Assistant Manager Product Development Actuarial

ABOUT THE COMPANY

ICEA Lion is an Award Winning and one of East Africa's largest and most innovative insurers and financial services companies.
ICEA Lion is one of the leading insurance and financial services companies in East Africa, with our headquarters in Nairobi and a network of branches spread across Kenya. We are seeking to recruit Insurance Sales Representatives to work under the LIFE ASSURANCE department in Karen, Nairobi.
We pay the most competitive commissions in the market.
Additional Benefits include:
- Medical Cover for you and your family
- Subsidy (loan to help you as marketing support)
- Office Space/ telephone/ business cards/ beverages
- Advance Commissions (4 months in advance)
- Sacco Loans
- Chance to own a plot in our Housing Sacco
- Car Loan
- Recognition and Awards

JOB SUMMARY

RequirementsEducation, including specialized training·  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 Experience·       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 Other attributes·       Good interpersonal communications skills·       Good writing and verbal communications skills·       Sensitivity to Customer needs·    Ability to work as part of the team and independently

RESPONSIBILITIES

Product development:·      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

REQUIRED SKILLS

Underwriting business, Reinsurance, Project management, Problem solving, Leadership skills

REQUIRED EDUCATION

Bachelor's degree