Job Ref.: JBL241022
Sector: Insurance
Department: Actuarial Department
Location: NairobiWe are a large insurance company established in August 1937 as the first locally incorporated Insurance Company, then based in Mombasa, in 1937.
The company has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.
Today, we are the number one insurer in East Africa with over 450,000 clients.The company has a network of offices in Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange.
Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania.We currently have an exciting career opportunity for Actuarial Supervisor – Life Section.
The post holders will report to the Actuarial Manager and will be based in Nairobi.Role Purpose
The evaluation of and the provision of advice to the Life Department concerning:
The technical provisions;
Premium and pricing;
Scenario and sensitivity testing; and
Compliance with the statutory obligations of the line of business
Responsibilities
1. Valuation of policy portfolio
2. Product Development:-
Determining product design
Determining product pricing assumptions
Profit testing of the new product
Development of policy documents and marketing literature
Obtaining approval from Appointed Actuary
Obtaining approval from Regulator
Ongoing monitoring of the product
Development of Illustration programs for new programs
Training of Agency and Unit Managers on all new products and new product versions
3. Determination of product profitability:
Sources of Surplus analysis of products
Determination of rider loss ratios
Determination of minimum premiums / sums assured for regular premium policies
Analysis of investment returns
Determination of the impact of solvency
4. Policy administration system:
Testing of products to examine their operational feasibility
Setting new products on the system
Testing past products to ensure that they are correctly handled by the system
Devising reports on the system for valuation, reinsurance and product profitability
5. Projections and Budgeting:
Determination of product cash flows
Determination of expense cash flows
Determination of revenue, profit/loss account and balance sheet
6. Regulatory responsibilities;
Submission of Solvency calculations
Correspondence with Appointed actuary on Valuation, Product approval etc.
7. Reinsurance:-
Correspondence with reinsurer for Group life rate determination etc.
Optimization of reinsurance treaty based on past experience
Renewal of reinsurance treaties
Finalization of treaties with new reinsurers
8. Group life pricing:-
Provision of Group life pricing guidelines to the Business development team
Authorization of Group life quotes based on authority limits
9. Actuarial analyses:
Group life mortality investigation
Individual life mortality investigation
Persistency analysis
Expense analysis
Gross and Reinsurance loss ratios
Analysis of Jubilee’s financial statements
Analysis of financial statements of competitors
Key Deliverables
Appropriate and timely pricing (Target Loss Ratio for the business should not deviate downwards by more than 2.5%)
Quarterly Actuarial reports for submission to the Jubilee Management, Board and the IRA
Product Development
Qualification and Experience
Academic Qualifications
- Graduate with a degree in Actuarial Science/ Statistics
- Diploma in Actuarial Techniques
- Professional actuarial exams (minimum 9/15 exams)
- Functional Skills
- Analytical Skills
- Exploitation and application of Information Technology
- Actuarial modelling
- Risk Management
How to Apply
If you meet the above qualifications kindly send your application letter including an up to date CV with 3 referees to quality2015jobs@gmail.com (Subject of the email should be POSITION APPLIED + JOB REF.)If you are not interested in this opportunity today, please refer any friend or colleague you know that might suit the required profile.
Please DO NOT apply if you do not meet the requirements of the position.
Only shortlisted candidates will be contacted.Please note that there are no fees charged for receiving or processing job applications.
Canvassing will lead to automatic disqualification.
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