Jobs at:Prime Life Insurance Limited
Deadline of this Job:
15 January 2023
Date Posted: Thursday, January 12, 2023 , Base Salary: Not Disclosed
Prime Life Insurance Limited is an insurance company, established in 2011 by Rwandan investors, a licensed life insurance company authorized by the National Bank of Rwanda (BNR).
Prime Life Insurance Ltd is an Insurance Company, established in 1995 by Rwandan investors, a licensed general and life insurance company authorized by the National Bank of Rwanda (BNR). The Company is seeking to recruit a highly-skilled, self-motivated, and experienced person to fill the following posts
2. Internal Actuary
The Actuarial Staff will be responsible for the following:
• Act as an Actuarial Function in all actuarial matters of the company and to perform the duties as an “Internal Actuary” for Prime Life Insurance;
• Play a key role in the Implementation of actuarial processes for prime Life Insurance with a focus on the Actuarial Control Cycle;
• Analyzing financial risk using mathematical, statistical, and financial modelling to determine the liabilities;
• Support in the pricing of products, reserving for contingencies, complying with regulations set up by the regulator.
• Act as a strategic technical advisor to management of the company on all actuarial and technical matters of the life business
• Perform an Active role as a facilitator in IFRS17 Insurance Contract financial reporting standard
• Perform duties in Solvency Capital Management on behalf of the company and interface with key staff on Risk Based Capital regulations
• Perform advisory duties in Investment policy management as well as in the risk management framework of the company
Duties and responsibilities
• Support the portfolio management of the business by providing pricing and underwriting analytics. This involves a mixture of project work and ad-hoc analytical reports;
• Responsible for pricing of newly developed products that are designed in the company. This is to ensure a win-win situation for both the clients and the company;
• Closely monitor claims experience of the existing products to identify the unprofitable segments and suggest corrective action to be taken regarding the pricing policy;
• Identify patterns from raw data which can help improve the rating factors used for underwriting the policy;
• Develop pricing models for complex products with scarce data availability;
• 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 those maximum profits);
• Perform quarterly reserving calculations for the life using actuarial techniques and produce quarterly reserving factsheets.
• 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.
• 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.
• 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.
• Assist in the management with asset liability management to provide inputs on strategic asset allocation.
• An Actuary also plays a key role in setting up the Reinsurance Program of a company.
Key Qualifications, Skills/Experience & Personal Attributes
• Holder of a Bachelors or Master’s Degree in Mathematics, Statistics, Actuarial Science or Data Science.
• Member of a professional actuarial body and progress with actuarial professional exams would be an advantage.
• Strong analytical skills and sound understanding of actuarial techniques for life and general insurance business
• At least 3-year work experience in the financial services industry or other related fields of finance, economics, and investments.
• Excellent communication skills, written and verbal.
• Computer Literacy is a requirement and skills in an IT field is an added advantage
• Ability to work under tight deadlines without compromising quality.
• Demonstrate good organization skills.
• Maturity & Confidentiality
Job Experience: No Requirements
Work Hours: 8
Level of Education: Bachelor Degree
Job application procedure
Please send your application to email@example.com in one document.
The deadline for submitting applications is January 15th, 2023 at 5 pm local time.
Chief Executive Officer
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