Vacancies at Liberty Life

Job Summary

The role is responsible for the execution and delivery of key actuarial outputs to support Heritage Insurance in risk management, capital management, product development and financial reporting capabilities.

Key Responsibilities - Managerial

• Provide guidance in the production of all actuarial calculations, results and executive summary reports.
• Develop and continuously maintain Heritage’s actuarial policy, operations and procedure manual.
• Lead and drive all data statistical modelling to support statutory and non-statutory actuarial valuations and capital reserves.
• Ensure regulatory actuarial reports for both quarterly and annual reporting are prepared and submitted.
• Supervise, mentor and coach staff in the actuarial department.

Key Responsibilities - Operational

• Provide input in product development for general insurance products
• Provide input into underwriting strategy and rules for general insurance business
• Analyse statistical data in order to determine rates for different risks in acceptance of
• proposals for new policies and products in conjunction with the underwriting department
• Undertake product pricing and setup including reserving (the actuarial pricing & valuation system)
• Provide analysis to support the application of appropriate reinsurance arrangements
• Liaise with the risk and compliance department in the measurement/ quantification of operational risk in general insurance
• Calculation of all general insurance contract reserves
• Make recommendations on existing products based on market needs, existing product performance, and competitor analysis, in order to increase sales volume and profitability.
• Design, price and set-up product in the system and also ensure the relevant actuarial product signoffs are obtained.
• Conduct experience analyses for the purpose of valuations, product development, risk management and management information.
• Perform required actuarial and other analyses for management reporting and make recommendations to support these analyses.
• Perform calculations in relation to Asset Liability Matching (ALM), economic capital and solvency assessment of the Company, which is used as input for risk management.
• Prepare dashboards and disseminate for purposes of management information and risk management.
• Ensure regulatory actuarial reports for both quarterly and annual reporting are prepared and submitted.
• Use model techniques and statistical concepts to determine probability and assess risks and give best estimates and implement the actuarial control cycle
• Monitor risk within business positions to ensure excessive risks are not taken during business execution.
• Calculate the technical reserves using appropriate actuarial methodology for financial reporting, regulatory reporting and group reporting.
• Ensure compliance to IRA regulation

Qualifications

• BSc. Actuarial Science, Statistics, Mathematics or a related qualification
• Progress in Institute and Faculty of Actuaries UK examinations (at least 10 papers) or equivalent
• Member of The Actuarial Society of Kenya

Experience

10 years’ experience in an actuarial function, 5 of which must be in management position.

Competencies

• Advanced knowledge of actuarial software in terms of capabilities and output
• Knowledge of insurance industry
• Statistical techniques
• Knowledge of reinsurance arrangements and structures
• Knowledge of statistical packages or programming (e.g. SAS, Visual Basic)
• Business acumen
• Stakeholder relationship management
• Formulating strategies and concepts
• Entrepreneurial and commercial thinking
• Planning and organizing
• Relating and networking
• Working with people
• Adapting and responding to change
• Deciding and initiating action
• Persuading and influencing
• Presenting and communicating information
• Leading and supervising
• Creating and innovating
• Adhering to principles and values

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Job summary 

The actuarial analyst will be responsible for providing support in the day-to-day activities of the actuarial department to ensure they are conducted in a timely manner. These responsibilities include data checks and analysis, experience investigations, valuations and reporting.

Key responsibilities

• Take part in the preparation of valuation data working in conjunction with the relevant departments of the business
• Carry out investigations such as expenses, return on assets, mortality etc. To provide information to senior management for decision making purposes
• Assist in the performance of statutory and non-statutory actuarial valuation of the life business
• Determine the level of profitability and performance of new and existing products
• Provide assistance in calculation of actuarial liabilities
• Participate in product development in regard to modelling, profit and sensitivity testing.
• Assist in product testing once it has been set up in the administration and valuation system
• Conduct monthly data checks and communicate to the relevant departments to make changes so as to ensure there is correct and accurate of data in the system for use by staff
• Participate in developing monthly reports for management and ensure compliance to IRA regulation
• Assist in the carrying out projections during the annual budgeting process
• Monitor per policy expense of products and the mortality experience to determine sufficiency of premiums for different products
• Carry out value of new business (VNB) calculations
• Monthly unit pricing for LLKS unit linked products
• Provide assistance in the ALM and solvency reporting process

Qualifications

• Bachelor’s degree in actuarial science, statistics, mathematics or any equivalent with a strong emphasis on mathematical proficiency
• Progress in the institute of actuaries examinations (2 papers)

Experience

• Minimum of 1 year in a similar field 

Competencies

• Good interpersonal skills
• Statistical techniques
• Proficient knowledge on the insurance industry in Kenya
• Knowledge of statistical packages or programming 
• Relevant actuarial guidelines.