Actuarial Officer Job PACIS Insurance

 Insurance Jobs. PACIS Insurance Jobs

Job Purpose

The jobholder is responsible for providing actuarial support by:

• Assisting in pricing of medical products and corporate schemes, ensuring adequa- cy and competitiveness of rates.
• Supporting actuarial reporting, monitoring portfolio performance, and generating insights for management decision-making.
• Reviewing and approving selected medical quotations within delegated authority limits.
• Supporting product evaluation, product development, and enhancement of product benefits in line with market needs and regulatory requirements.

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Responsibilities

Medical Pricing & Quotations Support

• Conduct actuarial analysis for medical scheme quotations including risk assess- ment, pricing, and premium adequacy reviews.
• Support the pricing of group, SME, retail, and new specialized medical products.
• Develop and maintain pricing models, rating tools, and actuarial assumptions.
• Review and approve quotations within delegated authority limits, ensuring consis- tency with pricing guidelines.
• Analyse loss ratios, utilization patterns, and scheme performance before pricing or repricing.
• Support underwriting teams in interpreting pricing outcomes and advising on commercial positioning.

Actuarial Reporting & Portfolio Performance

• Prepare monthly loss ratio reports, performance dashboards, and trend analyses for the medical portfolio.
• Carry out actuarial modelling to evaluate claims experience, risk exposures, and portfolio sustainability.
• Assist in IBNR estimation, reserving, and actuarial valuations as required by the de- partment.
• Monitor performance of key accounts and provide early-warning indicators for de- teriorating schemes.
• Support management with insights for strategic decision-making, including profit- ability improvement initiatives.

Product Development & Evaluation

• Participate in evaluation, design, and enhancement of insurance products.
• Conduct competitor analysis and market research to guide product positioning and pricing.
• Assist in preparation of product papers and regulatory submissions for IRA approval.
• Assess the viability of new products through actuarial modelling and scenario testing.
• Monitor product performance and recommend adjustments to benefits, pricing, or underwriting guidelines.

Data Analytics & Insights

• Validate and analyse data to ensure accuracy and reliability for pricing and reporting.
• Develop tools for experience monitoring, utilization analysis, and actuarial insights.
• Ensure high data quality and collaborate with ICT and Underwriting teams to improve data capture processes.

Stakeholder Support

• Work closely with Medical Underwriting, Claims, Case Management, Finance, ICT, and Business Development teams to support operational and strategic activities.

Compliance & Governance

• Ensure compliance with internal underwriting guidelines, pricing frameworks, and regulatory requirements.
• Maintain documentation of pricing models, assumptions, methodologies, and actu- arial processes.
• Support audit requirements related to pricing, actuarial reporting, and product de- velopment.

Qualifications:

Minimum Academic Qualifications

• BSc. Actuarial Science or Statistics or Mathematics or related field is required.

Professional Qualifications:

• Progress towards Actuarial Professional Papers (SOA, IFoA, or similar)

Experience:

• Minimum 2 years’ experience in actuarial work, preferably in general/medical insurance pricing, analytics.
• Experience in underwriting practices, pricing models and actuarial reporting will be an added advantage

Knowledge

• Strong understanding of general/medical insurance products, pricing methodologies, analytics, and actuarial techniques.
• Familiarity with IRA regulations and reporting expectations.

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How to Apply

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