Manager, Actuarial Reserving at - Nairobi, Kenya - Jubilee Insurance

Description

Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937.

Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.

Job Ref


No:
JHIL110
Role Purpose

The Manager Actuarial Reserving will play a pivotal role in ensuring the accuracy and adequacy of our medical insurance reserving processes.

This position requires a seasoned actuary with a strong background in medical insurance, reserving methodologies, and regulatory compliance. The successful candidate will be collaborating with cross-functional departments to support strategic decision-making and uphold financial stability.
Main Responsibilities

Actuarial reporting for financial & regulatory compliance.

Develop and implement actuarial reserving strategies to accurately assess and project medical insurance liabilities under regulatory basis, IFRS17, Financial Condition Reporting, Solvency & Risk Based Capital.

Evaluate and enhance existing reserving processes, ensuring alignment with industry best practices.
Oversee the preparation and analysis of reserving reports.
Collaborate with the finance team to ensure accurate financial statements and compliance with regulatory requirements.
Utilize advanced actuarial modeling techniques to project future liabilities and assess the impact of various scenarios.
Conduct regular reviews of models and assumptions, adjusting as necessary to reflect changing business conditions.
Collaborate with other relevant departments to gather data and insights for reserving purposes.
Work closely with risk management to assess and mitigate potential risks affecting the company's financial stability.
Stay informed about regulatory changes impacting medical insurance reserving.
Ensure compliance with all relevant regulations and reporting requirements.

Key Competencies

In-depth knowledge of actuarial principles, reserving methodologies, and modeling techniques specific to the medical insurance industry.
Strong understanding of insurance products, pricing, and risk assessment.
Ability to interpret and analyze financial statements, reserving reports, and related financial data.
Experience in managing financial projections and forecasting for medical insurance liabilities.
Knowledge of relevant regulatory requirements and the ability to ensure compliance with industry standards and regulations.
Excellent communication skills to convey complex actuarial concepts to non-technical stakeholders.
Ability to adapt to changing business conditions and implement necessary adjustments to reserving strategies.
In-depth knowledge of IFRS 17 standards and practical experience in their implementation

Requirements
Qualifications

Bachelor of Science in Actuarial Science, Mathematics, Statistics, or any other relevant field.
Professional actuarial exams (nearly qualified actuary under IFOA/SOA or equivalent).
IFRS17 and actuarial modelling expertise.
Proven leadership experience.
Strong knowledge of reserving methodologies, financial reporting, and regulatory compliance.
Excellent communication skills, with the ability to convey complex actuarial concepts to non-technical stakeholders.

Relevant Experience

Minimum five (5) years of experience in actuarial roles within the medical insurance industry.