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Assistant Manager Internal Audit at ICEA Lion Group

Assistant Manager – Actuarial at ICEA Lion Group

Job Summary

The Actuarial team plays a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.
As actuaries, we are the problem solvers of the business. We use our mathematical skills to quantify the probability and risk of future events. Helping the business plan for the future and navigate an increasingly changing world.
Reporting to the Head of Actuarial Function, the Assistant Manager is responsible for supervising, evaluating and providing advice to the insurer regarding technical provisions, risk-based capital (solvency), premium and pricing activities, and compliance with related statutory in order to measure, manage, and mitigate risks.
The role holder is expected to use their technical and analytical skills to monitor financial and business trends in performance of key products lines, customers and business partners and advice the business on key strategic actions to take.

DESCRIPTION OF CORE DUTIES

Valuation:

End to end IFRS17 reporting and automation of the process including driving innovation and efficiency in the actuarial reporting processes.
Supervise preparation of technical provisions ensuring the application of appropriate valuation methodologies, models and assumptions including:

Monthly, quarterly and annual valuations results review
Ensure soundness of actuarial models through review and checks including review of inputs and software model outputs
Regulatory reports on a quarterly and annual basis
Collaborating with external actuaries and auditors on preparation of year end valuation reports, the Financial Condition Report and other Statutory reports.

Support the preparation financial statements, audit process, preparation of board papers and management reports.
Provide support in responding to queries from internal and external auditors and implementation of action points.
Review of actuarial function process manuals
Develop, test and maintain Excel validation tools for reserving.
Second line of review and anomaly detection.

Models:

Maintenance of valuation, profitability analysis models, budgets and pricing models including updating models with new products
Maintenance of documentation on all models within the actuarial department
Model controls owner and controls manager

Budgeting:

Collaborate with the finance function and the business in budgeting and forecasting and multi-year strategy development
Monitor deviations from budget for both new and existing business and assist in preparation of action-oriented reports on the same.

Profitability monitoring:

Sensitivity analysis and impact assessment of the various assumptions.
Review analysis of change in reserves investigations and assist in preparation of reports on the same.
Carry out Value of New business analysis and preparation of reports on the same.
Review and monitoring of internal experience and trends to ensure company product pricing meets profit targets.
Analyze performance at a granular level and assist in preparation of reports that will provide support on measures that can be taken to optimize performance.
Play a lead role in setting key actuarial assumptions for valuation, budgeting and pricing, comparing actual performance against expectations, and building a feedback loop to ensure that our projections are as accurate as possible.
Sensitivity analysis and impact assessment of assumptions.
Preparation of action-oriented reports on experience investigations.
Error traction and resolution

Asset Liability Modeling (ALM):

Review of quarterly ALM calculations and preparation of presentations to management Reports review

Training:

Train and mentor junior members within the team

EDUCATION AND EXPERIENCE

Education, including Specialised Training:

Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency.
Completion of at least 5-8 actuarial professional papers from the Institute and Faculty of Actuaries or Society of Actuaries examinations or any other recognized Actuarial bodies.

Experience:

At least 5+ years’ experience in a life insurance actuarial function focused on valuation and any areas that may include pricing, modeling, experience investigations, reinsurance amongst others.
Supervision a plus.

KNOWLEDGE AND COMPETENCIES

Technical Competencies:

Proficiency in Prophet coding.
Experience on IFRS17.
Proficient knowledge on the insurance industry in Kenya and regulatory requirements
Statistical/actuarial techniques

Core Competencies:

Good interpersonal communications skills
Good writing and verbal communications skills
Sensitivity to Customer needs
Ability to work as part of a team and independently
Adhering to principles and values
Delivering results and meeting customer expectations
Self-driven and provide independent thinking
Relationship building and networking within and outside the organization
Strong analytical skills
Good learning and researching skills
Committed to achieving personal work goals and objectives
Connecting work to business objectives
Commitment to personal and team growth
Developing stakeholder management skills

Actuarial Analyst at ICEA Lion Group

Job Summary

The Actuarial team plays a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.
As actuaries, we are the problem solvers of the business. We use our mathematical skills to quantify the probability and risk of future events. Helping the business plan for the future and navigate an increasingly changing world.
To provide support within the Actuarial department for the life insurance company on following areas: Valuations, Support development and documentation of valuation models, product development and pricing, Experience Investigation and other actuarial special projects.

