Product Actuary – East Africa at Old Mutual Kenya

KEY TASKS AND RESPONSIBILITIES

Product Governance & Approval

• Own, maintain and interpret the Product Approval & Monitoring policy for East Africa, ensuring alignment with Group risk and governance frameworks. Serve as the actuarial member of the Product Approval “Triad” (MD, EA Product Actuary, Statutory Actuary) for Kenya and Uganda. Decide on the appropriate level of governance for each initiative (full approval vs reduced sign-off for low-risk/limited exposure products) in line with policy. Ensure that all product approval packs contain robust actuarial analysis on pricing, guarantees, options, risk appetite and customer value.

Pricing Governance & Capital Discipline

• Define and maintain pricing standards (hurdle rates, risk margins, profit metrics) for all life and retail investment products in Kenya and Uganda. Review and sign off all pricing reports for new products and significant changes, ensuring adequate profitability; Capital efficiency and alignment to risk appetite; Appropriate use of reinsurance and risk mitigation tools. Provide actuarial input to Finance and Executive management on the P&L, capital and IFRS17 implications of product initiatives.

 In-Force Product Performance & Monitoring

• Design and oversee the product performance monitoring framework, covering volumes, margins, claims, lapses, expenses and investment performance. Ensure regular review of in-force products, including early warning indicators and triggers for remedial action (repricing, redesign, closure). Monitor compliance with any conditions attached to product approvals and ensure follow-through.

Risk, Regulatory & Market Conduct Responsibilities

• Provide actuarial leadership on Market Conduct, Legal, Regulatory, Strategic and Operational risk considerations in product design and pricing. Sign off, or contribute to, the actuarial sections of required risk declarations (e.g. 1st Line of Assurance, risk appetite confirmations). Support engagement with regulators on product approvals and related actuarial issues, ensuring consistency between Group and local approvals.

Leadership, People & Capability Development

• Lead and develop the East Africa product actuarial team, fostering a culture that balances commercial outcomes with actuarial rigor and good conduct. Drive the phased development of Uganda’s product actuarial capability, with a view to ultimately localizing product actuarial responsibilities. Provide thought leadership into East Africa’s product strategy and roadmap, ensuring actuarial insight is embedded into strategic decision-making.

 Decision Rights

• Final actuarial sign-off on product pricing and risk metrics before Product Approval Triad decision. Authority to determine whether reduced sign-off is appropriate or full governance is required. Authority to recommend repricing, redesign, suspension or closure of products when profitability or risk appetite thresholds are breached.

Key Interfaces

• MD Kenya, MD Uganda, BU CFOs, Statutory Actuaries, BU Heads of Product, Distribution, Finance, Risk & Compliance, Operations and IT. Group Africa Product Actuary, Group Risk and Group Product Governance functions. External regulators and reinsurers (as needed).

​​​​​​​SKILLS AND COMPETENCIES

• Strong commercial orientation with disciplined risk mindset.
• Ability to constructively challenge and influence senior leaders.
• High level of integrity, judgment and independence.
• Leadership and coaching capability across geographies and cultures.
• Clear and concise communication skills, including ability to explain complex actuarial concepts to non-actuaries.

​​​​​​​QUALIFICATION, KNOWLEDGE & EXPERIENCE

• Fellow of a recognized actuarial body (e.g. FASSA, FIA or equivalent).
• 4+ years’ post-qualification actuarial experience in life insurance, including significant product pricing and governance exposure.
• Strong working knowledge of IFRS17, capital frameworks, risk governance and Market Conduct requirements.
• Demonstrated experience in multi-market or multinational environments and in influencing senior stakeholders.