Actuarial Analyst Job Jubilee Insurance

Job Ref. No: JLIL 258 (Re-advertised)

Role Purpose

  • The role holder will play a pivotal role in supporting the actuarial function in product development & pricing, actuarial modeling and providing technical insights that inform strategic decision-making. The role involves pricing life insurance products & actuarial analysis, ensuring that the company maintains a competitive edge in the market.

Main Responsibilities

Operational

  • Develop and maintain actuarial models for pricing life insurance products, ensuring that they are competitive, profitable, and compliant with regulatory requirements.
  • Conduct detailed risk assessments and perform sensitivity analyses to support the pricing process.
  • Collaborate with Product Development teams to design new products and revise existing ones, ensuring that pricing structures are sustainable and market relevant.
  • Prepare regular actuarial reports, including solvency assessments and profitability analyses, to support internal decision-making and regulatory reporting.
  • Analyse historical data to identify trends, assess risks, and predict future outcomes that impact pricing and product development.
  • Develop and refine actuarial models to improve the accuracy of projections and support the company’s financial planning.
  • Conduct experience studies on mortality, morbidity, lapse rates, and other relevant factors to ensure that pricing assumptions are up-to-date and reflective of actual experience.
  • Recommend adjustments to pricing and reserves based on experience analysis findings.
  • Actuarial reporting for financial & regulatory compliance. This will include actuarial reserving, IFRS17 modelling, Financial Condition Reporting, Solvency and Risk Based Capital reports
  • Support the risk management function by identifying and quantifying risks related to insurance products, including underwriting, investment, and operational risks.
  • Provide input into the development of risk management strategies and the setting of risk limits.
  • Perform other duties as may be assigned from time to time in line with your role.

Corporate Governance

  • Adhere to regulatory requirements and internal policies, ensuring compliance in all aspects.
  • Implement and uphold robust data protection and privacy practices, safeguarding customer information and ensuring confidentiality.
  • Participate in audits and internal control assessments, addressing any identified gaps or issues promptly.
  • Compliance. Stay updated with insurance regulations and underwriting best practices to ensure compliance with industry standards
  • Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.

Culture

  • Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
  • Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
  • Individualized Development Planning. Create personalized development plans that align with your career aspirations and the organization’s objectives.

Key Competencies

  • Analytical Skills. Strong analytical abilities to interpret complex data, identify trends, and develop accurate actuarial models.
  • Problem-Solving. Aptitude for solving complex problems, particularly those related to pricing, risk assessment, and financial forecasting.
  • Attention to Detail. Meticulous attention to detail to ensure the accuracy of actuarial calculations, models, and reports.
  • Communication Skills. Ability to communicate complex actuarial concepts clearly and effectively to both technical and non-technical stakeholders.
  • Team Collaboration. Strong interpersonal skills to work effectively with cross-functional teams, including Finance, Underwriting, and Product Development.

Academic Background & Relevant Qualifications

  • Bachelor’s degree in actuarial science or any other related course.
  • Professional actuarial exams progress – Minimum 2 exams with recognized body such as IFOA, SOA
  • Minimum of 1 year of experience in an actuarial role, with a focus on life insurance.
  • Experience in pricing life insurance products and developing actuarial models is essential.

Read>>Why The Recruiter Didn’t Call You Back After The Interview

How To Apply

If you are qualified and seeking an exciting new challenge, please apply via Recruitment@jubileekenya.com quoting the Job Reference Number and Position by 25th October 2024. Only shortlisted candidates will be contacted