Actuarial Intern

The Actuarial Intern will support the actuarial team in providing analytical and technical support to enhance data-driven decision-making across the brokerage. This role is designed to offer hands-on experience in pricing support, reserving analysis, business intelligence, and underwriting analytics for a diverse portfolio of insurance products (e.g., Medical, General, and Life insurance) within the Kenyan brokerage context. This role will assist in: -Supporting the optimization of client insurance programs through data analysis and risk assessment. -Helping develop internal pricing and underwriting support tools to improve broker services. -Contributing to financial reporting and reserving analysis to support client recommendations. -Assisting in strategic business intelligence to identify market trends and growth opportunities. The role requires strong technical curiosity, attention to detail, and close collaboration with broking, claims, and finance teams to deliver value to corporate and individual clients.

1.MAIN RESPONSIBILITIES
Pricing & Analytics Support:

• Assist in collecting, cleaning, and analyzing data for pricing models for medical, motor, property, and liability classes.
• Support senior actuaries in rate comparisons and market benchmarking exercises.
• Reserving Support:
• Help prepare data for quarterly reserving processes, including analysis of outstanding claims and IBNR trends.
• Assist in reconciling claims data from multiple insurers.

Data Analysis & Visualization:

• Analyze large datasets from insurers, clients, and internal systems using Excel, Python, or R.
• Create basic dashboards (Power BI/Tableau) to communicate trends to management and business teams.

Underwriting Support:

• Support underwriting and broking teams by preparing loss ratio analyses and claims histories for large account renewals.
• Assist in preparing actuarial summaries for client presentations.

Business Intelligence:

• Help develop and update management information (MI) reports tracking KPIs such as loss ratios, portfolio performance, and client profitability.

System & Tool Development:

• Work with ICT to test and validate actuarial tools and reporting automation initiatives.

Regulatory Awareness:

• Assist in preparing documentation for Insurance Regulatory Authority (IRA) submissions under supervision.

Market Research:

• Conduct market research to benchmark pricing, product features, and emerging risks in the Kenyan insurance market.

Governance, Risk & Compliance:

• Adhere to data governance and risk management frameworks, ensuring data integrity and confidentiality.
• Support compliance with IRA regulations and the Insurance Act.
• Maintain proper documentation of assumptions, models, and methodologies.

People & Collaboration:

• Collaborate with broking, claims, and finance teams to provide analytical support.
• Participate actively in departmental meetings and knowledge-sharing sessions.
• Demonstrate a learning mindset and commitment to professional development.

2.KNOWLEDGE, SKILLS AND EXPERIENCE

Minimum level of academic qualification, skills and knowledge required to perform effectively in the role:

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

Minimum level of professional qualification required to perform effectively in the role:

• Progress in professional actuarial exams (IFoA, SOA, or CAS).
• At least one or more Core Principles exams completed (e.g., CB1, CB2, CS1, CM1) is highly desirable.

Minimum level of Technical experience required to perform effectively in the role:

• Proficiency in Microsoft Excel (PivotTables, lookups, basic modeling).
• Basic knowledge of SQL, Python (Pandas) or R is an added advantage.
• Familiarity with Power BI or Tableau is a plus.
• Understanding of API basics, Git, or DevOps is not required but beneficial.
• Insurance knowledge:
• Basic understanding of insurance principles, especially Medical, General, and Life insurance.
• Awareness of the Kenyan insurance market and regulatory environment (IRA) is an advantage.

Minimum months or years of experience required to have to perform effectively in the role:

• Insurance knowledge:
• Basic understanding of insurance principles, especially Medical, General, and Life insurance.
• Awareness of the Kenyan insurance market and regulatory environment (IRA) is an advantage.

3. KEY PERFORMANCE INDICATORS

• Accuracy and timeliness of assigned data tasks and reports.
• Quality of data preparation for reserving and pricing exercises.
• Responsiveness to requests from broking, claims, and finance teams.
• Learning progress in actuarial exams and technical tools.
• Documentation discipline for all models and assumptions.
• Proactive identification of data quality issues or anomalies.

4.KEY PERFORMANCE INDICATORS

• Strong attention to detail and a methodical approach to work.
• Curiosity and eagerness to learn actuarial applications in a brokerage environment.
• Basic problem-solving skills with a focus on accuracy.
• Good communication skills (written and verbal) to explain technical concepts simply.
• Ability to manage multiple tasks and meet deadlines.
• Integrity and respect for data confidentiality.

5. WORKING RELATIONSHIP

• Internal: Broking Teams, Claims Department, Finance Department, ICT Department, Risk & Compliance, Senior Management.
• External: Insurance Regulatory Authority (IRA), External Auditors, Reinsurers, Insurance Company Partners, Actuarial Consultants.