- Develop a documented, approved and tested technical provision process and methodology to calculate technical provisions.
- Develop processes, procedures, and metrics to enable the business monitor, assess and control the requirements needed to comply with the Minimum Capital Requirement (MCR) with respect to the investments policies and the valuation of assets, underwriting policy, pricing and product development.
- Develop processes and procedures to validate budget assumptions and ensure that the budgeting process is in line with the risk appetite and strategy and make projections for expected loss ratios for all lines of business for budget purposes
- Assist in model validation of standard model for MCR calculations, in accordance with the directive and associated guidance as well as provide technical support for the Own Risk and Solvency Assessment.
- Develop procedures to produce, document and report opinions on the adequacy of reinsurance arrangements and align/implement a reinsurance strategy in line with solvency requirements.
- Interaction with all underwriting departments in AIG (Commercial and Consumer lines) and provide support with Portfolio Analysis and Management.
- Bachelor's degree in Actuarial Science, Mathematics, Statistics or equivalent
- Completed professional examinations from the Institute and Faculty of Actuaries, or equivalent recognised qualification
- Short term insurance industry knowledge and experience as an Actuary
- Experience with and/or knowledge of reserving, pricing, risk modelling, market and the industry financial reporting and regulations.
- Proficiency in actuarial concepts/methodologies
- Problem Solving: Uses rigorous logic and methods to solve difficult problems with effective solutions.
- Business Acumen: Knowledgeable in current and possible future policies, practices, trends, technology and information affecting the business/organization.
- Drive for Results: Very bottom line oriented.
- Reserving: Skilled at estimating
- Pricing: Applies an in-depth knowledge of product features to create or change pricing models and assumptions.
- Risk Modelling: Applies outputs from models in various practical uses, including economical capital models, technical pricing levels and to estimate appropriate risk margin under various accounting systems (i.e. IFRS).
- Market and Industry: Has a solid understanding of the property/casualty industry (including product knowledge, regulatory requirements, accounting systems, distribution systems, marketing strategies, reinsurance, etc).
- Regulatory: Maintains knowledge of regulatory requirements and is able to easily research information needed to ensure compliance with the Regulatory Authority.
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Actuarial Manager - Nairobi, Kenya - American International Group, Inc.
Description
Actuarial ManagerGet to know the business.
AIG Kenya Insurance Co. Ltd has over 50 years of experience in General Insurance and are proud to offer AIG's innovative and tailored products and solutions to our customers across the county. We are a leading provider of insurance products and services for commercial and personal insurance customers. AIG offers a broad range of products to customers through a diversified, multichannel distribution network.
Make your mark in Actuarial
The Actuarial Manager will have the responsibility of building an actuarial function for AIG Kenya Insurance Company Limited . Actuaries are on the front line, quantifying risks, pricing insurance and reserving losses. You will collaborate with Finance, Claims, Operations, Marketing and Risk Management among other functions in addressing adherence to Solvency and Minimum Capital Requirements (MCR). You will be responsible for the assessment of premiums and reserve adequacy and support the management of all insurance related risks and the optimization of the Reinsurance structure. Within AIG Kenya, you will be challenged and encouraged to reach your greatest potential to help improve how we predict, manage and mitigate risk.
How you will create an Impact:
Reimagining insurance to make a bigger difference to the world
American International Group, Inc. (AIG) is a global leader in commercial and personal insurance solutions; we are one of the world's most far-reaching property casualty networks. It is an exciting time to join us - across our operations, we are thinking in new and innovative ways to deliver ever-better solutions to our customers. At AIG, you can go further to support individuals, businesses, and communities, helping them to manage risk, respond to times of uncertainty and discover new potential. We invest in our largest asset, our people, through continuous learning and development, in a culture that celebrates everyone for who they are and what they want to become.
Welcome to a culture of belonging
We're committed to creating a culture that truly respects and celebrates each other's talents, backgrounds, cultures, opinions and goals. We foster a culture of inclusion and belonging through our flexible work arrangements, diversity and inclusion learning, cultural awareness activities and Employee Resource Groups (ERGs). With global chapters, ERGs are a cornerstone for our culture of inclusion. The diversity of our people is one of AIG's greatest assets, and we are honored that our drive for positive change has been recognized by numerous recent awards and accreditations.
AIG provides equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with disabilities. If you believe you need a reasonable accommodation, please send an email to
Functional Area:
AC - Actuarial
Estimated Travel Percentage (%): No Travel
Relocation Provided: No
AIG Kenya Insurance Co. Ltd
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