Actuarial & Product Development Specialist Job Britam

Job Purpose: 

The Actuarial & Product Development Specialists will be critical for the delivery of the Actuarial and Product Development mandate across their respective Lines of Business and will support both Kenya and relevant regional entities.

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Key Responsibilities:

Product Ideation, Market Research & Innovation

• Generate, develop and communicate new product ideas for the assigned Line of 
  Business (GI / Life, including Micro Insurance where applicable).
• Conduct market research on customer needs, competitor offerings, pricing and emerging trends.
• Work with Innovation and other teams to convert data and market insights into 
  profitable product concepts.

Product Design, Pricing & Risk Management

• Design new and repackaged products, ensuring commercial viability and alignment with Britam’s risk appetite and strategic objectives.
• Determine technical premiums and product structures for new and existing products.
• Identify and analyze key product risks and recommend appropriate risk mitigation 
  measures (e.g. underwriting rules, benefit limits, terms and conditions).

System, Process & Operational Readiness

• Drive the operationalization of new products and product changes in core systems and digital platforms (e.g. Britam Connect, NILAS and other GI/Life systems).
• Ensure end-to-end processes are in place for the complete product administration cycle  (quotation, onboarding, servicing, claims, and for Life: lapses, surrenders, maturities, etc.).
• Work with Operations, IT and Customer Service to ensure smooth product rollout and ongoing stability.

Product Approvals & Compliance

• Lead and coordinate the internal product approval process, including sign-offs from relevant functions.
• Manage engagements with the Insurance Regulatory Authority (IRA) and other 
  regulators or government bodies where relevant (Kenya and, where applicable, 
  Uganda/Regional markets).
• Partner with Legal, Risk and Compliance to ensure products meet all regulatory and 
  internal policy requirements.

Product Documentation, Training & Go-to-Market Support

• Develop and continually review product documentation, including technical 
  specifications, training manuals and underwriting guides.
• Support the development of marketing materials and product content for brochures, digital channels and sales tools.
• Provide product training and ongoing technical support to Distribution, Customer 
  Service, Policy Maintenance and other stakeholder teams.

Portfolio Performance, Monitoring & Enhancements

• Support monitoring of product performance and experience, working closely with 
  actuarial reporting and business teams
• Recommend product refinements, re-pricing or re-packaging based on performance, customer feedback and market developments.
• Ensure that product features and pricing remain competitive and aligned to strategic objectives.

Customer Journey & Experience

• Own and continuously improve the client journey for products within the assigned Line  of Business (GI Kenya including regional GI entities and Life in Kenya & Uganda).
• Work with Marketing and Customer Experience teams to enhance the look, feel and 
  positioning of Britam’s product offerings.
• Champion customer centricity in all product and process design decisions.
• In addition, the Life Specialist will provide subject matter expertise on NILAS and Life products for Kenya and Uganda, while the GI Specialist will provide similar support for GI Kenya, Britam Connect and regional GI entities

Knowledge, experience and qualifications required

• University Degree in Actuarial Science – or other highly numerate subject areas. 
• Good progress in the Institute and Faculty of Actuaries examinations or any equally recognized professional actuarial body (attempted and passed at least 8 actuarial exams).
• At least 3 years of experience in an actuarial or product development function in a very busy office. 
• Experience across product lines preferred, i.e. life and non-life.
• Proven experience working across functions and with multiple stakeholders.
• A keen eye for innovation in the insurance and financial services space is preferred. 

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How to Apply

Click here to apply

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