Head of Actuarial - General Insurance and Health Business at Old Mutual Kenya

Job Description

Responsible for review of financial results for published and regulatory reporting and to extract insights for business consideration. The role acts as main client relationship manager for the team to all internal stakeholders, statutory actuaries, and auditors. The role requires sound technical knowledge of Financial Reporting requirements, Old Mutual Kenya products, with strong planning and delivery focus. The role also requires team management and coaching of team members

Technical Actuarial Support; 

• Review results including soundness of reserves, capital requirements (statutory, internal and SAM) and other metrics (IFRS profits) for all relevant East Africa insurance subsidiaries.
• Ensure consolidated reporting produced with appropriate supporting analysis and commentary.
• Provide guidance in the calculation of all insurance contract reserves and profit metrics.

Business Partnering

• Extract insights for business consideration and collaborate effectively with both business and specialized areas across all levels, including Finance and Product teams, Operations, Distribution and Group Actuarial (via Rest of Africa Finance Actuary).
• Provide advice on the ideal investment strategy to ensure the company can meet its liabilities as they become due.
• Monitor and evaluate the level of mismatch of the asset and liability portfolios and update management on the same for immediate remediation.
• Strategy and Business Planning Support
• Guide business planning financial projections
• Participate in strategy development and review as requested
• Ensure production of market and competitor analysis
• Execute and report on the actuarial mission plan

Forecasting / Monthly reporting

• Ensure production of monthly reporting and forecasting and ongoing monitoring of the financial impacts of the business strategy on key financial metrics including the solvency position. Provide recommendations to remedy undesirable outcomes.

Reporting Capability:

• Ensure processes and models are efficient, robust, fit for purpose and aligned to Group policies and standards as well as actuarial best practice.
• Ensure the control environment is adequate and effective.
• Ensure compliance with Group policies as they relate to model risk and validation, assumption setting and model governance. 
• Create a repository of the documentation of the underlying methodologies used in the actuarial processes and any deviation from experience analysis results.

Actuarial Reports 

• Produce reports for both internal and statutory management purposes including annual valuation, financial condition reports and quarterly solvency statements
• Produce and present actuarial reports for BU and Group EXCO
• Product/Services Development and Pricing assist when required to with technical input in product development and pricing exercises ensure that new products and changes to existing products are allowed for in financial reporting process
• Reinsurance and Underwriting Support as required
• Experience Monitoring: Conduct claims experience analysis, expense investigations, persistency/business retention studies, and other relevant actuarial investigations to inform pricing and or valuation bases

Risk Management Support.

• assist BUs/Risk department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate and formulating appropriate risk mitigation measures for insurance subsidiaries and having an enterprise wide/Group view
• Work with Risk and Compliance teams in ensuring localizing of Old Mutual's Group policies and ensure full compliance, Insurance and Reinsurance Risk Policy, Product Development, and approval policy

Special Projects

• participate in special projects as would be requested by Group Management/BU Management/relevant Boards e.g., IFRS17 and Financial Transformation

Stakeholder Management:

•  Develop a Service Level Agreement (SLAs)/ Terms of reference (ToR) between actuarial and key stakeholders for delivering the requirements of the Actuarial Function.
• Liaise with consulting actuaries in matters regarding annual actuarial valuations for statutory reporting purposes and product development matters.

Leading a team: 

• Provide leadership to the team and foster better interdepartmental relationships to ensure efficiency and effectiveness of the actuarial function. 
• Develop and implement strategies for the actuarial function. Align these to the overarching company objective.
• Develop, mentor, and motivate the actuarial staff for optimal performance

Skills

• Leadership
• Management Reporting
• Monthly Reporting
• Risk Management
• Strategy Implementation

Closing Date: 14 September 2022