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About the job

The role will mainly involve assisting with the day-to-day activities of the Valuations, Reserving, and Financial Reporting section of the Actuarial Function. This section of the Actuarial Function provides crucial contribution to the sound financial management of the Company and Group.

FUNCTIONS & RESPONSIBILITIES

• Valuation and Reserving Support; assist with the regular internal actuarial valuations of liability for Life and Non-Life Insurance SBUs; assist with analysis of profitability/surplus (AOS) surplus arising from the valuation for Life SBU and actual versus expected experience analysis for the Non-life SBU.
• Embedded Value works; assist with the regular internal calculation of the Embedded Value for the Life SBU and analysis of change in Embedded Value (AOEV).
• Aggregation of Results; assist with collation, review, and interpretation of actuarial/business results for Insurance SBUs.
• Financial Reporting Support: assist with providing the Finance Function all the relevant actuarial information and reports required to meet the Company’s/Group’s IFRS requirements (including IFRS17), statutory and other requirements.
• Financial and Capital Modelling; assist with financial and capital modelling of business scenarios/projects to inform business decision making.
• Product/Services Development and Pricing; assist with providing the Product and Services Innovation Section of Actuarial with technical support in existing products assessments and reviews, product lifecycle management and monitoring, new products pricing and review of premium rates for existing products for insurance subsidiaries in the Group.
• Risk and Capital Management Support; assist with providing the Risk and Capital Management Section of Actuarial with necessary information and/or results to quantify financial risk (insurance, market, credit risks, etc.) and calculating the capital requirements for Insurance SBUs.
• Reinsurance and Underwriting Support; assist with providing the Risk and Capital Management Section of Actuarial with necessary information and technical support to review of appropriateness, adequacy and cost efficiency of reinsurance and underwriting arrangements in place and/or formulating the same for Insurance SBUs.
• Strategy and Business Planning Support; assist with providing the Business Performance and Analytics Section of Actuarial with technical support in business planning financial projections, strategy development and review, market and competitor analysis, and internal business/financial analysis.
• ALM and Investment Strategy Support; assist with providing the Business Performance and Analytics Section of Actuarial with technical support in asset-liability management, in developing/formulating appropriate investment strategies and/or review of, and monitoring of investment strategies for Insurance SBUs.
• Financial Impact/Gap Analysis; Assist the IFRS17 Project Owner(s) to undertake an IFRS17 financial/impact gap analysis (impacts to income statement(s), statement of financial position, cash flow statement impacts, accounting policy choices, disclosures, asset-liability management, capital management including use reinsurance, business planning, etc.) for the Company’s and Group’s (as applicable) financial statements.
• The gap analysis report will be used to formulate a project plan to address the financial gaps identified, timelines, resources and budget required. This includes advice on the need or not for an IFRS17 external service provider support for this component of the project.
• Experience Monitoring: assist with conducting claims experience analysis, expense investigations, persistency/business retention studies, and other relevant actuarial investigations for Insurance SBUs to inform business decisions and to assist in actuarial work.
• Special Projects: participate in special projects as would be requested by the Head of the Actuarial Section and/or Management.
• Systems Support; provide support in relation to insurance administration and actuarial systems where possible.

SKILLS / COMPETENCE REQUIREMENTS

• Strategic and analytical thinking
• Be able to understand complex edicts, regulation guidelines, insurance /Reinsurance products/guidelines, and financial legislation
• Be able to work with time restraints
• Effective written and verbal communication
• Wide and comprehensive risk management knowledge
• Have expert skills in insurance profession
• Be able to conduct meetings and presentations skillfully
• Be detailed and results oriented

EDUCATION AND EXPERIENCE

• B Sc. /HND (Insurance, Economics, Statistics, Actuarial Science, or any related Discipline)
• CIIN, CERA, CRA, MSc. CERA, CFA, CRA, ACA, MBA, MSc. would be an added advantage
• Minimum of 6 years’ Experience in financial environment with at least 2 years in Middle Management level with responsibility in Actuary Risk Management and Control.

