Britam Foundation Job Vacancy : Actuarial Assistant

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Job purpose

  • To implement all the actuarial functions of the British American Insurance Company by playing a role in the overall risk management of the company.

Nature and Scope

  • The position reports to the Supervisor, Actuarial Services. The jobholder is responsible for actuarial procedures relating to the company’s business.

Key Interfaces

  • All departments related to insurance business

Actuarial Assistant Job Key Responsibilities in Kenya

Actuarial Valuations

  • Assist in producing actuarial calculations, results and executive summary reports related to life and non-life business.
  • Ensure data extraction methods/process is maintained in between valuation points
  • Ensure all pre-valuation data checks and reconciliations are carried out
  • Conduct experience reviews that inform the Actuarial liability assumptions
  • Sample test results and calculations to ensure they are correct (where technical valuation software is used)
  • Test and ensure the overall reasonableness of the results
  • Assist in the preparation of the financial condition reports for submission to the regulators
  • Review and analyze financial statements on a monthly basis i.e.
  • Check that management accounts are consistent with actuarial numbers
  • Compute key performance ratios, analyze and report on their movements over previous financial periods

Actuarial Investigations

Assist in the carrying out of experience investigations on the following;

  • Expenses
  • Return on Assets
  • Renewal/Persistency rates
  • Testing for adequacy of premiums
  • Sales Performance
  • Adequacy of valuation bases

Experience Review

  • Assist in reviewing the performance of various Life policies and come up with appropriate recommendations. This will involve the following tasks;
  • Analyze Experience Performance of products for regional subsidiaries
    Draft experience review reports following experience analysis

Products Development

Assist in carrying out the following tasks for Life Insurance;

  • Product design and pricing
  • Profit testing of existing and new life products
  • Product setup and testing of administrative functionalities in the various administration systems

Capital Assessment

Assist in carrying out the following tasks;

  • Quantifying economic capital for Britam’s regional subsidiaries
  • Quantifying regulatory capital for Britam’s regional subsidiaries
  • Quantifying capital impact of changes in regulatory capital regimes for different Britam’s regional subsidiaries

Certification of Actuarial Valuations

  • Assist in carrying out the following tasks for Britam’s regional entities;
  • Liaising with consulting actuaries to get certification for actuarial reserve calculations for statutory reporting purposes
  • Liaising with consulting actuaries to get certification for product design, pricing assumptions and profitability of new products

Regulatory Compliance

  • Assist in carrying out the following tasks for the respective local supervisors of Britam’s regional entities;

Compiling regulatory valuation reports

  • Liaising with consulting actuaries to get certification for product design, pricing assumptions and profitability of new products
  • Provide Leadership, guidance and knowledge transfer to the Interns
  • Any other work/ special investigations that may arise from time to time

Qualifications, Knowledge, Experience for Actuarial Assistant Jobs in Kenya

  • Education: University Degree in actuarial science or any highly numeric course (Honors).
  • Registered with Institute and Faculty of Actuaries (UK) and has passed 4 of the exams required to qualify as an actuary.
  • Computer literacy: Hands on experience with spreadsheets & Data Base Management Systems.

Performance Standards

  • Maintain high standards of professionalism.
  • Maintain high quality data used for actuarial valuations and experience investigations.
  • Maintain high competence with continuous professional development
  • Timely submission of results and reports where required

How to Apply

Click here to apply

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