• Application Deadline:
• Position: Head of Department, Actuarial


• Job Type Full Time


• Qualification BA/BSc/HND


• Experience 8 years


• Location Lagos


• Job Field Insurance 
  

Job Purpose

• This role will oversee all actuarial matters within the organization.


• Core purpose is to coordinate the work of the actuarial officers and develop actuarial reports, product development & pricing and experience investigations.

Key Responsibilities

Product Development:

• Understand business requirements and research new products


• Develop business cases


• Development of benefit and premium structures


• Implement developed products through communication with relevant stakeholders and supervision of application

Pricing & Profitability Testing:

• Review of existing rates on a regular basis


• Identifying where products are unprofitable through portfolio monitoring and financial analysis

Valuation and Reporting:

• Calculation and review of actuarial reserves on a quarterly basis


• Any other ad-hoc reporting required by the supervising Manager

Modelling & Actuarial Controls:

• Modelling of actuarial processes, such as expense analyses, burning cost calculations, profitability investigations and other ad-hoc models


• Develop and strengthen controls in all areas of work to improve auditability and accuracy of results

Actuarial Process Efficiency:

• Actively seek areas where existing and new actuarial processes can be improved


• This can be through novel solutions or application and development of software  

Experience Analysis & Assumption Testing:

• Perform and guide experience analyses through financial calculations


• Test assumptions used in actuarial modelling to understand the robustness of calculations.

Actuarial Committee Secretariat:

• Engage in and report to Actuarial Committee at its regular meetings


• Develop actuarial reports on current status quo of actuarial function and work performed.

Actuarial Risk Management:

• Support the development of models to quantify the risk profile of the organization.


• Support the company through application of the risk management control cycle in actuarial space


• Develop risk appetite statements


• Review current experience against risk appetite statements.

Regulatory and Tax Reporting:

• Calculation and population of capital requirement templates to the regulator


• Calculation of actuarial quantities for statutory purposes to enable tax calculations.

Asset-Liability, Investment & Capital Management:

• Tracking exposure to inflation, interest, currency and liquidity mismatches


• Review investments and its impact on capital availability


• Assist in capital allocation operations 

Actuarial Team Leadership:

• Manage and develop Actuarial staff Undertake any other duties that may be assigned by the Supervisor 

Job Requirements

• A minimum of a First Degree in Actuarial Science, Mathematics or other Quantitative Field


• Full (Fellowship) or Partial (Associateship) qualification with one of the major (Property & Casualty) actuarial bodies


• Minimum of 8 years working experience in a generalist or specialist actuarial role in a financial services environment


• People management and team development skills


• Have excellent IT skills and be familiar with Actuarial software packages  


• Excellent understanding and use of data for management decision making will be desirable Excellent oral and written communication skills


• Focused and structured in approach, effectively managing multiple tasks to meet deadlines.


• Creative, confident and professional person with high levels of drive and integrity 

Other Requirements:

• Assets management, forecasting, statistical analysis, predictive modeling, leadership and team management, realibility, building culture, customer senstivity, asset and liability management, forecasting and projection.