Actuarial Officer at Leadway Assurance Company Limited

Posted on Thu 08th Dec, 2022 - www.hotnigerianjobs.com --- (0 comments)

Leadway Assurance Company, also known as Leadway, is a Nigerian insurance corporation headquartered in Lagos, Nigeria. It is one of Nigeria's largest insurance companies.[3] Leadway provides commercial and personal property and casualty insurance, travel insurance and life insurance. The company’s financial capacity grew over time, and can now underwrite risks of very high magnitude as regards heavy industries, such as Oil and Gas and big manufacturing concerns. It also offers subsidiary financial services like Bond, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management

We are recruiting to fill the position of:

Job Title: Actuarial Officer 

Job Ref.: 2200006Q
Location: Lagos
Job Type: Full-time
Schedule: Regular
Shift: Standard
Job: Technical

Job Purpose Statement

  • This role is responsible for providing technical support for:
    • Actuarial valuations
    • Actuarial insights and reporting
    • Product design and pricing
    • Economic Capital Modelling
    • Other data analytics
  • This is a trainee role, where the holder will support the objectives of the actuarial department to ensure company value is continuously created through the products offered to the market and ensure achievement of strategic goals and business plans. 
  • This objective will be achieved through effective:
    • Mentoring and coaching by other staff.
    • Contribution towards innovative product development and achievement of strategic goals and business plans.
    • Maintenance of company solvency, averting loss in net asset position and contribution towards Embedded Value growth.
    • Interactions with a wide range of stakeholders, including clients, agents and other departments of the company.

Key Accountabilities (Duties and Responsibilities)

Perspective: % Weight: Output:
Financial 15%
  • Product Pricing  and Design
  • Actuarial modelling in relation to pricing and profit testing
  • Support preparation of regulatory product approval documents
  • Perform Profit Testing - Value of New Business (VNB) calculations for product profitability assessment

Internal Business Process

50%

Experience Monitoring:

  • Carry out experience monitoring in, but not limited to, the following:
    • Withdrawal rates
    • Mortality
    • Expenses
    • Claims – incidence and severity
  • Other data analysis for business insights

Actuarial Valuation:

  • Perform the following actuarial calculations:
    • Liability Valuations - Gross premium valuation (GPV)
    • Embedded Value (EV) calculations
    • Stresses for Economic capital assessment:
  • Build actuarial and financial models, where required, for actuarial-related work
  • Support administration of the Life and Health Business Applications: Product set-up; Product reviews; and Testing of new developments on the Life and Health Business Administration Systems related to actuarial function
  • Business reporting - Support preparation of business reports
     
Customer 21%
  • Provide technical solutions with respect to pricing on special needs and policy quotes.
  • Provide timely and adequate actuarial support, where required, to other Leadway subsidiaries/entities
Learning and Growth 14%
  • Actuarial professional development
  • Bridge knowledge and skill gaps by attending and participating in actuarial skills development programs

Job Dimensions Reporting Relationships:

  • Direct Reports: N/A
  • Indirect Reports: Actuarial Interns (NYSC Interns and Academic Interns)

Stakeholder Management:
Internal:

  • Various functional heads within the business division
  • Employees across all cadres
  • Branch business

Decision Making Authority /Mandates/Constraints: 

  • The role holder has opportunity to make recommendations to his direct reports on decisions that can have impact across the entire organization.

Work cycle and impact:
This role has various work cycle and impact grouping:

  • Daily Actuarial Management: This drives effective use of the Actuarial Control cycle to manage business risks.
  • Actuarial services support for internal and external clients: This may involve working outside the office premises.

Ideal Job Specification
Academic:

  • Bachelor’s Degree in Actuarial Science or any quantitative discipline from are cognized University.
  • Successful completion of at least 1 actuarial professional exam.

Desired work experience:

  • Minimum of 6 months in an actuarial or a financial analyst role.   
  • Strong technical skills in Microsoft Excel (Advanced), Word, Access and PowerPoint.
  • High degree of numeracy
  • Strong written and verbal communication.
  • Meticulous in preparing and checking work, paying close attention to detail.
  • Self-motivated, curious and pro-active approach to work.
  • An appreciable degree of professionalism
  • Ability to be a self-starter and work cooperatively in a close team environment.

Leadway Assurance Core Values Behaviours (ISCORE):

  • Integrity: Honesty, probity and uncompromised service consistently at all levels and with all stakeholders
  • Service: A desire to help or meet the needs of others. The ability to respond to the changing needs of the customer while maintaining a high standard of quality
  • Customer Focus: Customer Focus is the willingness and ability to give priority to customers, delivering high quality services which meet their needs
  • Openness: Objective, Honest and direct in communicating feelings and stance on any issue that would help advance a circumstance or issue
  • Respect for Individual: The ability to hold each and every stakeholder in high esteem, and value their input in service/product development and delivery.
  • Excellence: To continuously seek to provide exceptional product and service to support aspiration for life and business with high impact results

Ideal Job competencies:

  • Good executionskills: Able to implement strategies by thinking through steps ofimplementation, taking strategic decisions, actuarial judgment  andputting personal effort as needed
  • Initiative: 
    • The passion of the actuarial trainee will need to drive the company tothe future. To consistently deliver stable profit/earnings and cash flows in order to:
    • Meet expected dividends
    • Withstand shocks; and
    • Service all liabilities
  • Attention to detail: Meticulous in preparing and checking work, paying close attention to detail.

Behavioural Competencies:

  • Results and Achievement Oriented: Strives to achieve results, enjoys measuring others, beingmeasured, and being judged on performance standards and thoseof others he/she leads
  • Appreciable degree of Professionalism: Budding professional, capable of maintaining the ethics of the actuarial profession.
  • Good Interpersonal Skills: Strong inter-personal skills which encourages and promotesenthusiasm and team spirit
  • Flexible andadaptable: Ability to quickly adjust to new changing trends and remaineffective when faced with new challenges and responsibilities

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should:
Click here to apply online