What Jobs are available for Actuary in Kenya?

• Develop, implement, and maintain complex actuarial models for pricing, reserving, solvency, and financial projections across various insurance lines.
• Perform actuarial valuations, including the calculation of technical provisions, reserves, and capital requirements, in accordance with regulatory standards.
• Conduct sensitivity analyses, scenario testing, and stress testing to assess the impact of various risks on the company's financial position.
• Collaborate with underwriting, claims, finance, and risk management departments to gather data and provide actuarial insights.
• Assist in the development and enhancement of data quality controls and model governance frameworks.
• Stay current with advancements in actuarial science, modeling techniques, and regulatory changes affecting the insurance industry.
• Communicate complex actuarial findings and recommendations clearly and concisely to senior management and other stakeholders.
• Mentor junior actuarial staff and contribute to their professional development.
• Support the implementation of new actuarial software and systems.
• Ensure compliance with all relevant actuarial standards of practice and professional ethics.

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field.
• Progress towards or completion of actuarial examinations (e.g., Institute and Faculty of Actuaries, SOA) is highly desirable.
• Minimum of 5 years of progressive experience in actuarial roles within the insurance industry.
• Demonstrated expertise in developing and implementing actuarial models using software such as Prophet, MoSes, R, Python, or VBA.
• Strong understanding of insurance products, risk management principles, and regulatory frameworks (e.g., IFRS 17, Solvency II).
• Excellent analytical, problem-solving, and critical thinking skills.
• Proficiency in data manipulation and analysis tools (e.g., SQL, Excel).
• Strong written and verbal communication skills, with the ability to present technical information effectively.
• Ability to work independently and collaboratively in a hybrid work environment.

• Develop, implement, and maintain advanced actuarial models for risk assessment and pricing.
• Analyze insurance liabilities, set appropriate reserves, and monitor solvency requirements.
• Evaluate the financial impact of new products, market trends, and regulatory changes.
• Conduct regular stress testing and scenario analysis to identify potential vulnerabilities.
• Collaborate with the underwriting team to establish risk appetite and guidelines.
• Prepare comprehensive reports and present findings to senior management and regulatory bodies.
• Stay abreast of industry best practices, emerging risks, and technological advancements in actuarial science.
• Mentor and guide junior actuaries and analysts in the remote team.
• Ensure compliance with all relevant actuarial standards and insurance regulations.
• Contribute to the overall strategic direction of the company's risk management framework.

• Bachelor's or Master's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field.
• Fellowship designation (e.g., FIAA, FSA, FCAS) or significant progress towards it.
• Minimum of 7 years of progressive experience in actuarial roles within the insurance industry.
• Proven expertise in pricing, reserving, and risk modeling.
• Proficiency in actuarial software (e.g., Prophet, R, SAS) and advanced Excel skills.
• In-depth understanding of life, health, or general insurance products and markets.
• Strong knowledge of local and international insurance regulatory frameworks (e.g., IFRS 17).
• Excellent analytical, quantitative, and problem-solving abilities.
• Superior communication and presentation skills, with the ability to explain complex technical concepts clearly.
• Demonstrated ability to lead projects and teams in a remote setting, fostering collaboration and delivering results.

• Perform actuarial analyses and financial modeling for insurance products.
• Assess and quantify financial risks associated with insurance policies.
• Develop and implement pricing strategies for new and existing insurance products.
• Conduct reserve calculations and ensure adequacy according to regulatory standards.
• Contribute to the development of risk management frameworks and strategies.
• Analyze data to identify trends and provide insights for business decision-making.
• Collaborate with cross-functional teams including underwriting, claims, and finance.
• Prepare reports and presentations for management and regulatory bodies.
• Stay current with actuarial science advancements and industry regulations.

