Job Description

Liberty Life Assurance Kenya is a life insurance provider that has been providing relevant products to Kenyans for over 50 years. Our purpose at Liberty is to make a difference in people’s lives by making financial freedom possible. We change realities and make freedom possible by providing innovative and relevant solutions that help our customers protect their greatest assets. Our diverse and flexible products include life insurance, investment solutions, education and retirement savings plans. We pride ourselves in putting the customers’ needs first. With a proud heritage of over half a century, Liberty Kenya has been a pioneer in knowledge sharing and making a significant contribution to the financial services industry. We continue to strive to change realities in Kenya because Liberty is not just our name; it’s what we do!
JOB SUMMARY
Responsible for the delivery of key actuarial outputs to support Liberty Life Kenya’s risk management, capital management, product development and financial reporting capabilities with the aim of maximising embedded value.

KEY RESPONSIBILITIES
Managerial
Scope the requirements of IFRS17 with respect to our product portfolio and chart out a plan to ensure full compliance. Support any developments required during the transition years
Lead the team in the implementation of IFRS17
Develop a Service Level Agreement (SLAs)/ Terms of reference (ToR) between actuarial and key stakeholders for delivering the requirements of the Actuarial Function
Support the implementation of the ideal investment strategy to ensure the company is able to meet its liabilities as they become due
Ensure regulatory actuarial reports for both quarterly and annual reporting are prepared and submitted.
Liaise with the Chief Actuary in the development of the actuarial strategy and work plan for the function so as to support the overarching company strategy
Supervise, mentor and coach staff in the actuarial department Operational
Create a repository of the documentation of the underlying methodologies used in the actuarial processes and any deviation from experience analysis results
Perform reinsurance optimisation exercise and provide input on LLK’s reinsurance strategy
Perform the assessment of current and future business plans and their impact on the profitability, market position and future fit of the product suite
Develop reports and management information dashboards to support discussions at EXCO, Group and Board discussions
Co-ordinate the preparation and review of various board papers within the function for Joint Actuarial, Audit and Risk Committee and Investment committee board meetings
Support the Chief Actuary to co-present the actuarial board pack required for board reporting
Provide technical product support to the Product Innovation Committee and Liberty Africa to ensure development of relevant products that meet market needs and the profitability objective of the company
Prepare the technical product document for new products being developed
Ensure that all governance requirements for product approval have been met, that is, Product approval committee, appointed actuary and board committees, regulatory approval
Unlock any regulatory support required around product development and ensure continuous relationship building with the regulator
Ensure the development of a robust actuarial control environment that is aligned to Group policies and standards as well as actuarial best practice.
Carry out a compliance review of the Group’s Standard for spreadsheet models; ensure that model validation and updates are done at least annually
Support the automation of the manual or semi-manual actuarial processes
Ensure compliance with the Group’s model risk policy and Model Validation Policy
Perform an independent model review of other models developed and used in other sub-functions within actuarial to ensure the accuracy of those models
Ensure any matters highlighted in the Financial Condition Report are resolved expeditiously.
Support the internal working committees- Pricing, innovation, operations committee etc
REQUIREMENTS
QUALIFICATIONS & EXPERIENCE

Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency
Masters’ Degree in a Business-related course (Preferred)
Fellow of the Institute of Actuaries (15 papers)
Ten years’ experience in the insurance industry five of which must be in senior management in an actuarial function in a reputable organization
COMPETENCIES

Formulating strategies and concepts
Entrepreneurial and commercial thinking
Planning and organizing
Relating and Networking
Persuading and influencing
Presenting and communicating Information
Leading and supervising
Creating and innovating
Statistical techniques
Knowledge of statistical packages or programming (e.g., SAS, Visual Basic for Applications)
Actuarial calculations (reserves, embedded values, tax, unit pricing, statistics, experience investigations)
Relevant legislative requirements (IRA, Companies Act, Income Tax)

Method of Application

Submit your CV, copies of relevant documents and Application to  [email protected]
Use the title of the position as the subject of the email

Closing Date : 11 November. 2022