Role Purpose:

To maintain Tawuniya’s economic stability by providing recommendations on policy pricing guidelines, mapping price ranges to risk profiles, supporting development/testing of actuarial models and tools, and controlling contract risks.

KEY ACCOUNTABILITIES & ACTIVITIES

Pricing Guidelines and Premium Calculation:

• Keep abreast of latest pricing schemes set by market and global leaders to ensure relevance of Tawuniya’s practices.
• Evaluate gaps in pricing guidelines for new/existing products and recommend needed changes to ensure effective pricing scheme.
• Advise on mapping of price ranges to risk profiles based on guidelines, best practices, previous experience, and claim history, to ensure adequate pricing of insurable risks.

Actuary Model and Tool Development/Upkeep

• Leverage expertise to guide development of actuary models/algorithms that ease risk assessments and premium calculation.
• Provide input to Transformation and Technology to channel business needs along development lifecycle of analytical tools.
• Recommend needed changes to developed tools based on testing results and pilot runs ensuring tool effectiveness.
• Support in enabling Underwriting team regarding operation of developed tools and models to streamline operations.

Contract Risk Control

• Advise on Tawuniya’s contract portfolio to flag high-risk contracts needing re-assessment in line with Tawuniya’s risk threshold.
• Provide guiding input when calculating claim pay-out probability for insurance policies to ensure accuracy of calculated policy prices.

Policies, Procedures and Processes

• Contribute to the identification of opportunities for continuous improvement to enhance productivity, attain high quality outputs, and cost-effective results in line with relevant regulatory requirements.
• Supervise day-to-day activities ensuring compliance with stipulated policies, procedures and processes, and escalate identified non-compliance cases.

People Management

• Participate in the acquisition and selection of potential new talent, and integration of new joiners and provide sufficient on the job training.
• Contribute to setting team members’ objectives, clarifying expectations, reviewing performance periodically, providing regular feedback, coaching, and confronting unsatisfactory behavior or performance.
• Support in identifying team members’ development requirements, and the evaluation of learning interventions’ effectiveness on performance.
• Contribute to managing team members working plans e.g., leaves, working hours and etc.
• Promote a productive working environment.

Internal Stakeholders: Actuarial, Product Management, KA and Corporate Underwriting, SME and Retail Underwriting, Transformation and Technology.

External Stakeholders: Regulators.

Education:

A bachelor’s degree in Math, Statistics, or equivalent is required is required.

A master’s degree in Math, Statistics, or equivalent is preferred.

knowledge and experience: Minimum of 5 years of experience in insurance underwriting or actuarial analyses field with preferably 1 year of experience in supervisory position.