Kenya Orient Life Assurance
Position Title: Assistant Manager – Actuarial Services
Reports To: General Manager
Purpose of the Position: The position is responsible for providing actuarial services through evaluation and providing advice regarding technical provisions, premium pricing and compliance with related statutory and regulatory requirements by ensuring the company’s technical functions are carried out in a prudent and transparent manner.
Key Tasks, Duties and Responsibilities
- Preparation of data to be used in calculation of technical provisions, ensuring sufficiency and quality on a monthly basis.
- Determine and monitor the level of profitability and performance of products including scenarios and sensitivity testing on a quarterly basis.
- Asset liability modelling and matching to enable the company to come up with optimal investment strategies.
- Analysis and advice on distribution of surplus.
- Experience analysis of expenses and lapses.
- Evaluating the embedded value on a half yearly basis.
- Cession of group business premium data on a quarterly basis.
- Creation and implementation of IFRS 17 models.
- Liaison with the finance department on the implementation of IFRS 9.
- Facilitate reinsurance treaty contracts and renewals.
- Product development and design, including analysis of terms and conditions of insurance contracts.
- Facilitate and liaise with the appointed actuary, the IRA and external auditors on exercise and issues relating to the life fund including the deposit administration fund.
- Evaluate and provide advice on current and prospective solvency position of the company.
- Evaluate and provide advice on risk modelling, use of internal models, where applicable and the company’s actuarial and financial risks.
- Provision of quarterly reports to the IRA on the technical liabilities, position of the life fund as well as the solvency levels.
- Advising the appointed actuary on the business process to aid the preparation of the financial condition report and annual valuation report.
- Analysis of industry statistics and monitoring of key metrics including those supporting credit ratings.
- Ensuring compliance with related statutory and regulatory requirements.
- Evaluate underwriting policies and reinsurance arrangements.
Requirements
- Bachelor of Science (Actuarial Studies) from a recognized university.
- Pass in at least seven papers in Actuarial.
- 5 years relevant experience.
How to Apply:
If you are interested in the position and have the required qualifications, skills and experience, kindly CLICK HERE and apply on or before Thursday, November 17, 2022.