• Application Deadline: Tue, 21 May 2024 00:00:00 GMT
• Position: Actuary - Life Pricing & Product Development


• Job Type Full Time


• Qualification BA/BSc/HND


• Experience 7 years


• Location Lagos


• Job Field Data, Business Analysis and AI 
  

RESPONSIBILITIES

• The successful candidate shall report to the Director of Life Operations and will be responsible for pricing and product development of the life reinsurance portfolio across the corporation.


• The incumbent will also act as marketing actuary, providing support to life underwriters.


• The holder of this position will be required to have in-depth knowledge of the life reinsurance market across most African countries, including awareness of the legal and regulatory framework

DUTIES / JOB DETAILS

The main duties of the job holder shall comprise, amongst others, the following:

• Contribute to product development, design, and expansion


• Actuarial support for the life department including development of pricing bases and actuarial process improvement analyses and tools.


• Review/monitor the profitability of business lines and recommend strategic actions as necessary (products, pricing basis, etc.).


• Provide input into reserving for the life portfolio.


• Provide input to other functions (underwriting, other actuarial functions, finance, claims etc.) as relates to the life portfolio.


• Provide support on retrocession needs analysis, perform data analyses and assist with decision-making on retrocession purchases for the life portfolio.


• Support the development and execution of the Life team’s strategy.


• Monitor the performance of the life portfolios and improve governance standards.


• Assist cedants with design and development of new Life insurance products & client presentations.


• Develop eye for business in order to become a source of technical knowledge and advice for life reinsurance across the Corporation.


• Participate actively in market initiatives regarding mortality tables, pricing and other standard setting initiatives.


• Perform any other duty that may be assigned by Supervisors or Group Management.

MAIN COMPETENCIES REQUIRED FOR THIS ROLE

• Deeply knowledgeable about life insurance and know-how to implement technical solutions and products.


• Commercially minded.


• Client-centric and experience working with external parties.


• Proficient in MS Excel. Programming experience in VBA, Python, C#, SQL and/or R is beneficial.


• Able to present complex topics clearly to a variety of stakeholders


• Enthusiastic about working with international colleagues in a multi-cultural environment.


• Experience in pricing/monitoring a range of life products, good understanding of GAAP, IFRS and also capital solutions would be a plus.


• Committed to quality, accuracy and speed.

MINIMUM QUALIFICATIONS AND EXPERIENCE:

Applicants shall be holders of a;

• First degree in Mathematics, Actuarial Science, Statistics or other related numerate fields with a minimum of 7 years actuarial experience in a Life insurance or reinsurance company or actuarial consulting firm OR at least 3 years of experience working in a life pricing or product development role.


• Associate or substantial progression to achieving Associateship / Fellowship of an internationally recognized actuarial examining body.


• Experience working in an international insurance or reinsurance company AND experience in Life re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

ADDITIONAL REQUIREMENTS FOR CANDIDATES FOR THIS POSITION

Applicants must have:

• Effective communication and interpersonal skills for collaboration and clear presentation.


• Commercial awareness and client-centric approach for product development.


• Deep understanding of life insurance concepts and regulations to develop technical solutions.


• Enthusiastic about multicultural collaboration and proficient in MS Excel and programming languages.


• Commitment to quality, accuracy, and adaptability in dynamic industry environments.


• Strategic thinking and problem-solving abilities for portfolio analysis and strategy execution.


• Attention to detail and analytical mindset for data analysis and governance improvement.


• Continuous learning mindset to stay updated on industry trends and methodologies.


• Proficient in English communication; French proficiency is an added advantage.