Detailed Job Description
The Head of Actuarial Unit will manage a team that performs full actuarial functions covering Life, Non-life, Investment and financial Operations of the Company.
The individual will oversee product development, pricing, reserving, reassurance and provisioning.
He/She will carry out data integrity analysis and support risk management.
Functions & Responsibilities
Conduct monthly valuation of liabilities and assets of the Company to assist in making provisions, reserves and adjustments.
Liaise with underwriting unit on pricing processes.
Help to communicate the impact of changes to pricing assumptions and tools used by underwriting unit.
Identify data requirements for analysis, pricing tool development and decision making.
Ensure organization uses data effectively to reach profit and growth objectives
Provide consultation to required units regarding actuarial, finance, planning, or other analysis for areas impacting the business
Work with IT in automating actuarial and underwriting processes.
Work with other groups within the Company to meet up with regulatory requirement and rating criteria.
Prepare and present reports; explaining implications in clear terms to non-actuaries.
Supervise other members of the group and assist in developing their skills
Liaise with external Actuaries in coming up with external Actuarial Valuation Reports.
Liaise with FINCON on rating engagements with Rating Agencies.
Monitor and analyze financial results in order to communicate the impact of strategic and operational plans.
Develop and revise strategic and tactical plans as necessary to meet corporate objectives and respond to environmental changes.
Stay abreast of developments in actuarial techniques.
Research relevant laws and regulations.
Analyze developments in the marketplace.
Represent the Company on industry and professional committees.
Develop ways to use price as a competitive advantage.
Qualification/ Professional Membership
Bachelor’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields
Master’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields
Membership in the Society of Actuaries (FSA or ASA) or Considerable progress in Actuarial Examinations is mandatory.
Membership of Chartered Insurance Institute of Nigeria (CIIN) will be an added advantage.
Skills/ Competence Requirement:
Strong statistical, analytical and monitoring skills with solid understanding of all life/disability actuarial techniques, standards, and assumptions
Strong knowledge of insurance operations and the procedures of Financial, Underwriting, Claims, Statistical, Information Technology, Legal, and Sales departments
Must have led rate-making and pricing initiatives for insurance products.
Effective written and verbal communication skills in presenting recommendations to non-actuaries.
Advanced computing knowledge and high proficiency in use of Spreadsheet applications.
Generic Skills:
High level of accuracy
Close attention to details
Strong numeracy ability
Articulate
Sound Judgment
Excellent relationship management
Proactive in taking responsibility, identifying problems and proffering solutions
Very good written and verbal communication skills.
Ethical
Strong verbal and written communication skills
Ability to exert influence and drive decision making at all levels
Minimum Experience:
8 – 10 years in Actuarial unit / Finance unit
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