Job Summary

The Actuarial Specialist Product Development and Pricing will be responsible for the provision of actuarial support to the life insurance business in product development and pricing as well as participate in overall risk management for the company.

Key Responsibilities

• Work actively with the business and liaise with the Group to price and provide actuarial support for new products
• Development and maintenance of Standard Pricing Basis in liaison with the Group
• Regular reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets
• Review current pricing 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
• Work closely with the other departments to proactively identify and implement changes to underwriting risk controls
• Provide analysis to support the renegotiation of existing group contracts
• Assist system vendors in product setup in the actuarial pricing and valuation system
• Review and monitor experience on all products to inform decision making including profit testing of existing products
• Prepare reports on product performance for management decision making

Qualifications

• Bachelor’s degree in actuarial science, statistics, mathematics or any equivalent with a strong emphasis on mathematical proficiency
• Progress in the Institute of Actuaries examinations (At least 5 papers)

Experience

• 3 years minimum in product development or actuarial valuations

Competencies

• Good interpersonal skills
• Statistical techniques
• Proficient knowledge on the insurance industry in Kenya
• Knowledge of statistical packages or programming
• Relevant actuarial guidelines