ensure optimization and adequacy. Oversee Annual reinsurance certifications.
• Maintain a robust ALM framework that effectively manages investment risks within the risk appetites and tolerances of the Company.
• Part of investment committee. Reviewing of investment policy and Preparing and presenting ALM reports to the Investment Committee.
• Develop and maintain documentation relating to the actuarial process.
• Understanding and explaining factors contributing to the underlying performance of the Company.
• Leading and managing actuarial communication and correspondences’ with internal and external stakeholders.
• Identifying, implementing and benchmarking actuarial best practices.
• Managing and implementing change initiatives to achieve desired business plans & goals.
• Training & mentoring of actuarial staff to achieve highest levels of performance.

Key Deliverables (specific to this position)

• Actuarial reserving and financial reporting.
• Timely Actuarial Reports to the management,  Board & IRA within stipulated timelines
• Product(s) development & regular pricing.
• Maintain accurate data for regular actuarial analysis and tasks
• Developing and training of in house actuarial capacity

Key Indicators

• Key Interfaces
• Resources Responsible for
• Direct Reports (Jobs reporting to this position)

Internal

• Deputy Head of Actuarial
• Actuarial Analysts/Officers
• Actuarial interns
• Finance
• IT
• Business depts (Life & Non-Life)
  • Reinsurance
  • Underwriting
  • Sales & Marketing
• Risk & compliance function
• Management
• Board/Board Risk Committee

External

• Appointed actuary
• External Auditors
• Regulators
• Policyholders (Current & Potential)

CRITICAL SUCCESS FACTORS FOR THE JOB

Job Specifications

Academic Qualifications

• Bachelor of Science in Actuarial Science

Professional Qualifications

• Associate/Fellow of The Actuarial Society Of Kenya/The Institute and Faculty Actuaries/Society Of Actuaries or equivalent Actuarial professional body and member of International Actuarial Association(IAA).

Relevant Experience

• At least 5-10  years of actuarial experience with at least 3 years in supervisory role.

Key Job Skills (specific to the job)

• Firm knowledge of actuarial principles.
• Proficiency in Actuarial tools
• Understanding of IFRS 9 & 17 and Risk based  regulatory framework in Kenya.
• Analytical Skills
• Business/Market Awareness

Insurance Skills (special Category)

• Actuarial modelling
• Risk Management

General Skills

• Communication skills
• Interpersonal skills
• Customer Service
• IT skills (fluency)

Our Competencies/Behaviours

• Integrity
• Reliability
• Transparency
• Professionalism
• Teamwork
• Quality
• Visionary Leadership