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• To assist the team lead system control officer in assessing and advise the IT and business stakeholders on all the IT and System control best practices of the operations and processes to reduce risks and improve efficiency and financial profitability.

ROLE COMPLEXITY

• To provide assurance to management that the Company’s internal control systems are adequate, effective and are operating as intended.
• Monthly exceptions and activities report.
• Provide a reasonable assurance on IT System security and functionalities.
• Report of IT applications review.
• Prompt detection of wrong or abnormal posting into System.
• Quality of reports produce for decision making process

FUNCTIONS & RESPONSIBILITIES

• Support all Internal Control assessment, operation Risk and execution of activities.
• Gather and analyze data for key deliverables relating to effective execution of Internal Control Activities.
• Conduct vulnerability and penetration assessment.
• Develop a detailed understanding of the activity under IT risks and controls.
• Assist in the recognition of key risk areas, incidents, control issues and assess their impact and recommend actions to enhance control.
• Assess IT risks and internal control strengths and weaknesses. Develop Control Check List and work program.
• Monitor the developed control check list for compliance and execute the work outlined in the work program.
• Conduct various IT review in line with IT annual plan and other assigned tasks.
• Advise IT and business stakeholders on control best practices within their processes to reduce risks and improve efficiency and financial profitability.
• Prepares formal report, expressing opinions on the adequacy and effectiveness of the system and the efficiency with which control activities are carried out.
• Document the work performed and conclusions, and appraises

CORE COMPETENCIES

• Proficiency in Audit Command Language (ACL) profecy
• Strong MS Excel, Word, and Power Point skills.
• Strong Analytical Skills.
• Excellent oral and written communication skills
• Structure Query Language (SQL)

FUNCTIONAL COMPETENCIES

• A very strong experience in IT control/audit function technical departments of an Insurance company may also be considered
• Ability to prioritize workload and meet deadlines
• Meticulous and results-oriented, with the ability to strive in a fast-paced work environment.
• Good presentation skills

EDUCATION AND EXPERIENCE

• First degree in Computer science, Management information system or related disciplines
• Professional Qualification (CISA, CRMA) would be an added advantage
• Minimum of 1 year working experience in a control or Internal Auditing related role in a Financial Institution or External Audit and proficiency in SQL, ACL etc.

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• The Group Life underwriting role is a crucial role in assessing and evaluating risks associated with group life insurance policies. In this dynamic position, you will collaborate with various teams, including sales, customer service, and actuaries, to underwrite and manage group life insurance applications.
• Your analytical skills and attention to detail will contribute to our commitment to providing reliable and comprehensive insurance solutions to our clients.

FUNCTIONS & RESPONSIBILITIES

• Preparation and sending out of Group Life quotations and Tender/ Bid to prospective Brokers and clients.
• Ensure compliance with the KYC/CFT requirements of the company in respect of both new and renewal businesses.
• Responsible for all medical underwriting issues
• Drafting of policy wordings, clauses, terms and conditions for conventional and special schemes
• Turn Quest Operations
• Registration of New Business on Turnquest
• Maintaining Life/Group Life Database Portfolio
• Settling of Broker’s or Agent Commission
• Client’s Services
• Maintaining of Client’s Record
• Preparation of Renewal Notice
• Preparation of group life insurance certificate
• Daily Input Of Transactions On Database (Turnquest)
• Servicing of branches (Group Life Business)
• Brokers Management
• Preparation of weekly production report
• Responsible for preparation of report and returns to the regulatory authority (NAICOM)

CORE COMPETENCIES

• Must have eyes for details, and must be able to work with little or no supervision
• Must possess relationship management, analytical & problem-solving skills. Prompt processing of client requested as per agreed timelines
• Good knowledge of the job
• Negotiation and interpersonal skills
• Proficient in the use of Microsoft Office Tools – Ms excel & Ms Powerpoint
• Excellent verbal and written communication skills

EDUCATION AND EXPERIENCE

• B.Sc./HND in any Science or Social Science course or any related field.
• Appreciable progress in CIIN Professional Exam is an added advantage.
• Minimum of 3 years of work experience as an underwriter.