Senior Actuarial Analyst at Kenya Orient Insurance Limited

Key Tasks, Duties and Responsibilities

Revenue.

• Participate in product development with regards to using data to develop more personalized products.
• Carry market intelligence surveys and analysis of industry statistics to determine product relevance in the market.
• Participate in strategy formulation by using data to identify and interpret trends.

Management Expense & Cost Efficiency.

• Conduct expense analysis to identify leakages in the processes.
• Assist in ensuring costs within the department are managed in order to achieve desired profitability and set management expense ratios.
• Analyse claims to allow for studying of underwriting risks for the various business channels.

Loss Ratio.

• Analyse claims data to advise for risk pricing per channel effectively reducing claims cost.
• Participate in investigations seeking better adequacy in claims reserving.
• Participate in reinsurance optimization exercises to ensure that the company does not have net outflows.
• Analyse claims emergence and payment patterns for the various lines to advice on the efficiency of the claims payment process.

Experience Review and Monitoring (Actuarial Control Cycle)

• Perform claims, lapse and expense analysis to come up with assumptions to be used to advice pricing, loss reserving and projection of the balance sheet liabilities.
• Continuous feedback of results into the actuarial control cycle to identify assumptions that need updating.
• Assist in the review of claims and underwriting policies to ensure continued validity of actuarial assumptions.

Internal Controls and Reporting.

• Assist in ensuring compliance with changing standards affecting actuarial work e.g. IFRS 17.
• Prepare IRA and AKI reports for submission when necessary including technical liabilities reports and solvency reports.
• Interpret/explain business requirements and coordinate with developers for new requirements/issue resolutions/change requests.
• Assist in preparation of reports for new products for IRA submission before launch.

Requirements

• Bachelor’s degree in Actuarial Science, Statistics, Engineering, Mathematics or equivalent from a recognized university.
• Pass in atleast three actuarial professional papers.
• 3 years relevant experience in Actuarial and Data Analytics.