Assistant Manager Product Development Actuarial

Education, including specialized training

·  Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency

·      Good Progress in the Institute of Actuaries examinations or any other recognized Actuarial bodies

 Experience

·       At least 4 years’ experience in an actuarial function focused on pricing of new products or repricing/ product review

·       Practical end to end Product development experience

·       Good interpersonal communications skills

·       Good writing and verbal communications skills

·       Sensitivity to Customer needs

Technical Competencies

 

·       Statistical/actuarial techniques

·       Proficient knowledge on the insurance industry in Kenya

·       Knowledge of reinsurance arrangements and structures

·       Knowledge of software packages or programming (e.g., Excel, R, Visual Basic for Applications)

·       Product development knowledge

·       Proficiency in Prophet coding will be an added advantage

 Core competencies

·       Adhering to principles and values

·       Delivering results and meeting customer expectations

·       Self-driven and provide independent thinking

·       Relationship building and Networking within and outside the organization

·       Strong analytical skills

·       Learning and researching

·       Presenting and communicating Information

·       Achieving personal work goals and objectives

·       Connecting work to business objectives

Education, including specialized training

·  Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency

·      Good Progress in the Institute of Actuaries examinations or any other recognized Actuarial bodies

 Experience

·       At least 4 years’ experience in an actuarial function focused on pricing of new products or repricing/ product review

·       Practical end to end Product development experience

·       Good interpersonal communications skills

·       Good writing and verbal communications skills

·       Sensitivity to Customer needs

Technical Competencies

 

·       Statistical/actuarial techniques

·       Proficient knowledge on the insurance industry in Kenya

·       Knowledge of reinsurance arrangements and structures

·       Knowledge of software packages or programming (e.g., Excel, R, Visual Basic for Applications)

·       Product development knowledge

·       Proficiency in Prophet coding will be an added advantage

 Core competencies

·       Adhering to principles and values

·       Delivering results and meeting customer expectations

·       Self-driven and provide independent thinking

·       Relationship building and Networking within and outside the organization

·       Strong analytical skills

·       Learning and researching

·       Presenting and communicating Information

·       Achieving personal work goals and objectives

·       Connecting work to business objectives

Product development:

·      Work actively with the business development teams and liaise with the Group to price and provide  actuarial support for new products

·       Individual Life insurance product pricing from ideation to product launch

·    Regular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets

·      Repricing methodologies and bases and, where appropriate, development of new pricing techniques and rating factors in liaison with the Group

·      Ensure product pricing is consistent with the set underwriting policy and regulatory guidance

·      Provide analysis to support the renegotiation of existing group contracts

·      Assist system vendors in product setup in the administration system

·     Review and monitor experience on all products to inform pricing assumptions and decision-making including profit testing of existing products

·      Prepare reports on product performance for management decision making

·      Work closely with reassures to ensure treaty optimization

·     Product Approvals: Drive the product approval process both within the Company and externally with the Insurance Regulator and other government bodies – where relevant.

·   Product Documentation: Develop and continually review product training manuals and marketing materials that are appropriate to the target market and distribution channel of the products.

 

Valuation:

·    Assist with new product implementation into the valuation systems and provide future projections under the valuation standards at the time

·    Assess the capital requirements of new products that assists with capital consumption and choice of product designs

 

Experience Investigation:

·      Assist with the annual experience investigations on key assumptions for pricing and valuations.

·      Sensitivity analysis and impact assessment of the various assumptions

 

Asset Liability Modeling (ALM):

·    Assist with the quarterly preparation of ALM calculations and presentations to management in relation to the new and existing products

 

Actuarial Modelling:

·      Building and maintaining models for pricing, Value of New Business (VNB), ALM, capital modeling and experience investigations