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Actuarial Manager - Product Development & Group Risk

Botswana Life Insurance Limited (Botswana Life) is Botswana’s longest servicing and only home-grown life insurer. Established in 1975, Botswana Life has a proud 46-year history and is a subsidiary of the renowned Botswana Insurance Holdings Limited (BIHL) Group listed Botswana Stock Exchange (BSE). As an icon in Botswana, Botswana Life has become synonymous with life insurance in the country and as a trusted partner to Batswana. At Botswana Life, we provide financial solutions that make a positive difference in the lives of our clients and employees. We are committed to creating a world where everyone is financially secure and can walk tall in confidence that we have them covered.

Botswana Life is looking for suitably qualified candidates to fill in the role of Actuarial Manager - Product Development & Group Risk.

Role Purpose

• Produce company actuarial results for group business lines in accordance with relevant regulations and internal requirements.
• Calculate and review group business reserves: APE, PVNBP, VNB, OP, AoS, EV and AoEV.
• Preparation of actuarial results report, board reports, company annual financials and other reports as and when needed by the Senior Actuary.
• Develops Product strategy that is aligned to the company strategy for approval by the Product Steerco.
• Develops the annual product roadmap for approval by the Product Steerco.
• Sets product related budgets to ensure delivery of projects/ tasks in the annual product roadmap.
• Develops and reviews Product Specifications of new products and changes to existing products drafted by the actuarial analysts.
• Develops and reviews Pricing of new products and new features of existing products.
• Ensures the Individual life quotation system is working properly and that all quotation related queries are resolved speedily.
• Approves monthly reinsurance premiums calculations.
• Reviews product performance monitoring and proposing corrective actions to PDC and management.
• Engages external research companies to do market research for Botswana Life.
• Analyses Competitor product performance and proposes measures to counter competition.
• Manages the reinsurance relationships.
• Chairs the Product Development Committee (PDC).

Minimum Knowledge and Experience 

• At least 5 years post qualification experience.
• Actuarial Science Degree or related degree.
• Detailed Actuarial Pricing.
• Direction of impact of different variables on insurance business.
• Qualified member of the Institute and Faculty of Actuaries or equivalent Actuarial body.
• Understanding of insurance market.

Competencies

• Decide on action to take given the results from actuarial calculations.
• Collaborate with different parties.
• Advise management on pragmatic solutions for improving business performance.
• Critical analysis and critical thinking.
• Presenting results and proposals  to Management and other actuarial and non-actuarial forums.
• Prioritise tasks.
• Supervise and lead teams.
• Self starter.
• Negotiate in pursuance of company's goals and objectives.
• Good communication skills.

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