Actuarial Analyst- Product Development

Date Posted: Feb. 24, 2023, 5:54 a.m.

ICEA Lion Group

Job Description

Job Description

Product Development

Assist in individual life insurance product pricing from ideation to product launch

Assist in the reviewing and monitoring of internal experience and trends to ensure company product pricing meets profit targets

Assist in ensuring product pricing is consistent with the set underwriting policy and regulatory guidance

Provide analysis to support the renegotiation of existing group contracts

Assist system vendors in product setup in the administration system

Assist in reviewing and monitoring experience on all products to inform pricing assumptions and decision-making including profit testing of existing products

Prepare reports on product performance for management decision-making

Work closely with reassures to ensure treaty optimization

Product Approvals: Assist in driving the product approval process both within the Company and externally with the Insurance Regulator and other government bodies – where relevant.

Product Documentation: Assist in developing and continually review product training manuals and marketing materials that are appropriate to the target market and distribution channel of the products.


Assist with new product implementation into the valuation systems and provide future projections under the valuation standards at the time

Assess the capital requirements of new products that assists with capital consumption and choice of product designs

Experience Investigation

Assist with the annual experience investigations on key assumptions for pricing and valuations.

Sensitivity analysis and impact assessment of the various assumptions

Asset Liability Modeling (ALM)

Assist with the quarterly preparation of ALM calculations and presentations to management in relation to the new and existing products

Actuarial Modelling

Assist in building and maintaining models for pricing, Value of New Business (VNB), ALM, capital modeling and experience investigations


Bachelors’ degree in actuarial science, statistics, engineering, mathematics or any equivalent with a strong emphasis on mathematical proficiency

Good Progress in the Institute of Actuaries examinations or any other recognized Actuarial bodies

At least 2 years’ experience in an actuarial function focused on pricing of new products or repricing/ product review

Practical end to end Product development experience

Practical end to end Prophet modelling experience will be an added advantage

Other attributes

Good interpersonal communications skills

Good writing and verbal communications skills

Sensitivity to Customer needs

Ability to work as part of the team and independently

Technical Competencies

Statistical/actuarial techniques

Proficient knowledge on the insurance industry in Kenya

Knowledge of reinsurance arrangements and structures

Knowledge of software packages or programming (e.g., Excel, R, Visual Basic for Applications)

Product development knowledge

Proficiency in Prophet coding will be an added advantage

Core competencies

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

Learning and researching

Presenting and communicating Information

Achieving personal work goals and objectives

Connecting work to business objectives

How To Apply

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