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Senior Accountant
- Reporting to the Chief Financial Officer, the role holder will be responsible for overseeing all financial management and financial reporting by implementing policies, processes, and internal controls to increase organizational financial effectiveness and control.
- Achieve accurate financial reporting in line with IFRS standards.
- Supervises the smooth running of the finance department in relation to the following: accounting system, General Ledger review and integrity, financial statements preparation, financial analysis, ratings, and fixed asset management.
- Provide technical financial support to the Chief Finance Officer (CFO)
- Implement robust accounting systems that are embedded with appropriate controls that help safeguard the company’s assets and ensure accurate and timely reporting.
- Liaises with external auditors on audit activities of the company.
- Participate in preparation of annual budgets and long-term business plans and ensure all departments and units comply with the budgetary provisions.
- Establish and monitor the implementation of an effective and robust financial management system that secures company funds whilst maximizing profitability and facilitating effective cash flow management, compliance with the insurance act and investment guidelines.
- Manage the company’s cash flows to meet all liabilities as they may fall due.
- Manage the company’s credit policy and effective follow up of debts.
- Implement investment strategies in liaison with the Chief Finance Officer will be in line with the financial strategy.
- Ensure compliance with statutory provisions in respect to financial reporting, taxation, other statutory payments, and insurance act.
- Assist in preparation of annual reports and accounts for the Board and statutory purposes.
- Carry overall responsibility for the preparation of quality financial accounts and maintenance of financial records.
- Contribute to implementation of the financial strategy.
Education and/or Work Experience Requirements:
- Degree in Commerce / Finance or related qualification from a recognized University.
- CPA (K) qualification or equivalent is mandatory.
- Membership to Professional a body (ICPAK)
- Proficient in the use of accounting management information systems
- Relevant work experience: A minimum of seven (7) years’ working experience with 5 years’ experience in treasury and management accounts in an insurance industry.
- Familiar with working in high volume transaction intensive environment
- Knowledge and ability to place a high emphasis and maintain controls surrounding financial reporting pertaining to Generally Accepted Accounting Procedures (GAAP) and the Standard Operating Procedures.
- Maintains a take charge attitude, is persistent and has a drive to accomplish objectives, influences others by instilling excitement and a sense of urgency and proactiveness.
- Strong relationship management with the ability to multitask and operate in a fast-paced changing environment.
- Creative, generates new approaches to problems and demonstrates imagination.
- High integrity and work ethic
- Ability to analyze financial reports
- Proficient in the use of IFRS 17
Accountants
- Reporting to the Senior Accountant, the role holders will be responsible for contributing towards management of treasury accounts and financial accounts.
Duties and responsibilities:
- Implementing financial and accounting policies and procedures in line with the requirements of the Public Finance Management Act, International Financial
- Reporting Standards (IFRS), and other related government regulations to ensure prudent and optimal utilization and accounting of the Company’s financial resources.
- Maintaining complete, timely, and accurate financial records in the implementation of the Company’s annual budgets, corporate annual work plan, and the Company’s annual reports.
- Keeping accurate, complete, and timely financial records to enhance the internal control systems to monitor financial accounting and safeguard assets from waste through policies, procedures, checks, and balances
- Keeping accurate, complete, and timely financial records in the management of working capital (current assets and current liabilities).
- Processing documents for payments and making payments within the stipulated period.
- Updating transactions in the general ledger, cash book, and ledgers.
- Preparing invoices for the reimbursement of expenses incurred by the Company.
- Maintaining the invoices register.
- Ensure that accountable documents and records are properly filed and accessed by authorized personnel only.
- Implementing the Company’s Annual Budget and Work Plan by keeping timely, complete, and accurate financial records.
- Assisting in implementation of the Company’s annual work plans, budget, keeping timely, complete, and accurate financial records.
Requirements for Appointment:
- At least five (5) years relevant work experience.
- Bachelor’s degree in Commerce, Accounts, or a business-related field.
- Professional Accounting qualification: Full Certified Public Accountant or an equivalent qualification from a recognized institution and ICPAK membership.
- Proficiency in computer applications.
Manager – Actuarial Services
- Reporting to the Chief Operations Officer, the role holder will be responsible for the preparation and presentation of the required actuarial and other reports to management and regulators especially Annual Valuation and Financial Condition Reports and Quarterly Solvency Statements to the regulator.
Duties and responsibilities:
- Technical Actuarial Support; Conduct and/or review internal actuarial liability valuations analysis of profitability/surplus
- Aggregation of Results; Collate, review and interpret actuarial results
- Undertake and review; pricing, profitability, experience analysis, and other relevant actuarial investigations for relevant insurance Business Units to inform business decisions.
- Financial Modelling; assist with financial modelling of business scenarios/projects to inform business decision making.
- Product/Services Development, Pricing and Management; provide technical input in product development exercises, product lifecycle management and monitoring, existing products assessments and reviews, new products pricing and review of premium rates for existing products.
- Risk Management Support; assist the Risk Department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate and formulating appropriate risk mitigation measures.
- Economic Capital Modelling; assist with developing an Economic Capital Model for use in quantifying risk and risk-based capital requirements
- Investment Strategy Support; assist in developing/formulating appropriate investment strategies and/or review of, and monitoring of investment strategies
- Reinsurance and Underwriting Support; develop/assist with review of appropriateness, adequacy and cost efficiency of reinsurance and underwriting arrangements in place and/or formulating the same.
