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:

• Consolidate benchmarks on latest pricing schemes set by market and global leaders to ensure relevance of Tawuniya’s practices
• Assess pricing guidelines for new/existing products, pinpoint gaps, and support in channeling recommendations to stakeholders
• Map 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:

• Develop actuary models and algorithms to ease assessment of risks associated with different products, policies, and applications, and enable premium calculation
• Coordinate with Transformation and Technology throughout development, testing, and integration phases of analytical tools and software, ensuring adherence to business requirements along lifecycle
• Develop reports highlighting testing/implementation of tools provided by Transformation and Technology to support decision-making

Contract Risk Control:

• Monitor Tawuniya’s contract portfolio and flag contracts with high risk level to initiate risk re-assessment by Underwriting
• Calculate claim pay-out probability for insurance policies to be used as input when calculating 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.
• Conduct day-to-day activities ensuring compliance with stipulated policies, procedures and processes, and escalated identified non-compliance cases.

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.

knowledge and experience: Minimum of 2 years of experience in insurance underwriting or actuarial analyses.