Product Actuary – East Africa

Key Tasks and Responsibilities

Product Governance & Approval

• Own, maintain, and interpret the Product Approval & Monitoring policy for East Africa.
• Serve as the actuarial member of the Product Approval "Triad" (MD, EA Product Actuary, Statutory Actuary) for Kenya and Uganda.
• Decide on the appropriate level of governance for each initiative (full approval vs. reduced sign-off for low-risk/limited exposure products).
• Ensure that all product approval packs contain robust actuarial analysis on pricing, guarantees, options, risk appetite, and customer value.

Pricing Governance & Capital Discipline

• Define and maintain pricing standards (hurdle rates, risk margins, profit metrics) for all life and retail investment products in Kenya and Uganda.
• Review and sign off all pricing reports for new products and significant changes, ensuring adequate profitability and capital efficiency.
• Provide actuarial input to Finance and Executive management on the P&L, capital, and IFRS17 implications of product initiatives.

In-Force Product Performance & Monitoring

• Design and oversee the product performance monitoring framework, covering volumes, margins, claims, lapses, expenses, and investment performance.
• Ensure regular review of in-force products, including early warning indicators and triggers for remedial action (repricing, redesign, closure).
• Monitor compliance with any conditions attached to product approvals and ensure follow-through.

Risk, Regulatory & Market Conduct Responsibilities

• Provide actuarial leadership on Market Conduct, Legal, Regulatory, Strategic, and Operational risk considerations in product design and pricing.
• Sign off, or contribute to, the actuarial sections of required risk declarations (e.g., 1st Line of Assurance, risk appetite confirmations).
• Support engagement with regulators on product approvals and related actuarial issues.

Leadership, People & Capability Development

• Lead and develop the East Africa product actuarial team.
• Drive the phased development of Uganda’s product actuarial capability, with a view to ultimately localizing product actuarial responsibilities.
• Provide thought leadership into East Africa’s product strategy and roadmap.

Decision Rights

• Final actuarial sign-off on product pricing and risk metrics before Product Approval Triad decision.
• Authority to determine whether reduced sign-off is appropriate or full governance is required.
• Authority to recommend repricing, redesign, suspension, or closure of products.

Skills and Competencies

• Strong commercial orientation with a disciplined risk mindset.
• Ability to constructively challenge and influence senior leaders.
• High level of integrity, judgment, and independence.
• Leadership and coaching capability across geographies and cultures.
• Clear and concise communication skills, including ability to explain complex actuarial concepts to non-actuaries.

Qualifications and Experience

• Fellow of a recognized actuarial body (e.g., FASSA, FIA, or equivalent).
• 4+ years’ post-qualification actuarial experience in life insurance, including significant product pricing and governance exposure.
• Strong working knowledge of IFRS17, capital frameworks, risk governance, and Market Conduct requirements.
• Demonstrated experience in multi-market or multinational environments and in influencing senior stakeholders.
• BA/BSc/HND degree qualification.

How to Apply

Interested and qualified candidates should apply online through the Old Mutual Workday platform at Old Mutual Careers. Alternatively, visit the application link provided: Apply Here