Actuarial Analyst at MUA Insurance Rwanda Ltd :Deadline : 29-12-2022

About MUA

MUA is a regional Insurance Group that offers nonlife insurance products that ensure quality protection with value pricing. We have been operating in Rwanda since 2006 under our previous business name Phoenix of Rwanda Assurance Company. MUA operates in Rwanda, Tanzania, Uganda, Mauritius, and Seychelles

Job purpose

The Actuarial Analyst will be responsible for: 1) Implementation of actuarial processes MUA Insurance (Rwanda) Limited with a focus on computing IBNR reserves; 2) Analyzing financial risk using mathematical, statistical, and financial modeling to determine liability; 3) pricing of products, reserving for contingencies, complying with regulations set up by the regulator.

Duties and responsibilities

1. Support the portfolio management of the business by providing pricing and underwriting analytics for all lines of business. This involves a mixture of project work and ad-hoc analytical reports.
2. Responsible for pricing of newly developed products that. This is to ensure a win-win situation for both the clients and the company.
3. Closely monitor claims experience of the existing products to identify the unprofitable segments and suggest corrective action to be taken regarding the pricing policy.
4. Identify patterns from raw data which can help improve the rating factors used for underwriting the policy.
5. Develop pricing models for complex products whose data availability is scares.
6. Calculate prudent estimates for reserves to balance the interests of various stakeholders such as regulator (for checking solvency of the company) and shareholders (to give them maximum profits).
7. Perform quarterly reserving calculations for all lines of business using actuarial techniques and produce quarterly reserving factsheets.
8. Conduct actuarial claims investigations to assess the adequacy of case reserves and provide input in the implementation of the company’s reserving guidelines and policy.
9. Participate the year-end audit and statutory actuarial valuation process by ensuring that all requested data items and information are submitted to the external statutory actuary according to agreed deadlines.
10. Develop a good understanding of the company’s balance sheet based on which he advises on the number of claims that the company can bear and what part of it goes to the reinsurers and on what conditions.
11. Assist in the management with asset liability management to provide inputs on strategic asset allocation.
12. An Actuary also plays a key role in setting up the Reinsurance Program of a company.

 responsibilities

      Line Support and Knowledge sharing

1. Advise senior management of Investment matters as an assured profit earning channel in today’s era where it is very difficult to have underwriting gains due to competitiveness of the industry.

      Qualifications, Skills/Experience & Personal Attributes 

1. Degree holder in Math’s, statistics, or Actuarial Science.
2. Member of a professional actuarial body and progress with actuarial professional exams would be an advantage.
3. Strong analytical skills and sound understanding of actuarial techniques for general insurance business
4. At least 1 year work experience in the general (re) insurance industry or other related fields.
5. Excellent communication skills, written and verbal.
6. Computer Literacy
7. Ability to work under tight deadlines without compromising quality.
8. Demonstrate good organization skills.
9. Maturity & Confidentiality.

Deadline

Interested candidates should send their cover letter and well detailed CV not later than 29^th December 2022 via the apply button below