Senior Analyst – Actuarial at ICEA Lion Group

Job Summary

• The Actuarial team plays a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision. As actuaries, we are the problem solvers of the business. We use our mathematical skills to quantify the probability and risk of future events. Helping the business plan for the future and navigate an increasingly changing world. Reporting to the Head of Actuarial Function, the Senior Analyst is responsible for providing advice to the insurer regarding technical provisions, risk-based capital (solvency), premium and pricing activities, and compliance with related statutory in order to measure, manage, and mitigate risks.
• The role holder is expected to use their technical and analytical skills to monitor financial and business trends in performance of key products lines, customers and business partners and advice the business on key strategic actions to take.

Description of Core Duties

Valuation:

• End to end IFRS17 reporting and automation of the process including driving innovation and efficiency in the actuarial reporting processes.
• Preparation of technical provisions ensuring the application of appropriate valuation methodologies, models and assumptions including:
  • Monthly, quarterly and annual valuations results review.
  • Ensure soundness of actuarial models through review and checks including review of inputs and software model outputs.
  • Regulatory reports on a quarterly and annual basis.
  • Collaborating with external actuaries and auditors on preparation of year end valuation reports, the Financial
• Condition Report and other Statutory reports.
• Support the preparation financial statements, audit process, preparation of board papers and management reports.
• Provide support in responding to queries from internal and external auditors and implementation of action points.
• Review of actuarial function process manuals.
• Develop, test and maintain Excel validation tools for reserving.
• Second line of review and anomaly detection.

Models:

• Maintenance of valuation, profitability analysis models, budgets and pricing models including updating models with new products.
• Maintenance of documentation on all models within the actuarial department.
• Model controls owner and controls manager.

Budgeting:

• Collaborate with the finance function and the business in budgeting and forecasting and multi-year strategy development.
• Monitor deviations from budget for both new and existing business and assist in preparation of action-oriented reports on the same.

Profitability monitoring:

• Sensitivity analysis and impact assessment of the various assumptions.
• Review analysis of change in reserves investigations and assist in preparation of reports on the same.
• Carry out Value of New business analysis and preparation of reports on the same.
• Review and monitoring of internal experience and trends to ensure company product pricing meets profit targets.
• Analyze performance at a granular level and assist in preparation of reports that will provide support on measures that can be taken to optimize performance.

Experience Investigations:

• Play a lead role in setting key actuarial assumptions for valuation, budgeting and pricing, comparing actual performance against expectations, and building a feedback loop to ensure that our projections are as accurate as possible.
• Sensitivity analysis and impact assessment of assumptions.
• Preparation of action-oriented reports on experience investigations.
• Error traction and resolution.

Asset Liability Modeling (ALM):

• Review of quarterly ALM calculations and preparation of presentations to management.
• Reports review.

Training:

• Train and mentor junior members within the team

Education and Experience

Education, including specialised training:

• Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency.
• Completion of at least 5-8 actuarial professional papers from the Institute and Faculty of Actuaries or Society of Actuaries examinations or any other recognized Actuarial bodies.

Experience:

• At least 5+ years’ experience in a life insurance actuarial function focused on valuation and any areas that may include pricing, modeling, experience investigations, reinsurance amongst others.
• Supervision a plus.

Knowledge and Competencies

• Technical Competencies:
• Proficiency in Prophet coding.
• Experience on IFRS17.
• Proficient knowledge on the insurance industry in Kenya and regulatory requirements.
• Statistical/actuarial techniques.

Core competencies:

• Good interpersonal communications skills
• Good writing and verbal communications skills
• Sensitivity to Customer needs
• Ability to work as part of a team and independently
• 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
• Good learning and researching skills
• Committed to achieving personal work goals and objectives
• Connecting work to business objectives
• Commitment to personal and team growth
• Developing stakeholder management skills