DODS ONYANGO OUMA
Actuary
Nairobi
Summary
A qualified Actuary with more than 15 years of experience and 10 years in leadership positions in the (re)insurance industry. I have set up and operationalized the actuarial function and consulted for the past two years on; reserving, financial reporting, pricing, products design, financial risk management, capital modelling, strategic capital raising and management initiatives. I successfully led IFRS 9 & 17 and Risk based capital assessment (solvency II equivalent) implementation. As a trusted partner to leadership teams, I have provided key business analytics that have enabled board and senior leadership transform the findings into actionable insights that have spurred 261% growth in insurance assets over 8 years. I also revamped agency sales remuneration structure, spiking growth of by 168% of life funds over a four-year period. I am proactive and have excellent problem-solving skills that enables me to thrive in any fast-paced and diverse environments. Member in good standing of the Institute and Faculty of Actuaries UK (FIA) and the Actuarial Society of Kenya (FeASK).
Overview
18
18
years of professional experience
4
4
years of post-secondary education
Work History
Consulting Actuary
Lepton Actuarial
1 2023 - Current
- Overseeing execution of consulting projects, presentations and reviews before sign-off by principal
- Responsible for mentorship of four analysts and one senior consultant
- The scope involve; reserving, rates adequacy reviews, business analytics and research paper writeups among others.
Chief Manager and Head of Actuarial
Kenindia Assurance Company Limited
02.2024 - Current
- Brought on board to set up and lead the actuarial function, and currently direct an actuarial team of six, in developing and implementing the actuarial strategy that includes; valuations, pricing and product design, business analytics, market research, underwriting reviews, reinsurance optimization, asset-liability management, technology transformation, financial risk management and special projects
- Coordinating monthly and quarterly in-house actuarial valuations and certifying results
- Supporting external actuary (appointed actuary) in undertaking annual valuations and external auditors in preparing audited annual financial statements
- Preparing and presenting quarterly and annual actuarial reports to the Board Risk Committee, Board Audit Committee, and Board of Directors
- Project leader in successful implementation of IFRS17 reporting for life & non-life business in 2021-23 and Risk based capital assessment (Solvency II equivalent) for life & non-life business between 2017-18.
Assistant Actuarial Manager
Jubilee Insurance Holdings
12.2012 - 05.2014
- Advanced through promotion and leveraged strong leadership skills and analytical mindset to drive forward valuation, financial reporting, and capital management initiatives in the fulfilment of profitability and growth goals
- Led actuarial team in performing in-house actuarial valuations, monthly management reporting, quarterly actuarial reporting, and delivering board presentations
- Facilitated reviews of pricing and valuation assumptions by undertaking diverse experience studies (claims, lapse, and expense analysis)
- Served as actuarial lead that redesigned sales remuneration structure that ignited sales growth and increased life funds by 168% over four years
- Played a crucial role in product design and annual product reviews by providing feedback on the financial performance of products
- Actuarial representative to the technical team that successfully implemented a new IT system project (2011-2012)
- Actuarial lead that carried out market research that led to the successful set up of Jubilee ins
- Burundi in the year 2012
- Handled initial market research on potential new insurance markets for the company (i.e., Rwanda, DR Congo, South Sudan & Nigeria).
Team Leader Reinsurance and Group Life Servicing Officer
Jubilee Insurance Holdings
04.2010 - 09.2011
- Held accountability for reinsurance administration and corporate business administration to ensure business deliverables were met
- Managed eight staff and multi-million-dollar premiums
- Ignited 30% increase in profit share by reviewing and renegotiating the reinsurance profit share agreement
- Prepared monthly premium reinsurance schedules for insurance businesses
- Handled annual negotiation of treaty reinsurance features and renewal terms based on analysis of retention limits and profitability experience
- Acted as actuarial lead in placing and negotiating facultative reinsurance arrangements
- Tightened controls with timely verification of quarterly reinsurance statements and settling of balances
- Prepared new and renewal quotations and (re)negotiated terms for corporate business.
