Actuarial Specialist – Product Development (Microinsurance)

SUMMARY:
Introduction:

• The company is looking for an exceptional individual to fulfil a key role in the GR Microinsurance team with a focus on Microinsurance life, structuring, and solutions, and non-life product development

• You will work in a highly skilled and specialized team of motivated individuals, perform technically demanding calculations, and interact with all areas of the business, including our cell captive clients. This is an outstanding opportunity to gain experience in a leading cell captive business, develop technical skills and industry knowledge, and build relationships with a wide variety of internal and external stakeholders, with exposure to senior management and clients

POSITION INFO:
Duties and Responsibilities:
Data Analysis and Reporting:

• Collect, analyze, and interpret data to support actuarial functions. Prepare regular reports and presentations for internal and external stakeholders. Analyse mortality, morbidity, and lapse rates for life insurance. Analyse key performance metrics for non-life insurance products such as claims loss ratios, frequencies, and severities

• Assist in the development and pricing of new insurance products. Ensure products are competitive and compliant with regulatory requirements. Develop pricing models for life and non-life insurance products. Conduct profitability analyses for new and existing insurance products. Assist with the structuring of new deals and finding solutions to improve structuring

• Identify, assess, and manage risks associated with insurance products. Support the development of risk mitigation strategies. Perform stress testing and scenario analysis for life insurance portfolios. Evaluate underwriting risks for non-life insurance policies

• Ensure compliance with relevant actuarial standards and regulatory requirements. Assist in the preparation of regulatory reports. Prepare statutory reports for life insurance products. Ensure non-life insurance products comply with local regulations

• Conduct experience studies to inform assumptions used in pricing, reserving, and risk management. Analyse historical data to set assumptions for life insurance products. Review claims and exposure data to update assumptions for non-life insurance products

• Work closely with other departments, such as underwriting, finance, and product development. Communicate actuarial findings and recommendations effectively. Collaborate with the underwriting team to refine underwriting guidelines. Present insurance risk assessments to senior management

• Stay updated with industry trends, actuarial techniques, and regulatory changes. Pursue continuous professional development. Attend industry conferences and training sessions. Participate in relevant actuarial exams and courses

• Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or related field
• Making good progress towards an Actuarial qualification
• Exposure to both life and non-life insurance will be advantageous
• Exposure to pricing and product development in insurance
• At least 3-5 years' working experience in an actuarial role

• Analytical thinking
• Collaborative
• Examining Information and Providing Insights
• Articulating Information
• Excellent written and verbal communication skills
• Interpreting Data
• Innovative and Generating Ideas
• Managing Tasks
• Developing Expertise
• Exploring Possibilities