- Strategy and Business Planning Support; assist with business planning financial projections, strategy development and review, market and competitor analysis, internal business/financial analysis and make proposals on the Company’s medium to long term strategic plans
- Experience Monitoring; Conduct claims experience analysis, expense investigations, persistency/business retention studies, and other relevant actuarial investigations for insurance BUs to inform business decisions and to assist in actuarial work
- Special Projects; participate in special projects as would be requested Management/relevant Boards.
- Systems Support; provide support to the Company’s operations in relation to administration and actuarial systems where possible.
Requirements for Appointment:
- Bachelor of Science in Actuarial Science, Mathematics, Statistics, or any other relevant field.
- Professional actuarial exams (Qualified actuary under IFOA/SOA or equivalent).
- IFRS17 and actuarial modelling expertise.
- Proven leadership experience and membership to the Actuarial Society of Kenya
- Strong knowledge of reserving methodologies, financial reporting, and regulatory compliance.
- Excellent communication skills, with the ability to convey complex actuarial concepts to non-technical stakeholders.
Key Competencies
- In-depth knowledge of actuarial principles, reserving methodologies, and modeling techniques specific to the life insurance industry.
- Strong understanding of insurance products, pricing, and risk assessment
- Ability to interpret and analyze financial statements, reserving reports, and related financial data.
- Experience in managing financial projections and forecasting for life insurance liabilities
- Knowledge of relevant regulatory requirements and the ability to ensure compliance with industry standards and regulations.
- Excellent communication skills to convey complex actuarial concepts to non-technical stakeholders.
- Ability to adapt to changing business conditions and implement necessary adjustments to reserving strategies.
- In-depth knowledge of IFRS 17 standards and practical experience in their implementation
- Familiar with the current IRA, RBA, CMA and Central Bank regulations
- Relevant work experience: A minimum of 5 years’ working experience as a Senior Actuarial Services Officer in the Insurance industry or any position of increasing responsibility
Claims Manager
- Reporting to the Head of Claims, the role holder will be responsible for contributing towards implementation of the Company’s general business claims strategy to achieve the company’s mission of providing quality insurance and financial services through customer centric culture and speedy settlement of claims
Duties and responsibilities:
- Manage of claims at the individual and portfolio level, to optimize expenditure and achieve.
- High levels of satisfaction to all stakeholders through high quality claims management and complaint resolution.
- Drive a positive brand image to our customers by executing the Company’s culture of professionalism, integrity, effectiveness, and dynamic attitude.
- Implement plans and initiatives to increase customer satisfaction and retention through formulating, documenting, and executing claims strategies.
- Contribute to achievement of a Customer centric culture by developing initiatives that ensure customer satisfaction through consistent engagements.
- Manage and monitor claims portfolios to optimize performance by ensuring regular reviews as required by the company’s claims’ controls and standards.
- Advise reinsurance and finance departments of any material claims as set out in our business treaties, protocols and procedures and liaising with Reinsurance and Legal departments for effective recoveries.
- Contribute towards the business development strategy by attending Broker/ client meetings to articulate the Company’s claims’ philosophy handling and customer excellence
- Collect the analyzed reports of potential or existing insured’s claims experience and claim trends that have the potential of impacting on profit and loss account of the company.
- Approve and/or recommend claims for settlement/ rejection in line with the terms and conditions of the insurance policies and financial authority and having a thorough knowledge of industry regulations /changes for compliance and the company’s claims and underwriting control standards.
- Ensure customer service by managing strong relations with Brokers and Client’s in line with Company’s strategic objectives.
- Coach, mentor, develop, motivate, train and evaluate staff in the claims section to achieve highest levels of performance.
- Prepare, monitor and report of the claim’s budgetary allocations.
Education and/or Work Experience Requirements:
- University Graduate in business related degree with a specialty in Commerce/Finance, Business Administration, Insurance, law or any related field
- Professional qualification in insurance field.
- Proficient in the use of Microsoft Office suite & packages (Word, Excel and power point)
- ACII or Diploma AAIK
- Relevant work experience: At least 7 years experience Managerial experience drawn from the insurance industry
Manager – Underwriting
- The job holder shall be responsible for analyzing and assessing the risk presented to the company through the proposals submitted and based on the underwriting guidelines provided by the company.
Duties and responsibilities:
- Examine insurance proposals to ensure they are consistent with the risk being contracted.
- Work with other professionals to collect background information about risk and ensure that correct risk management practices are implemented in group underwriting department.
- Make decisions about whether and how a person or organization can be insured.
- Ensuring that group quotations are done in line with their specific historical risk framework and negotiating the terms with brokers and clients.
- Determine premiums by making sure that they are competitive for both customers and the insurance company.
- Decide on the wording of policies to reduce the likelihood of claims being made.
- Prepare insurance policy terms and conditions
- Liaise with insurance brokers and customers to ensure that group customers are wowed.
- Maintain customer records and ensuring that customer complaints are adequately and timely resolved.
- Prepare weekly group underwriting reports on premiums, customers and member education initiatives.
- Attend member education forums with intermediaries
- Negotiate premium rates with intermediaries where necessary
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Education and/or Work Experience Requirements:
- Bachelors degree in any discipline preferably finance, accounting, actuarial science or insurance.
- Proficient in the use of accounting management information systems
- Professional qualification in insurance field; AIIK, ACII or Diploma – IIK
- Relevant work experience: A minimum of seven (7) years’ working experience as an underwriter in a position of increasing responsibility
Method of Application
Qualified candidates are encouraged to send their applications on or before 3rd May, 2024 by email through jobs@capexlifeassurance.co.ke accompanied with a detailed curriculum vitae and a cover letter addressed to;
Chief Executive Officer Capex life Assurance P.O Box 12043 – 00400 NAIROBI