Senior Actuarial Analyst

JOB PURPOSE:

This is a Group role responsible for supporting the day-to-day activities of the Actuarial function, ensuring timely execution. The role includes collecting and organizing data to support analysis and enable sound, data-driven outcomes.

KEY TASKS, DUTIES AND RESPONSIBILITIES

• Support product development by leveraging data to design and enhance customer-focused insurance solutions.
• Conduct customer retention and policy conversion analysis to assess the effectiveness of sales and distribution channels.
• Perform market intelligence research and analyze industry data to evaluate product relevance and competitiveness.
• Contribute to strategy formulation by identifying and interpreting trends from data insights.
• Analyze expenses to identify process inefficiencies and cost leakages.
• Support cost management initiatives to achieve profitability targets and optimal expense ratios.
• Analyze claims data to assess underwriting risks across different business channels.
• Provide insights on risk-based pricing to help reduce claims costs.
• Evaluate claims emergence and payment patterns to improve claims processing efficiency.
• Support actuarial reserving processes, including IBNR, UPR, DAC, and other technical provisions.
• Participate in reviews to enhance the adequacy of claims reserving methodologies.
• Contribute to reinsurance optimization to ensure cost-effective risk transfer.
• Perform experience analyses (claims, lapses, expenses) to inform pricing, reserving, and liability projections.
• Support the actuarial control cycle by updating assumptions based on emerging experience.
• Assist in reviewing underwriting and claims policies to ensure alignment with actuarial assumptions.
• Develop and maintain databases to improve data quality and analytical efficiency.
• Identify opportunities for process improvement and automation.
• Support compliance with actuarial and financial reporting standards, including IFRS 17.
• Ensure models are well-documented, validated, and subject to peer review.
• Collaborate with IT and other stakeholders to implement system enhancements and resolve
• Assist in product setup within systems and ensure accuracy of configurations.
• Prepare timely and accurate reports to support management decision-making.
• Support preparation of regulatory reports, including submissions to IRA and AKI.
• Assist in preparing documentation for new product approvals.
• Ensure adherence to actuarial policies, procedures, and standard operating guidelines.

REQUIREMENTS

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, Engineering, or a related quantitative field.
• Progress towards a professional actuarial qualification, with at least three (3) papers passed from the Institute and Faculty of Actuaries or an equivalent recognized body.
• Membership in a relevant professional body is an added advantage.
• A minimum of three (3) years’ relevant experience

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