Product Manager - Actuarial Services at Prudential Life Assurance Kenya

Role Context 

• The Product Manager will be responsible for the end-to-end management of products during their life cycle at PLAK inclusive of product development, product reviews and product closure. They will also be responsible for reviewing and optimizing the company’s reinsurance arrangements. The role will also include preparation and review of reports on various technical issues to internal and external stakeholders

Principal Accountabilities

Product Development, Pricing & Product Review

• Lead in development, (re)pricing and enhancement of individual life, group life and pensions products. 
• Regulatory filing of products. 
• Ensuring product premiums, sums assured, bonuses, surrender values, maturities are accurately implemented in the systems by carrying out required tests. 
• Analyze the performance of existing products through measures such as persistency, annual premium equivalent, gross written premiums, new business profit etc. 
• Carry out reviews of the company and competitor products and suggest necessary product changes and enhancements with respect to pricing and rate reviews. 
• Carry out reviews of the company’s products to capture relevant market information and customer feedback. 
• Developing and maintaining comprehensive documentation relating to products and actuarial product processes. 
• Ensure compliance of products to meet Prudential’s governance requirements as well as local regulatory requirements.

Experience Studies 

• Perform experience investigation to inform business decision making, assumption setting for reserving, pricing, profitability analysis etc. 
• Analysing the performance of products using measures such as sales, claims rates, claim types, persistency, expenses, mortality, and interest rates for the life business. 
• Understand and apply sound actuarial principles, methods, and tools for analyses. 
• Ensure complete and accurate data are produced and used in experience analysis. 
• Performing analysis and tests such as product tests, persistency, price checks, surrender values tests and communicating the results. 
• Apply recommended changes from the analyses. 

Financial & Management Information Reporting 

• Participate in the production of decision-making information to other business functions, management, board, and other stakeholders. 
• Participate in the production of regulatory returns (including solvency) and industry bodies on a quarterly basis or on ad-hoc basis. 
• Support the Finance team by carrying out monthly analysis on customer numbers or any required information. 
• Preparation of Board Papers and other management reports. 

Balance Sheet Management 

• Reinsurance Management: carry out reinsurance analysis for the business to explore ways to optimize reinsurance arrangements. Responsible for reinsurance arrangement with Reinsurers and getting regulatory approval. 
• Planning/Budgeting: support the planning process by providing actuarial projections of liabilities, premiums, claims, investment income, customer numbers, Value of New Business/New Business Profit etc. 

People and Stakeholders Management 

• Stakeholders’ management through explanation of complex technical matters (executives, regulators, policyholders, and customers) 
• Assist in the planning and coordinating the actuarial strategy for the Company in line with the company strategic objectives. 
• Assist in the management, coaching and development of actuarial staff while ensuring business needs or requirements are met.

General Functions 

• Understand and apply actuarial principles, methods, and tools in tasks undertaken. 
• Create and develop models and tools used for various actuarial purposes including but not limited to valuation and pricing. 
• Provide support to other business function as required. 
• Assist in conducting strategic research and peer company analyses using a variety of source and tools. 
• Create presentations when required. 
• Summarize and analyze trend observations; analyze impact on profit and growth objectives and make recommendations when appropriate. 

Qualifications Required: 

• Bachelor’s degree in Actuarial Science or Mathematics, Statistics, Engineering, Finance 
• Minimum 5 years’ experience with the most recent experience being in an actuarial capacity. 
• Minimum of 10 papers from the Institute & Faculty of Actuaries (IFoA) or equivalent

Core Competencies and Skills 

• Strong analytical, problem solving and modelling skills. 
• Great interpersonal communication skills. 
• Financial reporting knowledge and projects management skills. 
• Proven track record in delivering key objectives, with a demonstrated ability in managing multiple tasks. 
• Able to communicate effectively, both verbally and in writing, to both technical and nontechnical audiences 
• Adaptable with a great learning agility and a growth mindset. 
• Able to work both independently and in a team environment. 
• Able to think outside the box to develop creative solutions on either the technical or business side. 
• Advanced computer skills including understanding of databases, spreadsheets, and actuarial software (BASYS, PROPHET, etc.). 
• Strong attention to detail. 
• A good understanding of the legislation relating to financial & insurance services. 
• Demonstrated leadership potential and a high level of dependability. 
• Able to effectively present analytical findings to management and other stakeholders. 
• Familiarity with MS Office applications + willing/able to learn more advanced skills such as VBA. 
• Able & willing to continuously learn programming languages, statistical methods, &other technical skills relevant to the job, such as R, SQL, etc. 
• Able to effectively analyze & visualize data to address business questions. 
• Proven experience in the life insurance business.