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field.
• Progress towards actuarial certifications (e.g., SOA, CAS) is highly preferred.
• Minimum of 3 years of experience in actuarial analysis within the insurance industry.
• Strong knowledge of insurance products, regulations, and actuarial principles.
• Proficiency in actuarial software and statistical modeling tools.
• Excellent analytical, problem-solving, and critical thinking skills.
• Advanced skills in data manipulation and analysis using tools like SQL and Python.
• Strong written and verbal communication skills.
• Ability to work independently and collaborate effectively in a remote team environment.

PURPOSE:
CIC Insurance Group is a leading cooperative insurer with operations across East and Southern Africa. With a diverse portfolio spanning Life, General, and Micro Insurance businesses across multiple jurisdictions, CIC is committed to financial inclusion, innovation, and long-term sustainability. Reporting to the Group Managing Director & CEO, the Group Actuary role shall provide strategic actuarial leadership across all CIC Insurance Group entities, in close collaboration with the Group CFO, the role ensures regulatory compliance, optimal risk management, and sustainable profitability across multiple jurisdictions—while also driving innovation, establishing new business lines, and maintaining stakeholder confidence.

PRIMARY RESPONSIBILITIES:
Academic and Professional Requirements:
Experience Required:

• Strategic Leadership & Group Governance (20% of time)
• Provide actuarial insights and leadership in strategic planning and budget development across all Group entities
• Lead actuarial valuations and sign-offs for all subsidiaries across Life, General and Micro Insurance operations
• Prepare and present comprehensive actuarial reports, analyses, and recommendations to Boards of Directors for all entities in the Group
• Maintain strategic relationships with regulatory bodies across multiple jurisdictions and industry players
• Drive cross-functional collaboration between actuarial teams, underwriting, product development, finance, and other departments across the Group
• Oversee adherence to all statutory and regulatory requirements, including IFRS 17, risk-based capital frameworks, and other reporting standards
• Support the preparation of Financial Condition Reports across the Group in conjunction with appointed/external actuaries
• Risk Management & Capital Optimization (15% of time)
• Lead implementation of robust risk management frameworks, including stress testing and scenario analysis to identify potential risks and recommend mitigation strategies across all entities
• Monitor capital management and solvency positions for the entire Group and develop risk-based capital models recommendations for all subsidiaries
• Manage Asset Liability Matching and provide investment performance recommendations
• Product Development & Pricing Strategy (20% of time)
• Lead the pricing and design of innovative insurance products across Life, General and Micro Insurance to meet market demands and improve profitability
• Advise on appropriate ratings for existing products based on relevant market information and experience analysis
• Spearhead product rationalization and innovation across the Group, leading rollout of new products and revamping existing offerings
• Oversee experience analysis (claims, mortality, persistency, expenses, etc.) across all entities and provide strategic recommendations
• Collaborate with industry players to ensure adequate rates loss making lines of business
• IFRS 17 Implementation & Advanced Reporting (15% of time)
• IFRS 17 implementation across all Group entities, developing specific policies and methodologies for implementation
• Oversee the generation of financial results under IFRS 17 standards across Life, General and Micro Insurance operations
• Lead the systemization initiatives for IFRS 17 reporting across multiple subsidiaries and jurisdictions
• Ensure consistency in IFRS 17 application and reporting standards across all Group entities
• Reinsurance & Industry Analysis (10% of time)
• Provide recommendations on the suitability of reinsurance arrangements to all subsidiaries across Life, General and Micro Insurance
• Consolidate reinsurance treaty negotiations and operations at Group level to ensure synergies and increased cost efficiency
• Serve as thought leader in establishing market trends by presenting industry reports for all entities in the Group
• Negotiate with stakeholders to optimize reinsurance arrangements and build strategic partnerships
• New Business Development & Strategy (10% of time)
• Lead the strategic development and launch of new business lines from concept through to market entry
• Conduct detailed business case analyses, market feasibility assessments, and ensure alignment with regulatory frameworks for new ventures
• Design innovative and market-relevant insurance products tailored to the needs of target customer segments
• Establish appropriate pricing methodologies and actuarial frameworks suited to the unique characteristics of each new business line
• Manage regulatory approval processes for new licenses and product filings across relevant jurisdictions
• Develop and implement go-to-market strategies, including distribution channel design and strategic partnerships
• Create fit-for-purpose risk management frameworks that support simplified processes, scalable operations, and effective fraud detection
• Define operational and technological infrastructure needs, including data management, systems integration, and reporting capabilities
• People Leadership (10% of time)
• Lead performance management, coaching, and mentoring of actuarial staff across all Group entities
• Handle resource allocation, staffing decisions, and leave approval for the actuarial function Group-wide
• Plan and manage budgets for the actuarial department across all subsidiaries
• Develop and maintain actuarial talent pipeline through strategic hiring, training, and succession planning
• Oversee the management of actuarial software solutions across all subsidiaries
• Bachelor's degree in business science in Actuarial Science
• Masters in Econometrics
• Fellow of the Institute and Faculty of Actuaries (FIA); Chartered Actuary Fellow
• Continuous Professional Development
• GRI Certified Sustainability Professional
• Minimum of 10 years' relevant experience, with at least 7 years at leadership level
• Proven experience in strategic management and commercial decision-making across multiple business lines, jurisdictions, and emerging markets
• Deep expertise in financial reporting standards (IFRS 17, IFRS 9, IFRS 4, IAS 19) with application to emerging business lines

