Group Head – Actuarial at Jubilee Insurance – May 2024

Group Head – Actuarial

Job Ref. No: JHL023

Role Purpose

As the Group Head of Actuarial, you will lead a team of actuaries responsible for providing strategic guidance, risk assessment, and financial insights to support decision-making within the Group. You will oversee the actuarial functions across various business lines and geographical regions, ensuring compliance with regulatory requirements and alignment with company objectives. This role requires strong leadership, technical expertise, and the ability to communicate complex concepts effectively to stakeholders at all levels.

Main Responsibilities
Strategy

  • Develop and implement the strategic vision for the actuarial function in alignment with the company’s overall goals and objectives. Translate strategy into actionable steps for growth, implementing groupwide goal setting, performancemanagement, and annual departmental planning.
  • Establish, implement, and communicate the strategic direction of the department’s goals, collaborating with other divisions and departments.
  • Ensure that departmental decisions, project plans, and budgets such as those for staffing, development, and teamexecution are aligned.
  • Ensure the department’s strategy are aligned to the Board approved budgets.
  • Promote the use of industry leading trends and technologies.
  • Collaborate with senior management to integrate actuarial insights into business planning and decisionmaking processes.
  • Provide leadership and guidance to the actuarial teams in each country, fostering collaboration, innovation, and excellence.

Actuarial

Risk Assessment and Management:

  • Oversee the development and implementation of robust risk management frameworks and processes across all countries of operation.
  • Lead the preparation of financial projections, including pricing, reserving, and capital management, to support strategic decision-making and regulatory compliance.
  • Lead the development of actuarial models and methodologies for assessing and managing risks related to insurance products, investments, and liabilities.
  • Monitor and analyse key risk metrics, trends, and emerging risks, providing recommendations to mitigate risks and optimize capital allocation.
  • Ensure compliance with regulatory requirements and internal risk management policies.

Financial Analysis and Reporting:

  • Oversee the preparation of actuarial reports, financial projections, and profitability analyses for internal and external stakeholders.
  • Provide insights into the financial performance of insurance products, pricing strategies, and investment portfolios.
  • Collaborate with finance, accounting, and other departments to ensure accuracy and consistency in financial reporting.

Product Development and Pricing:

  • Partner with product development teams to design innovative insurance products that meet customer needs while balancing risk and profitability objectives.
  • Conduct pricing analyses and recommend appropriate pricing strategies based on actuarial assumptions, market dynamics, and competitive landscape.
  • Monitor product performance and recommend adjustments to pricing, underwriting guidelines, and risk management strategies as needed.

 Actuarial Modelling and Analytics:

  • Oversee the development and maintenance of actuarial models to assess insurance liabilities, reserve adequacy, and solvency capital requirements.
  • Utilize advanced analytics techniques and predictive modelling to enhance underwriting decisions, customer segmentation, and pricing optimization.
  • Stay abreast of industry trends, best practices, and regulatory changes in actuarial science and incorporate them into modelling methodologies and practices.

 Stakeholder Management:

  • Serve as a trusted advisor to senior management, board of directors, and external stakeholders on actuarial matters, including risk management, financial performance, and strategic initiatives.
  • Build and maintain effective relationships with regulatory authorities, rating agencies, auditors, and other external stakeholders.
  • Communicate actuarial findings, insights, and recommendations in a clear, concise manner to nontechnical audiences.

Board Reporting

  • Undertake regular and appropriate reporting to the Board of Directors on the performance of the Department.
  • Work with the Board of directors and other executives to establish short-term objectives and longrange goals, andrelated plans and policies.
  • Ensure that business change projects are delivered in line with directions from Board.
  • Report regularly to the Board of Directors on actuarial matters, including risk exposures, financial projections, and regulatory compliance.
  • Engage with senior executives, regulators, and other stakeholders to ensure transparency, accountability, and alignment of actuarial practices with organizational objectives.

Corporate Governance

  • Ensure compliance with regulatory requirements and industry standards in all countries of operation, liaising with local regulators as necessary.
  • Establish and maintain effective governance structures for the actuarial function, including policies, procedures, and internal controls
  • Compliance: Stay updated on insurance related, industry regulations, compliance requirements, and best practices.
  • Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
  • Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
  • Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Leadership & Culture

  • Lead and manage the regional actuarial team, providing direction, coaching, and performance management.
  • Represent the company in external engagements such as industry forums, regulatory meetings, and professional associations.
  • To provide the much-needed transformational leadership to meet and surpass the expectations of the Board.
  • Recruit, develop, and retain top talent within the actuarial teams across different countries, promoting a culture of continuous learning and professional growth.
  • Provide leadership and mentorship to team members, fostering a collaborative and high-performing work environment.

Continuous Improvement and Innovation

  • Drive continuous improvement initiatives within the actuarial function, leveraging technology, data analytics, and industry best practices to enhance efficiency and effectiveness.
  • Promote a culture of innovation and creativity, encouraging the exploration of new ideas and approaches to address evolving business challenges.

Key Competencies

  • Leadership and team management skills.
  • Strategic thinking and decision-making ability.
  • Strong analytical and problem-solving skills.
  • Excellent communication and interpersonal skills.
  • Adaptability and flexibility in a dynamic business environment.
  • Ability to manage multiple priorities and deadlines.
  • Attention to detail and accuracy.
  • Business acumen and understanding of insurance operations.
  • In-depth understanding of the industry and the workings of different departments of a company, including finance, sales, and human resources
  • Dynamic and strategically minded individual with a passion for performance, team play and achievement in a competitive and dynamic environment.
  • Excellent interpersonal, negotiation and conflict management skills.
  • Excellent communication and stakeholder management skills.

Qualifications

  • Master’s Degree in Actuarial Science, Mathematics, Statistics, or related fields.
  • Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or related fields.
  • Fellowship Qualification within the Actuarial Field.

Relevant Experience

  • Over 10 years of experience in actuarial roles, with progressive responsibilities.
  • Previous experience in leadership or managerial positions preferred.
  • Strong knowledge of insurance products, markets, and regulations.
  • Experience working with diverse teams and managing complex projects.

Submit Your Application

If you are qualified and seeking an exciting new challenge, please apply via [email protected] Quoting the Job Reference Number and Position by 15th May 2024. Only shortlisted candidates will be contacted.

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