Assistant Manager Product Development Actuarial at ICEA Lion Group

Job Description (adsbygoogle = window.adsbygoogle || []).push({}); As one of the largest insurers and financial services companies in East Africa, we have decades of experience in helping discerning individuals protect and create their wealth. But that’s not all. We also keep an eye firmly on the future, using innovation to craft financial products and services that we know you need in today’s constantly changing world. By trusting us with your wealth, you can shape a secure financial landscape for yourself and get the financial freedom you really deserve.Job SummaryProvide actuarial support that mainly focuses on Product development and Pricing. The assignment also includes valuation, experience investigation, Asset Liability Matching, IFRS modeling, Reinsurance and other actuarial special projects. ResponsibilitiesProduct development: Work actively with the business development teams and liaise with the Group to price and provide actuarial support for new productsIndividual Life insurance product pricing from ideation to product launchRegular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targetsRepricing methodologies and bases and, where appropriate, development of new pricing techniques and rating factors in liaison with the GroupEnsure product pricing is consistent with the set underwriting policy and regulatory guidanceProvide analysis to support the renegotiation of existing group contractsAssist system vendors in product setup in the administration systemReview and monitor experience on all products to inform pricing assumptions and decision-making including profit testing of existing productsPrepare reports on product performance for management decision makingWork closely with reassures to ensure treaty optimizationProduct 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 timeAssess 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 RequirementsEducation, including specialized training Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiencyGood 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 reviewPractical end to end Product development experiencePractical end to end Prophet modelling experience will be an added advantage Other attributes Good interpersonal communications skillsGood writing and verbal communications skillsSensitivity to Customer needsAbility to work as part of the team and independently Technical Competencies Statistical/actuarial techniquesProficient knowledge on the insurance industry in KenyaKnowledge of reinsurance arrangements and structuresKnowledge of software packages or programming (e.g., Excel, R, Visual Basic for Applications)Product development knowledgeProficiency in Prophet coding will be an added advantage Core competencies Adhering to principles and valuesDelivering results and meeting customer expectationsSelf-driven and provide independent thinkingRelationship building and Networking within and outside the organizationStrong analytical skillsLearning and researchingPresenting and communicating InformationAchieving personal work goals and objectivesConnecting work to business objectives