Job Title:   Actuarial Trainee OMLAU

Organisation: UAP Old Mutual Insurance

Duty Station:  Kampala, Uganda

About the Company:

The UAP Old Mutual Group is an integrated Financial Service business comprising Faulu Microfinance Bank, UAP and Old Mutual. The Group, which is operational in East Africa services to more than 1.2 million customers across Kenya, Uganda, Tanzania, Rwanda and South Sudan. The UAP Old Mutual Group now 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 acquisitions resulted in Old Mutual Kenya UAP Holdings and Faulu Microfinance Bank, forming one of the largest financial services groups with a growing footprint in East and Central Africa. UAP and Old Mutual have been major players in the financial services market in East Africa for decades. The two entities have vast experience in Insurance, Investment, Asset Management and Banking, and are passionate about helping our customers achieve their financial goals.

Job Summary:   

• Technical Actuarial Support: assist with conducting and reviewing internal actuarial liability valuations for relevant insurance subsidiaries, IFRS17 valuations, analysis of profitability/surplus, calculation and analysis of embedded value using Prophet and MS Excel for OM Life entities.
• Experience Investigations: assist with performing profitability analysis, experience analysis, and other relevant actuarial investigations to inform business decisions.
• Solvency and Capital management: assist with solvency computation for the entity on a risk-based capital basis including solvency stress tests.
• Financial Modeling: assist with financial modeling of business scenarios/projects to inform business decision making.
• Strategy and Business Planning Support: assist with business planning financial projections and solvency projections for the life entities. Perform stress and scenario analysis on the plan numbers.
• Reinsurance Support: Carry out a reinsurance analysis for the East Africa subsidiaries to explore ways to optimize on reinsurance arrangements.
• Reporting and Documentation: assist with preparation of presentation and reports to businesses and subsidiary boards committees. Preparation of Board Papers and regulatory solvency and valuation reports.
• Risk Management support: assist the Business Units and Risk Department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate.
• Investment Strategy support: Develop/formulate appropriate investment strategies and/or review and monitoring of investment strategies for OM Life businesses.
• Other reasonable duties that may be assigned by management.
• Fulfills various tasks and assignments and completes rotations in a range of areas related to professional services, under varying levels of supervision. Develops the necessary skills and capabilities to move into a specific role in the organisation.

Key Duties and Responsibilities:

• • Client Issue Diagnosis
  • Collate and conduct initial analysis of the information gathered through interviews and research to support the diagnosis of underlying client issues and problems and the design of single solutions.
  • Customer Service
  • Provide a quality service to customers while identifying opportunities to secure new business or support retention. Responsibilities may include processing cases, dealing with complex queries, and investigating and resolving customer problems.
  • Community of Practice Management
  • Participate in a community of practice in a defined area of expertise or consulting to begin to build own expertise.
  • Product/Service Information
  • Provide advanced product/service information.
  • Data Collection and Analysis
  • Extract relevant data from information provided by others, and input it into spreadsheets or standard formats.
  • Knowledge Management
  • Collect and create content, best practices, and case studies to capture and share knowledge.
  • Personal Capability Building
  • Develop and maintain excellent process or technical skills by participating in assessment and development planning activities as well as formal and informal training and coaching.
  • Solutions Analysis
  • Find the most effective ways to respond to routine functional inquiries. Involves following procedures and precedents.
  • Operational Compliance
  • Develop working knowledge of the organization’s policies and procedures and of regulatory codes and codes of conduct relevant to own work, adhering to mandatory procedures to ensure own work is undertaken to the required standards.
  • Improvement/Innovation
  • Support others by implementing improvements and carrying out simple change management tasks.

Qualifications, Skills and Experience:

Skills

• Business, Business Decisions, Business Planning, Capital Management, Change Management, Coaching, Decision Making, Development Planning, Embedded Value, Exploration, Financial Forecasting, Financial Modeling, Investment Strategies, Planning Activities, Profitability Analysis, Reinsurance, Risk Management, Scenario Analysis, Solvency

Competencies

• Collaborates
• Communicates Effectively
• Customer Focus
• Ensures Accountability
• Manages Complexity
• Optimizes Work Processes
• Organizational Savvy
• Plans and Aligns

Education

• NQF Level 5 – Higher, Advance or Occupational Certificate or equivalent