Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.

Job Ref. No: JHIL112

Role Purpose

The job holder will play a crucial role in pricing of risks associated with existing and new products. Leveraging technology, they will automate the pricing procedures, thereby enhancing operational efficiency and ultimately improving service delivery. They will work closely with other departments such as data analytics, products & strategy, marketing, business development and finance in achieving the overall strategy of the business.

Main Responsibilities

Pricing, Innovation

• Analyze historical data, market trends and other considerable factors to determine appropriate rating factors and premiums to be charged on various policies and products.
• Evaluate the financial impact of various health insurance products by analyzing data related to claims, policyholders, and healthcare trends.
• Investigate and provide insights on key drivers affecting pricing of health and care products.
• Analyze existing internal pricing models and provide suggestions on how they can be improved.

Actuarial Modelling and Data:

• Develop and maintain actuarial models used in premium rating.
• Analyze actuarial data including policy holder information, claims data, financial data to ensure data integrity and accuracy in actuarial models & calculations.
• Perform sensitivity analysis and scenario testing to assess the implication of pricing on the business performance.
• Use statistical and mathematical techniques to forecast trends in healthcare costs, morbidity incidence rates and benefit utilization rates.

Stakeholder Collaboration and Communication:

• Work closely with internal and external stakeholders.
• Communicate complex actuarial concepts to all stakeholders using simple terms.

System Calibration and IFRS 17

• Develop premium rating models, considering IFRS 17 reporting requirements in the premium rating. II. Ensure premium rating is calibrated correctly in the system and perform UATs.

Requirements

Key Competencies

• Core Actuarial Principles
• Data Analysis
• Actuarial Modelling and forecasting
• Critical thinking, Decision Making
• Business Acumen and commercial awareness
• Stakeholder Management

Qualifications

• Bachelor’s degree in an Actuarial Science or a related field
• A minimum of four professional actuarial qualifications, each requiring successful completion of at least four rigorous examination papers.

Relevant Experience

• Minimum of 4 years of relevant working experience.