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Job Specification

  • Number of Vacancies: 1
  • Job Type: Full-time
  • Industry: Insurance

Job Summary

  • Job Role: Chief Actuary
  • Reporting to: CEO

JOB ACCOUNTABILITIES, DUTIES, RESPONSIBILITIES

  • Provide strategic advice to the CEO and the board of directors of the company, supporting in the achievement of profitability and growth.
  • Manage the actuarial department of the company.
    • Ensure the department is adequately staffed, including recruitment of Saudi students as required under the rules
    • Ensure adequate training and development is being provided to all actuarial staff
    • Ensure a supportive environment is maintained towards the development and educational needs of all actuarial staff.
    • Ensure an efficient actuarial development program is in place and being implemented and followed.
    • Ensuring efficient development of actuarial capabilities in-house
  • Ensure the company is in compliance with the Actuarial Work Rules and all other applicable rules, regulations, laws and circulars which directly or indirectly affects the actuarial function of the company.
  • Ensure actuarially sound prices are implemented in the company.
    • Development and maintenance of pricing models.
    • Monitoring of the actual prices and development.
    • Challenge and discuss the pricing exercise done by the appointed actuary
  • Ensure adequate reserves are being reported in the financial statement.
    • Development and maintenance of reserving models.
    • Monitoring of claims development and need for updates.
    • Carry out monthly reserving exercise along with regular back-test and adequacy checks.
  • Ensure accurate calculation of solvency is in place and support in projections of future solvency situation, conducting dynamic solvency testing and identifying, if any, points of concerns with suggestive course of action.
  • Support in annual and future business planning, in terms of accurate assumptions, product planning, investment planning, budgeting, reinsurance planning, recruitment, feasibility and effect of the planning on the financial condition of the company
  • Support underwriters in specific case pricing
  • Support the claims department with studies pertaining to claims development and delays, efficiency and make appropriate suggestions.
  • Ensure smooth communication between the company and the appointed actuary.
    • Timely and accurate data provision.
    • Implementation of appointed actuary’s output and advice
    • Discussions with appointed actuary to keep abreast with the strategy, plans and requirements.
    • Ensure bridging of communication between the appointed actuary, senior management, external and internal auditors, risk management function, board of directors, risk committee and audit committee.
  • Ensure the requirements set out for appointed actuary is met on timely basis with utmost standard of deliverables.
  • Support in IFRS 17 implementation including actuarial models and practices, statements, operational and other strategic inputs.
  • Support the CEO of the company with feasibility of any new product or project being undertaken.
  • Provide the management and the board with regular insights, reports and opinion on company’s strength and financial condition.
  • Ensure the actuarial insights and advice is considered in all key decision making within the company.
  • Coordinate with the Risk Management Function of the company to ensure estimation of material risk and suggestion of mitigation steps.
  • Coordinate with the investment function of the company to ensure ALM strategies are sound and suitable.
  • Support the company in ensuring adequate reinsurance and other risk transfer and mitigation techniques are in place and make suggestions for improvements.

KEY REQUIREMENTS

  • Must be a Fellow of any one of the reputed actuarial organizations (SOA, IFOA, CIA, CAS)
  • Minimum 10 years of experience in Actuarial domain, out of which minimum 8 years in insurance
  • Minimum 5 years of experience in Managerial position

Interested candidates please send your CV and contact details to profiles@darlingtonme.com referencing ‘Chief Actuary’ in the subject

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