Actuarial Officer at Pacis Insurance Company Ltd
POST TITLE: Actuarial Officer
DEPARTMENT: Actuarial
REPORTING TO: Actuarial Manager
JOB PURPOSE
The jobholder is responsible for providing actuarial support
by:
- Assisting
in pricing of medical products and corporate schemes, ensuring adequacy
and competitiveness of rates.
- Supporting
actuarial reporting, monitoring portfolio performance, and generating
insights for management decision-making.
- Reviewing
and approving selected medical quotations within delegated authority
limits.
- Supporting
product evaluation, product development, and enhancement of product
benefits in line with market needs and regulatory requirements.
PRINCIPAL ACCOUNTABILITIES
Medical Pricing & Quotations Support
- Conduct
actuarial analysis for medical scheme quotations including risk
assessment, pricing, and premium adequacy reviews.
- Support
the pricing of group, SME, retail, and new specialized medical products.
- Develop
and maintain pricing models, rating tools, and actuarial assumptions.
- Review
and approve quotations within delegated authority limits, ensuring
consistency with pricing guidelines.
- Analyse
loss ratios, utilization patterns, and scheme performance before pricing
or repricing.
- Support
underwriting teams in interpreting pricing outcomes and advising on
commercial positioning.
Actuarial Reporting & Portfolio Performance
- Prepare
monthly loss ratio reports, performance dashboards, and trend analyses for
the medical portfolio.
- Carry
out actuarial modelling to evaluate claims experience, risk exposures, and
portfolio sustainability.
- Assist
in IBNR estimation, reserving, and actuarial valuations as required by the
department.
- Monitor
performance of key accounts and provide early-warning indicators for
deteriorating schemes.
- Support
management with insights for strategic decision-making, including ability
improvement initiatives.
Product Development & Evaluation
- Participate
in evaluation, design, and enhancement of insurance products.
- Conduct
competitor analysis and market research to guide product positioning and
pricing.
- Assist
in preparation of product papers and regulatory submissions for IRA
approval.
- Assess
the viability of new products through actuarial modelling and scenario
testing.
- Monitor
product performance and recommend adjustments to benefits, pricing, or
underwriting guidelines.
Data Analytics & Insights
- Validate
and analyse data to ensure accuracy and reliability for pricing and
reporting.
- Develop
tools for experience monitoring, utilization analysis, and actuarial
insights.
- Ensure
high data quality and collaborate with ICT and Underwriting teams to
improve data capture processes.
Stakeholder Support
- Work
closely with Medical Underwriting, Claims, Case Management, Finance, ICT,
and Business Development teams to support operational and strategic
activities.
Compliance & Governance
- Ensure
compliance with internal underwriting guidelines, pricing frameworks, and
regulatory requirements.
- Maintain
documentation of pricing models, assumptions, methodologies, and actuarial
processes.
- Support
audit requirements related to pricing, actuarial reporting, and product
development.
RELATIONSHIPS
Reporting to: Actuarial Manager
Reporting to job holder:
- Indirectly:
0
Other Contacts:
- Within
the Company: Medical Underwriting, Claims & Case Management,
Finance, ICT, Business Development, Risk & Compliance
- Outside
the Company: Intermediaries (Brokers & Agents), Corporate
Clients, Regulators (IRA & AKI), External Actuarial Consultants
Minimum Academic Qualifications
- BSc.
Actuarial Science or Statistics or Mathematics or related field is
required.
Professional Qualifications
- Progress
towards Actuarial Professional Papers (SOA, IFOA, or similar).
Experience
- Minimum
2 years’ experience in actuarial work, preferably in general/medical
insurance pricing and analytics.
- Experience
in underwriting practices, pricing models, and actuarial reporting will be
an added advantage.
Knowledge
- Strong
understanding of general/medical insurance products, pricing
methodologies, analytics, and actuarial techniques.
- Familiarity
with IRA regulations and reporting expectations.
SKILLS AND COMPETENCIES
- Strong
analytical and actuarial modelling skills.
- Advanced
proficiency in Excel; knowledge of Power BI/R/Python/SQL is an added
advantage.
- High
attention to detail and accuracy in reporting.
- Strong
communication and presentation skills.
- Ability
to interpret complex data and translate it into actionable insights.
- Good
interpersonal skills and ability to work with cross-functional teams.
- Integrity,
professionalism, and discretion when handling sensitive data.
- Strong
planning, organization, and problem-solving skills.
Application Closing Date: 1st February 2026
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