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Reports To: Assistant Manager – Actuarial
Job Purpose: The position is responsible for providing support in the day-to-day activities of the Actuarial function by collecting and organizing data for data analysis that will give prudent outcomes.
Key Tasks, Duties and Responsibilities
Revenue.
- Participate in product development with regards to using data to develop more personalized products.
- Carry market intelligence surveys and analysis of industry statistics to determine product relevance in the market.
- Participate in strategy formulation by using data to identify and interpret trends.
Management Expense & Cost Efficiency.
- Conduct expense analysis to identify leakages in the processes.
- Assist in ensuring costs within the department are managed in order to achieve desired profitability and set management expense ratios.
- Analyse claims to allow for studying of underwriting risks for the various business channels.
Loss Ratio.
- Analyse claims data to advise for risk pricing per channel effectively reducing claims cost.
- Participate in investigations seeking better adequacy in claims reserving.
- Participate in reinsurance optimization exercises to ensure that the company does not have net outflows.
- Analyse claims emergence and payment patterns for the various lines to advice on the efficiency of the claims payment process.
Experience Review and Monitoring (Actuarial Control Cycle)
- Perform claims, lapse and expense analysis to come up with assumptions to be used to advice pricing, loss reserving and projection of the balance sheet liabilities.
- Continuous feedback of results into the actuarial control cycle to identify assumptions that need updating.
- Assist in the review of claims and underwriting policies to ensure continued validity of actuarial assumptions.
Internal Controls and Reporting.
- Assist in ensuring compliance with changing standards affecting actuarial work e.g. IFRS 17.
- Prepare IRA and AKI reports for submission when necessary including technical liabilities reports and solvency reports.
- Interpret/explain business requirements and coordinate with developers for new requirements/issue resolutions/change requests.
- Assist in preparation of reports for new products for IRA submission before launch.
Requirements
- Bachelor’s degree in Actuarial Science, Statistics, Engineering, Mathematics or equivalent from a recognized university.
- Pass in atleast three actuarial professional papers.
- 3 years relevant experience in Actuarial and Data Analytics.
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 Friday, February 4, 2022.
https://www.korient.co.ke/Home/Careers
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