Purpose
The Life Insurance Working Party is a specialized group within the Actuarial Society of Kenya (TASK) dedicated to advancing the field of life insurance in Kenya. Comprised of actuaries and professionals with expertise in life insurance, this working party focuses on issues related to actuarial practice, product development, regulation, and market development within the life insurance sector.
Role and Objectives:
Research and Development: The Life Insurance Working Party conducts research to enhance the understanding and development of life insurance products and practices in Kenya. This includes studying market trends, consumer needs, and international best practices to develop innovative and relevant life insurance solutions for the Kenyan market.
Guidance on Actuarial Practice: The group provides guidance on actuarial methods, assumptions, and practices specific to life insurance. This includes setting professional standards for the valuation of life insurance liabilities, pricing, and risk management to ensure the financial stability of life insurance companies and protect policyholders.
Regulatory Advocacy and Compliance: The working party actively engages with regulatory bodies to advocate for policies that support the growth and sustainability of the life insurance sector. It provides feedback on proposed regulations and works to ensure that the regulatory environment is conducive to innovation while protecting consumer interests.
Education and Professional Development: The Life Insurance Working Party organizes seminars, workshops, and training sessions to keep TASK members updated on the latest developments in life insurance. These educational initiatives help enhance the skills and knowledge of actuaries working in the life insurance sector and promote high standards of professionalism.
Product Innovation and Market Development: The group supports the development of new life insurance products and services tailored to the unique needs of the Kenyan market. It encourages innovation in product design and distribution, helping life insurers reach underserved populations and expand insurance penetration across the country.
Collaboration and Stakeholder Engagement: The working party fosters collaboration among insurers, regulators, and other stakeholders in the life insurance industry. It aims to build a strong network of professionals who can share knowledge, address common challenges, and promote best practices in life insurance.
Risk Management and Sustainability: The Life Insurance Working Party focuses on improving risk management practices within the industry. It promotes sustainable practices in underwriting, claims management, and capital management to ensure the long-term viability of life insurance companies and the security of policyholders.
By fulfilling these roles, the Life Insurance Working Party contributes to the growth and development of the life insurance sector in Kenya, ensuring that it remains robust, innovative, and capable of meeting the evolving needs of consumers.