3.0 Description of Core Duties

Product development:

• 
  Work actively with the business development teams
  and liaise with the Group to price and provide actuarial support for new
  products
• 
  Individual Life insurance product pricing from
  ideation to product launch
• 
  Regular reviewing and monitoring of internal
  experience and trends to ensure company product pricing meets profit targets
• 
  Repricing 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
• 
  Provide analysis to support the renegotiation of
  existing group contracts
• 
  Assist system vendors in product setup in the administration
  system
• 
  Review and monitor experience on all products to
  inform pricing assumptions and decision-making including profit testing of
  existing products
• 
  Prepare reports on product performance for
  management decision making
• 
  Work closely with reassures to ensure treaty
  optimization
• 
  Product Approvals: Drive the product approval
  process both within the Company and externally with the Insurance Regulator
  and other government bodies – where relevant.
• 
  Product Documentation: Develop and continually
  review product training manuals and marketing materials that are appropriate
  to the target market and distribution channel of the products.

Valuation:

• 
  Assist with new product implementation into the
  valuation systems and provide future projections under the valuation
  standards at the time
• 
  Assess the capital requirements of new products that
  assists with capital consumption and choice of product designs

Experience Investigation:

• 
  Assist with the annual experience investigations on key
  assumptions for pricing and valuations.
• 
  Sensitivity analysis and impact assessment of the
  various assumptions

Asset Liability Modeling
(ALM):

• 
  Assist with the
  quarterly preparation of ALM calculations and presentations to management in
  relation to the new and existing products

Actuarial Modelling:

• 
  Building and
  maintaining models for pricing, Value of New Business (VNB), ALM, capital
  modeling and experience investigations

Requirements

• 
  Bachelors’ degree in actuarial science, statistics, engineering,
  mathematics or any equivalent with a strong emphasis on mathematical
  proficiency
• 
  Good Progress in the Institute of
  Actuaries examinations or any other recognized Actuarial bodies
• 
  At least 4 years’ experience in an actuarial function focused on pricing
  of new products or repricing/ product review
• 
  Practical end to end Product development experience
• 
  Practical end to end
  Prophet modelling experience will be an added advantage

Technical Competencies

• 
  Statistical/actuarial techniques
• 
  Proficient knowledge in the insurance industry in Kenya
• 
  Knowledge of reinsurance arrangements and structures
• 
  Knowledge of software packages or programming (e.g., Excel, R, Visual
  Basic for Applications)
• 
  Product development knowledge
• 
  Proficiency in Prophet coding will be an added advantage

5.2
Core
competencies

• 
  Adhering to principles and values
• 
  Delivering results and meeting customer expectations
• 
  Self-driven and provide independent thinking
• 
  Relationship building and Networking within and outside the organization
• 
  Strong analytical skills
• 
  Learning and researching
• 
  Presenting and communicating Information
• 
  Achieving personal work goals and objectives
• 
  Connecting work to business objectives