Actuarial Analyst at Alliance Life Assurance Ltd March, 2024

Alliance Life Assurance Ltd was established in 2010 as the first privately owned Life Insurance Company in Tanzania. The company has spread its sphere of influence throughout the region to become one of the leading insurance and financial services companies in Tanzania providing life insurance solutions to both corporate and individuals. Alliance Life is highly rated in leadership, innovation, customer service, and risk management.

We are seeking a skilled and detail-oriented Actuarial Analyst to join our team. As an Actuarial Analyst, you will be responsible for analyzing statistical data and assessing risks to support our company’s strategic decision-making process. You will work closely with other members of the actuarial team and various departments within the organization to provide accurate and insightful analysis. The position will be based in Dar es Salaam.

Key responsibilities include:

·         Data Analysis: Collect, organize, analyze large datasets to identify trends and patterns relevant to insurance and financial risk management.

·         Monthly calculations: Perform monthly calculation of the technical reserves using appropriate actuarial methodology

·         Assist in carrying out Pricing, Profit and Sensitivity testing for new or repackaged products

·         Risk Assessment: Evaluate risks associated with insurance policies, investments, and other financial products, review and monitor experience of products to inform decision making.

·         Financial Modelling: Develop and maintain actuarial models to assess the financial impact of various scenarios, including pricing, reserving, and forecasting.

·         Report Generation: Validate data inputs, prepare clear and concise reports summarizing findings, including recommendations for risk mitigation strategies and pricing adjustments.

·         Regulatory Compliance: Ensure compliance with regulatory requirements by staying updated on industry standards and effectively communicating findings to stakeholders.

·         Collaboration: Work collaboratively with cross-functional teams, including underwriting and finance, in preparation of valuation data, support business objectives and strategic initiatives.

·         Continuous Improvement: Identify opportunities to enhance processes and methodologies to improve efficiency and accuracy in actuarial analysis.

·         Support with the implementation and ongoing activities related to the IFRS 17 reporting and final account statements.

 

Qualifications and Experience Required:

·         Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field.

·         Over 3 years’ experience in Insurance Operations with at least 1 year of Actuarial experience in Life Insurance.

·         A minimum of 2 completed Professional Actuarial examinations; candidate should have a clear roadmap with timelines to achieve Actuarial Qualifications

·         Strong analytical skills with the ability to interpret complex data and communicate findings effectively to both technical and non-technical audiences with high degree of accuracy

·         Solid understanding of Insurance principles and practices in Tanzania, actuarial principles, insurance products, and financial concepts.

·         Excellent problem-solving skills and attention to detail, with the ability to work independently and meet deadlines in a fast-paced environment.

·         Strong interpersonal skills with the ability to collaborate effectively in a team-oriented setting.

General:

Alliance Life Assurance Ltd (ALAL) promotes an equal opportunity workplace and encourages applications from candidates of all backgrounds which includes reasonable accommodations of otherwise qualified disabled applicants and employees. Please contact Human Resources with questions regarding the physical demands of this position.

If you meet the qualifications and are interested in this position, please submit your resume to shamim@alliancelife.co.tz The deadline for applications is 11^th March 2024. Only shortlisted candidates will be contacted.

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