Summary
Date Posted: Friday, February 24, 2023 , Base Salary: Not Disclosed

JOB DETAILS:
Product Development Description of Core Duties
• 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

Requirements
• 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
• 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
• Practical end to end Prophet modelling experience will be an added advantage

Technical Competencies
• Statistical/actuarial techniques
• Proficient knowledge in 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


Work Hours: 8

Experience in Months: 48

Level of Education: Bachelor Degree

Job application procedure

Use the link(s) below to apply on company website.
Assistant Manager- Product Development Actuary

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