DESCRIPTION OF CORE DUTIES

Valuation:

End to end IFRS17 reporting and automation of the process including driving innovation and efficiency in the actuarial reporting processes.
Accurate and timely calculation of technical provisions ensuring the application of appropriate valuation methodologies and models.
Review of data for reserving and assumption setting

Carry out monthly, quarterly and annual valuations and analysis
Preparation of regulatory reports on a quarterly and annual basis.
Assist in preparation of valuation reports.
Collaborating with external actuaries and auditors on preparation of year-end valuation reports, the Financial Condition Report and other Statutory reports.
Provide support in responding to queries from internal and external auditors and implementation of action points.
Updating actuarial function process manuals.

Assist in building and documenting Excel validation tools for reserving.

Experience Investigations:

Assist in setting key actuarial assumptions, comparing actual performance against expectations, and building a feedback loop to ensure that our projections are as accurate as possible.
Sensitivity analysis and impact assessment of assumptions.
Assist in preparation of action-oriented reports on experience investigations.

Profitability monitoring:

Support person for actuarial analysis, to provide meaningful insights to the business
Assist in sensitivity analysis and impact assessment of the various assumptions.
Assist in Value of New business calculation and analysis.
Provide support in reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets

EDUCATION AND EXPERIENCE

Education, including specialized training

Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency
Progress in the Institute and Faculty of Actuaries or Society of
Actuaries examinations or any other recognized Actuarial bodies
At least 2+ years’ experience in a life insurance actuarial function focused on valuation and any areas that may include modelling, experience investigations, reinsurance amongst others

Technical Competencies

Proficiency in Prophet coding.
Experience on IFRS17
Proficiency in Excel
Statistical/actuarial techniques
Core competencies
Self-motivated to succeed
Strong analytical skills
Good interpersonal communications skills
Good writing and verbal communications skills
Sensitivity to customer needs
Ability to work as part of a team and independently
Adhering to principles and values
Delivering results and meeting customer expectations
Self-driven and provide independent thinking
Relationship building and networking within and outside the organization
Good in learning and researching
Achieving personal work goals and objectives
Connecting work to business objectives
Commitment to personal development and growth

KNOWLEDGE AND COMPETENCIES

Core competencies

Self-motivated to succeed
Strong analytical skills
Good interpersonal communications skills
Good writing and verbal communications skills
Sensitivity to customer needs
Ability to work as part of a team and independently
Adhering to principles and values
Delivering results and meeting customer expectations
Self-driven and provide independent thinking
Relationship building and networking within and outside the organization
Good in learning and researching
Achieving personal work goals and objectives
Connecting work to business objectives
Commitment to personal development and growth

Assistant Manager Internal Audit at ICEA Lion Group

Job Summary

The Assistant Manager, Internal Auditor will be responsible for supporting the delivery of high-quality risk-based audits to ensure Internal Audit achieves its mission and purpose.
Internal Audit is the Company’s ‘third line of defence’ and provides the Board Audit & Risk Committee (BARC) and Management independent and objective assurance on the effectiveness of governance, risk management and internal controls

Roles and Responsibilities

Understand the Company’s key strategies and how they impact Internal Audit’s work.
Contribute to the development of the risk based annual internal Audit Plan.
Assist in managing the day-to-day delivery of the Audit Plan.
Conduct audit assignments as defined by the Internal Audit plan.
Conduct regular data analytics, provide dashboards imperative in risk assessment, and audit planning.
Conduct ad hoc assignments outside the approved Plan as requested by the BARC or the Head of Audit.
Prioritize internal audit tasks on a continuous basis to accommodate changing business needs and strategy.
Ensure all work is performed and documented in compliance with established Internal Audit Methodology and the Institute of Internal Auditors’ standards.
Ensure all audit work papers contain sufficient evidence on which to base conclusions, which are of a sufficient standard, and which are of appropriate quality to allow performance and reliance on Internal Audit’s work.
Deliver quality audit work-papers, including walkthroughs, control identification, control design assessments and control operating effectiveness testing.
Deliver accurate, timely and commercially relevant audit reports.
Undertake follow up of actions, and provide timely status updates, on the closure of internal audit recommendations

Requirements

Bachelor Degree in Commerce, Finance, Economics, Actuarial or related fields.
Certified Public Accountant
Additional qualifications such as Certified Internal Auditor, Chartered Financial Analyst and ISACA Certifications will be an added advantage.
At least three (3) years’ work experience in audit and risk management.
Background in insurance, banking or audit firms will be an added advantage
Excellent interpersonal and communication skills
Knowledge of Risk Management and Governance is critical
Experience in data analytics and information security will be an added advantage
Critical thinking and understanding of risks in the insurance industry