Insurance Officer
Madison Insurance Company of Kenya Limited
09.2007 - 03.2010
- Met the varied insurance needs of clients by providing technical advice on new policies, communicating plan details for ongoing policies and facilitating revivals
- Reported on new business sales and weekly/monthly performance of sales units.
Underwriting Assistant
CFC Life (Currently Liberty Life Assurance Kenya limited)
11.2006 - 08.2007
- Contributed to underwriting operations by reviewing proposal documentation, processing submissions, underwriting, and reporting weekly underwriting department performance.
Education
Bachelor of Science in Actuarial Science - Actuarial Science
University of Nairobi
Kenya 09.2002 - 05.2006
Skills
Excellent Communication
Problem-Solving
Teamwork and Collaboration
Reinsurance Strategies
Product pricing
Asset Liability Management
Capital management
Reporting skills
Actuarial modelling
Industrybasedtraining
- Financial reporting standards trainings (IFRS 4, 9 & 17)
- Underwriting & reinsurance practice
- Claims management
- Risk-based supervision and
- Enterprise risk management.
- Soft skills training.
- Leadership & management skills training.
Parttimeandvolunteerroles
- Member of the local organising committee of The Actuarial Society of Kenya (TASK), 2023-01-01, 2024-12-31, Prepared successful bid to the International Actuarial Association (IAA) to host the International Congress of Actuaries in Nairobi, Kenya in June 2029 (ICA2029).
- Member of Financial reporting working party at The Actuarial Society of Kenya (TASK), 2015-01-01, Present, Actively participated in developing guidance notes and capacity building for the local actuarial practice. This mainly involves engaging regulatory bodies and other professional bodies on behalf of the profession. Recently been involved IFRS 17 implementation, Risk Based supervision and IFRS 9 adoption.
- Trainer & mentor at the Actuarial Academy of East Africa (AAEA), 2022-01-01, Present, An umbrella body charged with working with East African regulators to fund and develop the actuarial profession to be able to support the East African Community (EAC) financial sector.
- Judge & mentor at the annual actuarial students’ society of Kenya (ASSK) product innovation challenge, 2019-01-01, Present
- Part-time Tutor with Faventia Actuaries, 2020-01-01, Present, Offering mentorship & training to university students & recent graduates undertaking professional actuarial exams.
Professionalcertificationsmembership
- Fellow – Institute and Faculty of Actuaries (IFoA) UK
- Fellow – The Actuarial Society of Kenya (TASK)
Languages
English - Fluent (Written & Oral)
French - Beginner (Written & Oral)
References
Available on request
Interests
Empowerment & Mentorship
Exploring new places
Playing football- Goal keeper
Work Preference
Work Type
Full TimePart TimeGig WorkContract WorkLocation Preference
HybridRemoteOn-SiteImportant To Me
Company CultureFlexible work hoursCareer advancementPersonal development programsWork-life balanceHealthcare benefitsStock Options / Equity / Profit Sharing401k matchTeam Building / Company RetreatsPaid sick leaveSoftware
Ms Office applications
Visual Basic
Python
Affiliations
- Institute and Faculty of Actuaries (IFoA)
- The Actuarial Society of Kenya Ltd (TASK)
Timeline
Chief Manager and Head of Actuarial
Kenindia Assurance Company Limited
02.2024 - Current
Assistant Actuarial Manager
Jubilee Insurance Holdings
12.2012 - 05.2014
Team Leader Reinsurance and Group Life Servicing Officer
Jubilee Insurance Holdings
04.2010 - 09.2011
Insurance Officer
Madison Insurance Company of Kenya Limited
09.2007 - 03.2010
Underwriting Assistant
CFC Life (Currently Liberty Life Assurance Kenya limited)
11.2006 - 08.2007
Bachelor of Science in Actuarial Science - Actuarial Science
University of Nairobi
09.2002 - 05.2006
Consulting Actuary
Lepton Actuarial
1 2023 - Current