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Head of Actuarial Unit

  • Industry / Sector: General Insurance
  • Location: Lagos, Nigeria
  • Date Posted: 21-Sep-2015


Our client is a foremost multi-line Insurance Company offering a diverse range of products and services covering general and special risks, as well as life insurance. With its strengthened corporate identity and business model, the company is positioned to play a central role in the transformation of the insurance industry in Nigeria through its established subsidiaries.


In line with this desire, our client is currently seeking to appoint an experienced and motivated individual to fill the position of Head of Actuarial Unit

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

  1. Bachelor’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields

  2. Master’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields

  3. Membership in the Society of Actuaries (FSA or ASA) or Considerable progress in Actuarial Examinations is mandatory.

  4. 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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