Skills and Competencies:

• New business development expertise including market entry strategies, regulatory navigation, and startup operations
• Advanced actuarial modelling expertise (Prophet, R, Python, C++, VBA, SQL) with adaptation capabilities for micro insurance
• Comprehensive knowledge of Life, General, and Micro Insurance actuarial principles and practices
• Regulatory engagement and compliance management across multiple jurisdictions including micro insurance licensing
• Capital management and solvency optimization across diverse portfolios and new business ventures
• Reinsurance strategy development and treaty negotiation capabilities including specialized micro insurance covers
• Product development and pricing expertise across traditional and micro insurance markets
• Risk management framework design and implementation across diverse customer segments
• Asset Liability Management and investment strategy development
• Market research and feasibility analysis for underserved customer segments
• Leadership and people management across geographically distributed and cross-functional teams
• ESG (Environmental, Social, Governance) strategy and sustainability reporting including financial inclusion initiatives

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• Lead the development, validation, and implementation of actuarial models for pricing, reserving, and financial forecasting across various insurance lines (e.g., life, health, general).
• Oversee the quarterly and annual reserving processes, ensuring compliance with relevant accounting standards and regulatory frameworks (e.g., IFRS 17).
• Conduct in-depth analysis of emerging trends, claim data, and market dynamics to inform pricing strategies and product design.
• Develop and refine capital models to assess the company's risk appetite and solvency position.
• Mentor and manage a team of actuarial professionals, fostering a collaborative and high-performance environment.
• Present complex actuarial findings and recommendations to senior management, the board of directors, and regulatory bodies.
• Collaborate with product development, underwriting, and finance teams to support strategic business initiatives.
• Ensure the accuracy and integrity of actuarial data and reporting systems.
• Stay abreast of advancements in actuarial science, regulatory changes, and industry best practices.
• Drive innovation in actuarial methodologies and tools to enhance efficiency and accuracy.

• Fellow of the Actuarial Society (or equivalent international designation) with a minimum of 8 years of progressive actuarial experience.
• Proven track record in leading actuarial teams and managing complex projects.
• Extensive experience in insurance product pricing, reserving, and financial modeling.
• Strong knowledge of regulatory requirements and actuarial standards of practice.
• Proficiency in actuarial software and programming languages (e.g., R, Python, SQL, Prophet, Moses).
• Excellent analytical, problem-solving, and decision-making skills.
• Exceptional communication and presentation skills, with the ability to influence stakeholders at all levels.
• Demonstrated ability to work effectively and lead in a fully remote, collaborative setting.
• A strategic mindset with a keen understanding of the insurance business.