
Actuarial Services Manager
Madison Group Limited
Nairobi | Full Time | Banking / Financial Services
Closing in 1 day from now
Key Responsibilities:
Actuarial Valuation and Regulatory Reporting
- Complete the internal implementation of the IFRS 17 standard.
- Lead the timely and accurate monthly valuation of actuarial liabilities.
- Ensure sufficient quality of valuation data used to calculate actuarial liabilities through data checks and clean-up.
- Ensure the methodologies implemented in the valuation are robust and best practice.
- Perform solvency calculations.
- Review the appointed actuary’s results and statutory reports.
- Provide timely and accurate regulatory reporting inputs.
- Present the various actuarial reports to the board.
Experience Analysis
- Perform investigations on mortality, lapse, expense and investment returns.
- Perform analysis of surplus to investigate deviations of the actual experience from the expected experience.
- Incorporate the findings from the experience analysis in updating assumptions on expected experience, and provide advice to relevant stakeholders.
Strategy and Budgeting
- Provide projections for actuarial liabilities, premiums, claims and investment income that are consistent with the experience and business strategy.
- Monitor the actual experience vs the budget to identify the causes of any deviations.
- Advise management on the impact of inputs on the overall strategy.
Product Development and Monitoring
- Engage management on prospective products to develop.
- Conduct pricing of new products ensuring profitability.
- Regularly monitor profitability of existing products based on current experience, and reprice if necessary.
- Assist business development in pricing of group life products to ensure profitability.
- Develop and update comprehensive quotation models for the sales team.
- Engage with the regulator on product approvals.
Balance Sheet Management
- Develop the Asset Liability Matching Policy and regularly monitor the extent to which the company’s assets match its liabilities.
- Conduct solvency projections to advise management on asset portfolio structuring.
- Perform reinsurance analysis to optimize reinsurance arrangements.
- Perform sensitivity, scenario and stress testing on the actuarial liabilities to identify the key assumptions for pricing and key inputs that the business should monitor.
Academic and Professional Qualifications required
- University Degree in Actuarial Science or any other related field.
- A Master’s degree in Actuarial Science or related field will be an added advantage.
- Advanced progression with actuarial exams minimum of 11.
- At least 10 years’ experience in an Actuarial function with experience in valuations, IFRS 17 and product development.
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