group actuary

PURPOSE:
CIC Insurance Group is a leading cooperative insurer with operations across East and Southern Africa. With a diverse portfolio spanning Life, General, and Micro Insurance businesses across multiple jurisdictions, CIC is committed to financial inclusion, innovation, and long-term sustainability. Reporting to the Group Managing Director & CEO, the Group Actuary role shall provide strategic actuarial leadership across all CIC Insurance Group entities, in close collaboration with the Group CFO, the role ensures regulatory compliance, optimal risk management, and sustainable profitability across multiple jurisdictions—while also driving innovation, establishing new business lines, and maintaining stakeholder confidence.

PRIMARY RESPONSIBILITIES:
Academic and Professional Requirements:
Experience Required:

• Strategic Leadership & Group Governance (20% of time)
• Provide actuarial insights and leadership in strategic planning and budget development across all Group entities
• Lead actuarial valuations and sign-offs for all subsidiaries across Life, General and Micro Insurance operations
• Prepare and present comprehensive actuarial reports, analyses, and recommendations to Boards of Directors for all entities in the Group
• Maintain strategic relationships with regulatory bodies across multiple jurisdictions and industry players
• Drive cross-functional collaboration between actuarial teams, underwriting, product development, finance, and other departments across the Group
• Oversee adherence to all statutory and regulatory requirements, including IFRS 17, risk-based capital frameworks, and other reporting standards
• Support the preparation of Financial Condition Reports across the Group in conjunction with appointed/external actuaries
• Risk Management & Capital Optimization (15% of time)
• Lead implementation of robust risk management frameworks, including stress testing and scenario analysis to identify potential risks and recommend mitigation strategies across all entities
• Monitor capital management and solvency positions for the entire Group and develop risk-based capital models recommendations for all subsidiaries
• Manage Asset Liability Matching and provide investment performance recommendations
• Product Development & Pricing Strategy (20% of time)
• Lead the pricing and design of innovative insurance products across Life, General and Micro Insurance to meet market demands and improve profitability
• Advise on appropriate ratings for existing products based on relevant market information and experience analysis
• Spearhead product rationalization and innovation across the Group, leading rollout of new products and revamping existing offerings
• Oversee experience analysis (claims, mortality, persistency, expenses, etc.) across all entities and provide strategic recommendations
• Collaborate with industry players to ensure adequate rates loss making lines of business
• IFRS 17 Implementation & Advanced Reporting (15% of time)
• IFRS 17 implementation across all Group entities, developing specific policies and methodologies for implementation
• Oversee the generation of financial results under IFRS 17 standards across Life, General and Micro Insurance operations
• Lead the systemization initiatives for IFRS 17 reporting across multiple subsidiaries and jurisdictions
• Ensure consistency in IFRS 17 application and reporting standards across all Group entities
• Reinsurance & Industry Analysis (10% of time)
• Provide recommendations on the suitability of reinsurance arrangements to all subsidiaries across Life, General and Micro Insurance
• Consolidate reinsurance treaty negotiations and operations at Group level to ensure synergies and increased cost efficiency
• Serve as thought leader in establishing market trends by presenting industry reports for all entities in the Group
• Negotiate with stakeholders to optimize reinsurance arrangements and build strategic partnerships
• New Business Development & Strategy (10% of time)
• Lead the strategic development and launch of new business lines from concept through to market entry
• Conduct detailed business case analyses, market feasibility assessments, and ensure alignment with regulatory frameworks for new ventures
• Design innovative and market-relevant insurance products tailored to the needs of target customer segments
• Establish appropriate pricing methodologies and actuarial frameworks suited to the unique characteristics of each new business line
• Manage regulatory approval processes for new licenses and product filings across relevant jurisdictions
• Develop and implement go-to-market strategies, including distribution channel design and strategic partnerships
• Create fit-for-purpose risk management frameworks that support simplified processes, scalable operations, and effective fraud detection
• Define operational and technological infrastructure needs, including data management, systems integration, and reporting capabilities
• People Leadership (10% of time)
• Lead performance management, coaching, and mentoring of actuarial staff across all Group entities
• Handle resource allocation, staffing decisions, and leave approval for the actuarial function Group-wide
• Plan and manage budgets for the actuarial department across all subsidiaries
• Develop and maintain actuarial talent pipeline through strategic hiring, training, and succession planning
• Oversee the management of actuarial software solutions across all subsidiaries
• Bachelor's degree in business science in Actuarial Science
• Masters in Econometrics
• Fellow of the Institute and Faculty of Actuaries (FIA); Chartered Actuary Fellow
• Continuous Professional Development
• GRI Certified Sustainability Professional
• Minimum of 10 years' relevant experience, with at least 7 years at leadership level
• Proven experience in strategic management and commercial decision-making across multiple business lines, jurisdictions, and emerging markets
• Deep expertise in financial reporting standards (IFRS 17, IFRS 9, IFRS 4, IAS 19) with application to emerging business lines

Skills and Competencies:

• New business development expertise including market entry strategies, regulatory navigation, and startup operations
• Advanced actuarial modelling expertise (Prophet, R, Python, C++, VBA, SQL) with adaptation capabilities for micro insurance
• Comprehensive knowledge of Life, General, and Micro Insurance actuarial principles and practices
• Regulatory engagement and compliance management across multiple jurisdictions including micro insurance licensing
• Capital management and solvency optimization across diverse portfolios and new business ventures
• Reinsurance strategy development and treaty negotiation capabilities including specialized micro insurance covers
• Product development and pricing expertise across traditional and micro insurance markets
• Risk management framework design and implementation across diverse customer segments
• Asset Liability Management and investment strategy development
• Market research and feasibility analysis for underserved customer segments
• Leadership and people management across geographically distributed and cross-functional teams
• ESG (Environmental, Social, Governance) strategy and sustainability reporting including financial inclusion initiatives

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