Group Actuary at CIC Insurance

Job Description

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:

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.
Key Skills, Knowledge, Experience and Behavioural Competencies

Academic and Professional Requirements:

Education Bachelor’s Degree
Bachelor of Business Science in Actuarial Science
Masters in Econometrics

Professional Qualification

Fellow of the Institute and Faculty of Actuaries (FIA); Chartered Actuary Fellow.
Continuous Professional Development
GRI Certified Sustainability Professional
·Relevant experience

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.