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Dimension30 consulting; Soweto; On-site; ZAR 80 000 - 150 000; Full time

Job summary

An established industry player is seeking a seasoned Actuary Executive to oversee actuarial functions within the insurance sector. This senior leadership role involves managing risk assessments, financial modeling, and pricing strategies while ensuring regulatory compliance. You will collaborate with senior management to guide strategic decisions and optimize profitability. The ideal candidate will have extensive experience in the insurance industry, particularly in the Kenyan market, and possess strong leadership and analytical skills. If you're ready to make a significant impact in a dynamic environment, this opportunity is for you.

Qualifications

• 8-10 years of actuarial experience in the insurance industry.
• Fully qualified actuary (IFoA, SOA, or equivalent).

Responsibilities

• Lead actuarial analysis and reporting for insurance products.
• Ensure compliance with local and international regulatory requirements.

Skills

Leadership

Strategic Thinking

Communication

Problem-Solving

Attention to Detail

Education

Bachelor’s degree in Actuarial Science

Master’s degree (advantage)

Job description

The Actuary Executive is a senior leadership position responsible for overseeing the actuarial functions within an insurance company for Kenya.

POSITION INFO : Role's Purpose :

This role involves managing risk assessments, financial modeling, pricing strategies, and ensuring regulatory compliance. The Actuary Executive will collaborate closely with senior management to guide strategic decisions, optimize profitability, and ensure long-term financial sustainability

Key Responsibilities :

• Actuarial Analysis and Reporting :
• Lead the actuarial team in performing detailed analysis of insurance products, including pricing, risk evaluation, and profitability assessments.
• Develop and review actuarial models to project company liabilities, premiums, and reserves.
• Prepare and present actuarial reports to senior management and the board of directors.
• Product Development :
• Provide actuarial input in the design and development of new insurance products.
• Conduct pricing analysis for new and existing products to ensure competitiveness and profitability.
• Work closely with the underwriting and marketing teams to ensure products meet market needs.
• Analyze and monitor the risk exposure of the insurance portfolio, advising on reinsurance strategies to mitigate potential losses.
• Ensure the implementation of effective risk management frameworks in alignment with regulatory standards.
• Conduct stress testing and scenario analysis to assess the impact of economic changes on the company's financial position.
• Regulatory Compliance :
• Ensure all actuarial practices comply with local and international regulatory requirements, including those set by the Insurance Regulatory Authority (IRA) of Kenya.
• Liaise with external auditors and regulators to provide necessary actuarial information and reports.
• Stay up-to-date with regulatory changes affecting the insurance industry in Kenya and advise the company on necessary adjustments.
• Collaborate with the team to produce accurate and timely financial reports, including valuation of reserves and liabilities.
• Ensure actuarial assumptions are aligned with accounting standards (e.g., IFRS 17) and company financial policies.
• Participate in the preparation of annual reports and financial statements.
• Team Leadership and Development :
• Lead and mentor a team of actuaries and analysts, providing guidance on complex actuarial problems.
• Foster a culture of continuous learning and professional development within the actuarial team.
• Promote collaboration across departments to achieve organizational goals.
• Strategic Decision-Making :
• Work closely with the executive team to contribute to strategic planning and decision-making processes.
• Provide actuarial insights to support mergers and acquisitions, new business opportunities, and expansion into new markets.
• Assist in developing long-term financial strategies to enhance profitability and shareholder value.
• Stakeholder Engagement :
• Act as a key point of contact for internal and external stakeholders, including senior management, regulators, auditors, and reinsurers.
• Present actuarial findings and recommendations to the board of directors, investors, and other key stakeholders.
• Represent the company in industry forums, conferences, and professional associations.

Required Qualifications :

• Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field. A master’s degree is an added advantage.
• Fully qualified actuary (e.g., Fellow of the Institute and Faculty of Actuaries (IFoA), Society of Actuaries (SOA), or equivalent)..

Experience :

• Minimum of 8-10 years of actuarial experience in the insurance industry, with at least 3 years in a leadership role.
• Strong knowledge of the Kenyan insurance market, regulatory environment, and relevant financial reporting standards (e.g., IFRS 17).
• Proven experience in risk management, financial modeling, and actuarial analysis.
• Excellent analytical, communication, and leadership skills.
• Ability to work collaboratively with cross-functional teams and influence decision-making at the executive level.

Skills :

• Leadership : Ability to lead and inspire a team of actuaries and collaborate with senior executives.
• Strategic Thinking : Strong strategic and analytical thinking to influence long-term business planning.
• Communication : Excellent presentation and communication skills to convey complex actuarial concepts to non-technical stakeholders.
• Problem-Solving : Strong problem-solving abilities, particularly in addressing complex financial and actuarial challenges.
• Attention to Detail : High level of accuracy and attention to detail in actuarial calculations and financial modeling.