Provide actuarial support to business and participate in overall risk management for the company. He/she is expected to lead and manage a team that is all rounded and highly motivated to achieve both their personal and career objectives.
Provide input into underwriting strategy and rules for Life insurance business.
Review the product performance with regards to their claims and expense experience and advise on appropriate pricing.
Provide analysis to support the application of appropriate reinsurance arrangements and provide inputs to the reinsurance management strategy.
Working with the risk and compliance department in the measurement/quantification of financial and operational risk in Life insurance business
Provide leadership to the team in determining and calculating all Life insurance contract reserves.
Co-ordinate the supplementary reporting requirements to Annual Financial Reports. This includes Embedded Value (EV) calculation, Analysis of Embedded Value (AoEV) and sensitivity of the EV to the key assumptions.
In charge of developing the Asset Liability Management framework for the life business and working closely with the Capital management team and the investment team to actualize the ALM framework.
Coordinate the preparation of business plans/budgets and capital management initiatives for the life business.
Provides input to the enterprise risk management by conducting stress and scenario testing, reviewing the risk appetite statements, etc.
Ensuring compliance to IRA regulation and other relevant regulations.
Supervising, mentoring and coaching staff under supervision
Work closely with the finance function, appointed actuary and external auditor in the preparation of financial statements and the disclosure requirements.
Be highly conversant with IFRS 17 requirements and have the relevant skills to implement the new standard.
Make presentations to management and board on the performance of the business, including financial impacts of actions taken by management and the board.
Perform any other duties as may be assigned from time to time
Key Performance Measures
As described in your Personal Score Card
Knowledge, experience and qualifications required
University Degree in actuarial science, statistics, engineering, mathematics, physics, economics or related field with strong emphasis on mathematical proficiency
6-8 years of relevant actuarial experience in an actuarial function with a company with a similar maturity level as Britam.
Fellow or nearly qualified member of the Institute of Actuaries or any other recognised actuarial body.
Deciding and Initiating Action – Ensures key departmental objectives are met, takes responsibility for decisions, actions, projects and people while focusing on achievement of departmental results; takes initiative and works under own direction; initiates and generates activity; makes quick, clear decisions with limited information available which may include tough choices or considered risks; decisions and actions take into account possible impact on all parts of the business.
Leading and Supervising – Provides the department with a clear direction based on the overall strategic intent of the organisation; Building high expectations about the success of the department; motivates and empowers others with a clear sense of purpose; creates a positive departmental climate that fosters learning and development; acknowledges high potential talent; Recognize the potential of individuals sets and articulates the vision and values through own personal behaviour; Push autonomy and empowerment downwards through the department.
Persuading and Influencing – Gains clear agreement and commitment from others by persuading, convincing and negotiating to the benefit of the department; promotes the organisational strategy during departmental conversations; makes effective use of political processes to influence and persuade others; promotes ideas on behalf of the department and the organisation; makes a strong personal impact on others; takes care to manage the department’s impression and brand on others.
Formulating Strategies and Concepts – Works strategically to realise organisational goals within the department; sets and develops departmental strategies; identifies and develops positive and compelling visions of the department’s future potential; Ensure departmental Balanced Score Card objectives and KPI’s are met and Exceeded; Ensure Personal Scorecard Objectives are met and exceeded; takes account of a wide range of issues across, and related to, the organisation; Work with direct reports to ensure the cascading of the strategic plan into integrated departmental plans that are meaningful to individuals; encourages others to take a strategic and long-term view in terms of the department’s future; Emphasise the impact and importance of individual contributions to the successful implementation of the organizational strategy in the department; Evaluate my own and others’ performance fairly and objectively; communicates the organisational strategy, vision and objectives effectively across all levels in the department.
Entrepreneurial and Commercial Thinking – Keeps up to date with competitor information and market trends; identifies business opportunities for the department; maintains awareness of developments, changes, Add value to the department by capitalising on new business opportunities; trends and possible risks in the department’s structure and politics; demonstrates financial awareness; Identify ways to increase the Britam competitive advantage, exploiting those that will bring the greatest return within an acceptable level of risk; ensures costs are monitored and controlled and thinks in terms of profit, loss and added value; Ensure that sufficient data about financial and other parameters of departmental performance are available; Interpret departmental information objectively against appropriate benchmarks.
Planning and Organising – Sets clearly defined departmental objectives; plans activities and projects well in advance and takes account of possible changing organisational and market circumstances; identifies and organises resources needed to accomplish projects; manages time effectively; monitors departmental performance against deadlines and milestones.
Relating and Networking – Easily establishes, as well as assists others in building meaningful relationships with customers and staff across all levels of the organisation, inside and outside of the department; relates well to people at all levels; facilitates the resolutions of conflict and manages disagreements with tact and diplomacy.
Creating and Innovating – Promotes departmental improvement within relevant scope of influence; produces and encourages new ideas, approaches, or insights; creates the environment for innovative products or designs; produces a range of solutions to the strategic benefit of the department.
Adhering to Principles and Values – Upholds and encourages ethical behaviour and organisational values; demonstrates integrity; promotes and defends equal opportunities, builds diverse teams; encourages departmental and individual responsibility towards the community and the environment; models the organisational values during every day interactions.
Achieving Personal Work Goals and Objectives- Accepts and tackles demanding departmental and personal goals with enthusiasm; leads by example by working hard and putting in longer hours in order to ensure successful implementation and completion of projects; show self-insight in own development needs.
Adapting and Responding to change – Anticipates and effectively adapts to changing circumstances and ambiguous situations; accepts and actively drives new ideas and change initiatives; adapts interpersonal style to suit different individuals or situations; Monitor changes in departmental issues, structures and dynamics and appreciate their implications for the business; Demonstrate an understanding of the links between the Britam’s structure, goals and capabilities; Constantly aware of competitors, trends and changes in the markets that the Britam works within; Maintains a focus on key priorities and deliverables, staying resilient in the face of pressure; Implement changes within the department to achieve set change goals; Responds flexibly to changing circumstances; Recognises when unable to cope and asks others for help; Uses change as an opportunity to improve ways of working, encouraging others’ buy-in; Takes ownership for communicating change initiatives clearly, ensuring smooth implementation
Analysing – Strategically analyses sources of information, breaking them into component parts, patterns and relationships; makes rational judgements from the available information and analysis; demonstrates an understanding of how one issue may be part of a much larger system.
Cost Management- Demonstrates awareness of financial issues affecting the department; Use financial information to monitor departmental performance and guide decisions; Consistently identify opportunities to reduce costs within the department.
Staff development- Create a positive departmental climate that fosters learning and development; Identify development needs within the department; Ensure direct reports have personal development plans in place that are regularly reviewed; Provide honest and constructive feedback on the team’s performance; Act as coach or mentor when appropriate; Allocate power, responsibilities and authority to appropriate subordinates.
Technical/ Functional competencies
Proficient knowledge on the insurance industry in Kenya
Knowledge of reinsurance arrangements and structures
Knowledge of statistical packages or programming (e.g. SAS, Visual Basic