Job Description
Madison Life Assurance Kenya Limited is a subsidiary of Madison Group Limited and is a well known provider of Life Assurance products in Kenya. The Group also provides through two other subsidiaries General Insurance, healthcare as well as fund management services.
The Company is recruiting for the position of Head of Actuarial Section. The main responsibility of this role is to undertake all actuarial services of Madison Life Assurance Kenya Limited including product design and development, product pricing and valuations, continuous risk management of existing insurance products, and review of various Life Assurance Products.
Key Responsibilities
1. Coordinating statutory actuarial valuation of the Life Fund and reporting
2. Undertaking quarterly actuarial valuation of the Life Fund and reporting
3. Analyzing Actuarial Statistics parameters for decision making
4. Product Designs, Development, and Pricing
5. Preparing claims management and Loss ratio reports
6. Review of product performance on a quarterly basis to determine product profitability in consultation with the Company’s consulting actuary
7. Review of individual Life and Group Life rates in consultation with the Consulting Actuary
8. Compiling competitor-underwriting rates for both Group and Individual Life business and making quarterly reports.
9. Compiling market share data for life business using the Annual accounts of various companies
10. To liaise with the Company’s investment department to ensure optimal return on all investment-related products, both Individual and Group Business Policies
11. To calculate the daily unit value for investment products and credit the various member’s fund accounts
12. To provide any other required actuarial support to the Company.
Job Specification
Qualifications
• Bachelor’s Degree in Actuarial Science
• Master’s Degree (an added advantage)
• Fellow of the Institute of Actuaries (FIA) (an added advantage)
• Certified Public Accountant of Kenya (CPAK)
Experience
• 5 years experience in a management role
• In-depth understanding of the operations of life assurance
• Good marketing, communication, and presentation skill
• Good knowledge of the insurance business