POST TITLE: Actuarial Officer

DEPARTMENT: Actuarial

REPORTING TO: Actuarial Manager

JOB PURPOSE

The jobholder is responsible for providing actuarial support by:

• Assisting in pricing of medical products and corporate schemes, ensuring adequacy and competitiveness of rates.
• Supporting actuarial reporting, monitoring portfolio performance, and generating insights for management decision-making.
• Reviewing and approving selected medical quotations within delegated authority limits.
• Supporting product evaluation, product development, and enhancement of product benefits in line with market needs and regulatory requirements.

PRINCIPAL ACCOUNTABILITIES

Medical Pricing & Quotations Support

• Conduct actuarial analysis for medical scheme quotations including risk assessment, pricing, and premium adequacy reviews.
• Support the pricing of group, SME, retail, and new specialized medical products.
• Develop and maintain pricing models, rating tools, and actuarial assumptions.
• Review and approve quotations within delegated authority limits, ensuring consistency with pricing guidelines.
• Analyse loss ratios, utilization patterns, and scheme performance before pricing or repricing.
• Support underwriting teams in interpreting pricing outcomes and advising on commercial positioning.

Actuarial Reporting & Portfolio Performance

• Prepare monthly loss ratio reports, performance dashboards, and trend analyses for the medical portfolio.
• Carry out actuarial modelling to evaluate claims experience, risk exposures, and portfolio sustainability.
• Assist in IBNR estimation, reserving, and actuarial valuations as required by the department.
• Monitor performance of key accounts and provide early-warning indicators for deteriorating schemes.
• Support management with insights for strategic decision-making, including ability improvement initiatives.

Product Development & Evaluation

• Participate in evaluation, design, and enhancement of insurance products.
• Conduct competitor analysis and market research to guide product positioning and pricing.
• Assist in preparation of product papers and regulatory submissions for IRA approval.
• Assess the viability of new products through actuarial modelling and scenario testing.
• Monitor product performance and recommend adjustments to benefits, pricing, or underwriting guidelines.

Data Analytics & Insights

• Validate and analyse data to ensure accuracy and reliability for pricing and reporting.
• Develop tools for experience monitoring, utilization analysis, and actuarial insights.
• Ensure high data quality and collaborate with ICT and Underwriting teams to improve data capture processes.

Stakeholder Support

• Work closely with Medical Underwriting, Claims, Case Management, Finance, ICT, and Business Development teams to support operational and strategic activities.

Compliance & Governance

• Ensure compliance with internal underwriting guidelines, pricing frameworks, and regulatory requirements.
• Maintain documentation of pricing models, assumptions, methodologies, and actuarial processes.
• Support audit requirements related to pricing, actuarial reporting, and product development.

RELATIONSHIPS

Reporting to: Actuarial Manager

Reporting to job holder:

• Indirectly: 0

Other Contacts:

• Within the Company: Medical Underwriting, Claims & Case Management, Finance, ICT, Business Development, Risk & Compliance
• Outside the Company: Intermediaries (Brokers & Agents), Corporate Clients, Regulators (IRA & AKI), External Actuarial Consultants

Minimum Academic Qualifications

• BSc. Actuarial Science or Statistics or Mathematics or related field is required.

Professional Qualifications

• Progress towards Actuarial Professional Papers (SOA, IFOA, or similar).

Experience

• Minimum 2 years’ experience in actuarial work, preferably in general/medical insurance pricing and analytics.
• Experience in underwriting practices, pricing models, and actuarial reporting will be an added advantage.

Knowledge

• Strong understanding of general/medical insurance products, pricing methodologies, analytics, and actuarial techniques.
• Familiarity with IRA regulations and reporting expectations.

SKILLS AND COMPETENCIES

• Strong analytical and actuarial modelling skills.
• Advanced proficiency in Excel; knowledge of Power BI/R/Python/SQL is an added advantage.
• High attention to detail and accuracy in reporting.
• Strong communication and presentation skills.
• Ability to interpret complex data and translate it into actionable insights.
• Good interpersonal skills and ability to work with cross-functional teams.
• Integrity, professionalism, and discretion when handling sensitive data.
• Strong planning, organization, and problem-solving skills.

Application Closing Date: 1st February 2026