Actuarial Officer at Old Mutual Insurance Rwanda :Deadline: 23-12-2022

Old Mutual Insurance Rwanda (former UAP Insurance Rwanda) is a subsidiary of UAP Old Mutual Group, member of Old Mutual Limited, an Integrated financial service provider comprising Insurance, Banking, and Investment Business. Old Mutual insurance Rwanda vision is being the Rwandan’s revolutionary financial services company with a commitment to enhance the quality of life by delivering peace of mind and financial freedom.

Old Mutual Limited (OML) is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries. Our primary operations are in South Africa and the Rest of Africa, and we have niche businesses in Asia. We have 12 million customers and 30,000 employees and with over 175 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent. The business is listed on the Johannesburg, London, Zimbabwean, Malawian and Namibian stock exchanges. The UAP Old Mutual Group comprises of three key players as a result of the acquisition of a controlling stake in Faulu in 2014 and UAP in 2015 by Old Mutual. The acquisition resulted in Old Mutual Kenya and UAP Holdings (www.uapoldmutual.com) as well as Faulu Microfinance Bank (www.faulukenya.com) forming one of the largest financial services groups with a growing footprint in East and Central Africa. The Group currently has operations in Kenya, Uganda, Tanzania, South Sudan and Rwanda.  The Group now offers customers a comprehensive and enhanced range of financial services which include Investment, Insurance, Banking, and Savings as well as a wider and more accessible distribution network. The wider group also offers broad career growth prospects for employees. It therefore wishes to fill the below vacant position with qualified, experienced, and talented individual to strengthen its portfolio as a Pan – African Financial Services Group. The positions’ details are further outlined below;

Job Summary

• To assist the Actuarial Specialist in carrying out valuation of technical liabilities in GI and Health business, capital adequacy assessments, prepare reports and carry out any other duties as delegated by the head of department
• Conducts accuracy checks on data before it is used and to analyse data to draw conclusions and make recommendations
• To induct and supervise actuarial interns as they may be assigned to the business and build their technical capacity.

Key tasks and responsibilities

1. Reserving and Liability Valuation:

• Assist in carrying out reserving and triangulation of actuarial liability valuations for the respective East Africa Entities as allocated by the Head of Function
• Ensure reserving methodology used is in line with local regulation and Actuarial best practice standards
• Review of external actuaries’ report and collaboration with the appointed actuaries to produce the Financial Condition Report (FCR)
• Assist in implementation of the upcoming IFRS17 accounting standard and provide technical assistance

2. Data Checks:

• Ensuring accuracy of data (valuation, pricing, and investigation data) before it is used.
• Analyse, Query and clean data as need be
• Produce a report capturing any identified data issues and track resolution with the different teams Underwriting, Claims, IT, Finance etc
• Collate and provide accurate data which is needed by the External Actuary and External Auditors as needed (End and Half Year)

3. Reporting:

• Support in drafting of various management and regulatory reports as may be required
• Support in analysis needed for reporting to RoA Actuarial Function and Group Reports

4. Analytics:

• Business partnering with contacts in underwriting, claims, finance, and other departments and providing analysis and support to improve underwriting results and data insights
• Assist in consolidation and submission of various analysis for the wider group
• Prepare monthly management reports on drivers of performance after end month reporting
• Contributing to portfolio deep dive, reinsurance analysis, Loyalty awards and analytic support
• Assist in Capital assessment and reporting
• Carry out industry performance reviews and reports as well as market research

5. Product Pricing and Review:

• Carry out pricing reviews and profit test of new products and revamped products
• Assist the Actuarial Specialist in liaising with the business in Product performance review and product pricing for P&C Business

This involves liaising with different departments to ensure that all relevant input is received

• Assist in pricing of high value business or tenders as may be requested by the business
• Assist the underwriting team in preparation of client performance reports

6. Reinsurance Support:

• Assist in carrying out reinsurance analysis to monitor the performance of reinsurance treaties and assist the businesses in exploring ways to optimise on reinsurance arrangements

7. Special/Ad-hoc Projects:

• Participate in special projects as would be requested by the insurance companies within the group.
• Assist in Developing new tools and assist in improving processes to create added value across the actuarial department and other departments. (Automation)

8. Other reasonable duties that may be assigned from time to time.

Departmental Strategy: Support in implementation of the departmental strategy and    tracking of strategic items

Qualifications and experience

• Bachelor’s degree in actuarial science, applied mathematics, statistics, demography, or related field with 3 years working experience in insurance, pension scheme or similar institutions; or master’s degree in academic fields mentioned above with one year working experience in insurance, pension scheme or similar institutions.

• No experience is required for a fellow of a recognized actuarial society who holds a bachelor’s degree in any field mentioned above.

Skills and competencies

• Good analytical and data handling skills
• Business Awareness
• Problem Solving Skills
• Communication and Presentation skills
• Ability to manage self and prioritize work on a wide range of deliverables
• Working under minimal supervision
• Good interpersonal skills
• Proficiency in Microsoft office packages
• Skills in actuarial and programming software eg ResQ and R will be an added advantage and also other programming and database knowledge.

Please visit our careers page through this LINK

Interested candidate are requested submit their applications by 12.00 a.m. 23^rd December 2022.

Applicants must possess or be in the process of applying for a POLICE CLEARANCE CERTIFICATE as at the time of making an application.

ONLY short-listed candidates will be contacted.