Lets Write Africa’s Story Together!
Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.
Job Description
JOB SUMMARY
- Ensure provision of Actuarial Services to Old Mutual Life Kenya by working closely with the Business Entities and other Group Functions to meet their needs. This includes reserving, pricing, product reviews, experience reviews and solvency and capital management
- Conducts accuracy checks, and analyses data to draw conclusions and make recommendations
- Generate actuarial reports on various technical issues to Head of Actuarial, Senior Management and Board of Directors.
KEY TASKS AND RESPONSIBILITIES
- Technical Actuarial Support: Conduct and/or review internal actuarial liability valuations for relevant insurance subsidiaries and analysis of profitability/surplus,
- Review of external actuaries’ report and collaboration with the appointed actuaries to produce the Financial Condition Report.
- Experience Investigations: Perform profitability analysis, experience analysis, and other relevant actuarial investigations to inform business decisions.
- Product Profitability Review: Perform profitability analysis, experience analysis, and other relevant actuarial investigations for Old Mutual to inform business decisions.
- Solvency and Capital management: Carry out solvency computation for the BUs on a risk-based capital basis including solvency stress tests.
- Financial Modeling: assist with financial modeling of business scenarios/projects to inform business decision making.
- Strategy and Business Planning Support: assist with business planning financial projections and solvency projections for the Business Units. Perform stress and scenario analysis on the plan numbers.
- Reinsurance Support: Carry out a reinsurance analysis for the Life Kenya subsidiaries to explore ways to optimize on reinsurance arrangements.
- Reporting and Documentation: Presentation of results and reports to businesses and subsidiary boards committees. Preparation of Board Papers and regulatory solvency and valuation reports.
- Risk Management support: assist the Life Business Units and Risk Department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate. Formulate appropriate risk mitigation measures for the BUs and develop a risk register for an enterprise in CURA (Risk System).
- Investment Strategy support: Develop/formulate appropriate investment strategies and/or review and monitoring of investment strategies for Old Mutual Life businesses.
- Other reasonable duties that may be assigned by management.
SKILLS AND COMPETENCIES
- Analytical Skills
- Data Handling knowledge
- Business Awareness
- Problem Solving Skills
- Communication and Presentation skills
- Ability to prioritize and work on a wide range of deliverables at once
- Working under minimal supervision
- Good interpersonal skills
- Proficiency in Microsoft office packages
KNOWLEDGE & EXPERIENCE
- IFRS17 Knowledge
- Familiar with the current Insurance regulations, Capital markets and Central Bank regulations
- Strong actuarial technical skills
- Strong analytical skills
- Strong data programming skills
QUALIFICATIONS
- Bachelor of Actuarial Science or other related finance or mathematics degree
- Minimum 5 years actuarial experience
- Actuarial Knowledge: Show progress with actuarial examinations, Minimum 7 papers from a recognized actuarial body
Performs assignments of a variety actuarial-related tasks, e.g., compilation and analysis of losses and reserves. Develops and enhances procedures including review for actuarial soundness. Analyzes completed work for reasonableness and accuracy, and may recommend specific courses of action. OML roles mapped to this profile are: Intermediate Actuarial Specialist, Intermediate Actuarial Specialist (OMAO), Intermediate Actuarial Specialist New Entrant and Specialist: Actuarial Underwriting.
Responsibilities
Actuarial Analysis, Assumptions and Insights
Analyze and present data using pre-set tools, methods, and formats, testing completed work for reasonableness and accuracy to contribute to the production of actuarial analyses, assumption setting and insights. Produce accurate reports for others by requesting data from a variety of standard sources and inputting that data into standard formats.
Actuarial Financial Reporting
Carry out complex actuarial analyses to contribute to the production of statutory and non-statutory financial reports and other disclosures.
Actuarial Model Creation and Maintenance
Contribute to the development and maintenance of actuarial models through analysis to identify and validate the structure of underlying actuarial assumptions.
Actuarial Product Development & Management
Carry out complex analyses of own organization and competitor products to support the identification of opportunities for creating competitive advantage in existing or new products and ensuring their continuous management.
Organizational Risk Management
Keep track of risk, financial management and control parameters, identifying any more deviations and reporting them to more senior colleagues. Involves working within established risk management systems.
Actuarial Calculation of Funding Requirement
Carry out complex analyses of funding contributions, like employee benefit programs, to support the evaluation of scheme funding requirements.
Compliance
Identify, within the team, instances of non-compliance with the organization’s policies and procedures and/or relevant regulatory codes and codes of conduct, reporting these and escalating issues as appropriate.
Improvement/Innovation
Implement improvements and provide feedback on them. Use change management systems and protocols to provide routine support services.
Skills
Computer Literacy, Data Compilation, Data Controls, Executing Plans, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Numerical Aptitude, Risk Management
