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PURPOSE:

The role holder will work within the IFRS17 workstream, with the responsibility for technical modelling and actuarial computations, implementation within strict timelines, system set-up, user acceptance testing, dry run and go live.

Main Responsibilities

1. IFRS17 transition and reporting

• Technical modelling, actuarial computations, and reporting under IFRS17 methods.
• Develop controls, model audit trails, validation and documentation around estimates and judgement in IFRS17
• implementation for data and results consistency, completeness, and accuracy.
• Modelling  financial statements under IFRS17 basis and comparatives to IFRS4.
• Testing products to examine their technical and operational feasibility under IFRS17.

2. System set-up

• Setting up product models and reporting on actuarial and IFRS17 software
• User Acceptance Testing

3. Projections and Budgeting

• Projected actuarial cash flows under IFRS17 budgets

4. Financial and regulatory reporting

• Inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital report
• Support stakeholders with actuarial inputs: Finance, appointed actuary and audit/ assurance teams on IFRS17 reporting within monthly, quarterly and end year reporting timelines

5. Profit testing

• Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
• New product development reporting: Technical analysis under IFRS17

6. Actuarial analyses

• Analysis of value of new business, embedded value and Asset Liability Management valuations
• Risk assessment, management, and reporting under IFRS17 reporting

 Key Deliverables

• Fulfill IFRS17 implementation for the Group
• Appropriate pricing to achieve target profit criteria set by executive management
• Actuarial reporting for regulatory compliance and financial statements.

PERSON SPECIFICATIONS

Academic Qualifications

• Bachelor’s Degree in Actuarial Science, Statistics, Mathematics or any other related field

Professional Qualifications 

• Professional actuarial exams (associate under IFOA/SOA or equivalent) is a mandatory requirement
• Accounting qualification will be an added advantage

Relevant Experience

• Minimum of six (6) years’ relevant experience in the life insurance industry, two (2) of which is at a supervisory level.

Skills and Attributes

• Entrepreneurial Spirit
• Market Awareness
• Customer Focus
• Continuous Innovation
• Ownership and Commitment
• Team Spirit

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