Applications are invited from suitably qualified candidates for the below position
Executive Actuarial Advisor The Company
Botswana Insurance Holdings Limited ( BIHL Group) is a broad- based financial services group and one of the largest companies listed on the Botswana Stock Exchange. Its two largest subsidiaries, Botswana Life Insurance Limited ( BLIL) and Botswana Insurance Fund Management ( Bifm) hold dominant positions in their respective sectors. Botswana Life Insurance Limited is currently the largest company within the group and is the leading life insurer in Botswana with over 70% market share with over 300,000 clients. Originally established in 1975, BIHL has been in operation for over 45 years and has been listed on the Botswana Stock Exchange since 1991.
BIHL Group is the holding company for three subsidiaries, including Botswana Life Insurance Limited and Botswana Insurance Fund Management and holds a stake in two associate companies, including Letshego Holding Limited. Of the issued share capital of BIHL 59% is held by Sanlam Limited, the second- largest listed financial services group in South Africa. 41.6% of the BIHL issued share capital is free- floating, with Botswana pension funds as the main minority shareholders.
BIHL currently have just under $ 3 billion AUM and as of the end of the 2020 financial year had a net profit of just under $ 50 million. Moving forward BIHL’s strategic plan is to become a significant financial services provider across the entire Southern African region.
The Role
BIHL’s strategic objective is to expand regionally and grow through new portfolio acquisitions within the insurance industry, as well as ensure the implementation and compliance with the new IFRS17 standards. This has resulted in a new opportunity at BIHL who have created a new group level Actuarial role. This role will be part of the BIHL EXCO team and will contribute towards the strategic direction of BIHL by identifying and integrating key issues relevant for the long- term planning and sustainable profitability of the Group. This role reports directly to the Group Chief Executive Officer.
Within this Group- level role, you will have the strategic ability to assist BIHL, from an actuary perspective, that will provide the Group with insights on value accretion strategies on its portfolio of investment. Through modelling on future opportunities as well as exploring and analysing data you will be confident in being able to support with the formulation of the wider business strategy that will find new strategic opportunities and new policies which will enable the group to build upon and leverage their existing client base. You will also be responsible for supporting the subsidiaries and will mainly assist BLIL with actuarial insights and strategic approaches.
The desired candidate is a Qualified Actuary with a proven track record of establishing and building a high performing actuarial function. Drawing on previous experience, it is important that you are confident in change management capabilities and able to lead and coach a high potential actuarial team to ensure they realise their full capacity and become a more effective and efficient team for the wider group. As such, the chosen individual would participate in the BLIL Actuarial Committee meetings to support with the personal development of the team and support them through acting as a sounding board for the BLIL Actuarial Team; and be the liaison between BLIL and Sanlam.
From an actuarial perspective, the chosen individual would also be jointly working with BLIL Actuarial to investigate initiatives to improve the value and/ or reduce the risk embedded in the in- force book of BLIL. Leveraging your expertise, you must be able to generate new and different ideas within field of expertise not thought of previously and be able to translate these ideas and puts these into practice, with obvious benefits to the organisation. You will also provide input into product development in the alternative space including digital products both at group and subsidiary level and assist with on- going review of product cycles and introduction of new products.
Finally, you will be responsible for the successful introduction of the IFRS17 and operational performance against these regulatory metrics. This will include driving the implementation of regulatory and reporting development and work closely and in liaison with the BIHL Finance Team on improving reporting to Group and regulators. You will ultimately be responsible for the continued monitoring of actuarial standards and strategic initiatives. Furthermore, you must prove your ability to build and manage strong external relationships with regulatory bodies, administrators and auditors.
We are looking for an individual who will embrace working in a highly competitive market and will bring energy, creativity, and tenacity to deliver high performance within the Actuarial function. The BIHL Group will offer an attractive compensation package to attract the best individual for this critical role.
Functional Relationships
• Group CEO • Board of Directors
Major External Contacts
• Fund administrators and consultants • Regulatory Bodies
• External Auditors
• BURS
Person Specification
• Qualified Actuary
• Member of the Institute and Faculty of Actuaries or an equivalent
Actuarial body
• At least 10 - 15 years’ post qualification experience
Professional Skills Requirements
•
Considerable experience in the actuarial aspects of the financial industry and regulatory reporting
• Capital requirements applicable to life insurance industry
• Asset- liability management in life insurance context
• Ability to contribute to business decision- making at a strategic level • Product development and pricing knowledge
• A track record demonstrating strong client & people management. • Knowledge of the IFRS17 standard
• Complex Project management
Behavioural Competencies
• Good communication skills
• Strong leadership/ people management skills
• Coaching and mentoring skills
• Good collaborative skills
• Excellent interpersonal skills
• Ability to effectively interact and collaborate with technical & functional
staff at all levels
• Analytical, logical thinker with good problem- solving skills
• Self- motivated, takes initiative and ownership to bring tasks to completion • Mature outlook and upholds high standards of professional integrity
Are you our ideal candidate?
If you are interested in being considered for this role, please send your CV to recruitment@ bihl. co. bw by 25th April 2022.
Please include current remuneration details.