Main Purpose
The Actuarial Specialist, Product Development and Pricing will be responsible for the provision of actuarial support to the life insurance business in product development and pricing as well as participate in overall risk management for the company.
Key Responsibilities
Product Development
• Work actively with the business and liaise with the Group to price and provide actuarial support for the development of new products
• Development and maintenance of Standard Pricing Basis in liaison with the Group
• Regular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets
• Review current pricing methodologies and bases and, where appropriate, development of new pricing techniques and rating factors in liaison with the Group
• Ensure product pricing is consistent with the set underwriting policy and regulatory guidance
• Work closely with the other departments to proactively identify and implement changes to underwriting risk controls.
• Provide analysis to support the renegotiation of existing group contracts
• Assist system vendors in product setup in the actuarial pricing and valuation system
• Review and monitor experience on all products to inform decision making including profit testing of existing products
• Prepare reports on product performance for management decision making.
• Carry out reinsurance optimisation to support the company’s reinsurance strategy
• Assist in the preparation technical product documents for new products being developed.
• Implement a framework for the management of products and the rollout of new products.
• Testing products to examine their technical & operational feasibility under IFRS17.
Qualifications
• Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency
• Progress in the Institute of Actuaries examinations (9 papers)
Experience
At least 5 years’ experience in an actuarial function in a busy insurance company with emphasis on product development
Competencies
• Statistical techniques
• Proficient knowledge on the insurance industry in Kenya
• Knowledge of reinsurance arrangements and structures
• Knowledge of statistical packages or programming (e.g. SAS, Visual Basic for Applications)
• Database management systems
• Product development knowledge
• Basic knowledge of IFRS17
• Statistical techniques
• Proficient knowledge on the insurance industry in Kenya
• Knowledge of statistical packages or programming (e.g. R, SAS, Visual Basic for Applications)
• Database management systems
• Relevant actuarial guidelines
• Adhering to principles and values
• Delivering results and meeting customer expectations
• Following instructions and procedures
• Coping with pressures and setbacks
• Relating and Networking
• Analyzing
• Working with people
• Applying expertise and technology
• Learning and researching.
• Presenting and communicating information
• Achieving personal work goals and objectives – personal motivation
Application Procedure
If you meet the above requirements you are encouraged to forward your application and updated CV to [email protected] by 31st May 2023 clearly stating, the job title on the subject heading. Liberty is an equal opportunity employer and actively encourages diversity. Please note only shortlisted candidates will be contacted.
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