Actuarial Officer
Company: NIC Life Assurance Ltd
Deadline: 30th September 2024
Location: Kampala, Uganda
Type: Full-time
NIC Life Assurance Ltd is seeking an experienced Actuarial Officer to analyze data, conduct risk assessments, and provide insights to shape the company’s insurance products and pricing strategies.
Reports to: Managing Director
Duties and Responsibilities:
Actuarial:
- Perform actuarial analysis and risk assessments on various insurance products during annual valuations.
- Analyze the value of new business, embedded value, and asset liability management valuations.
- Identify liabilities and risks using advanced statistics and modeling.
- Produce detailed reports on analysis findings and identify business trends (e.g., production, persistence, lapse trends).
- Review existing products in line with their design and pricing.
- Identify and verify new data sources.
- Develop processes for enhanced data analysis and reporting.
Financial & Regulatory Reporting:
- Contribute to regulatory reports, including financial condition, solvency, risk-based capital reports, UIA, FIA, and others as assigned.
- Support stakeholders with actuarial inputs for finance, appointed actuary, and audit/assurance teams within reporting timelines.
- Conduct profit-testing of products under IFRS17 and recommend optimal treatment of onerous contracts.
- Engage in new product development and reporting, risk assessment, management, and reporting under IFRS17.
- Perform technical analysis under IFRS17.
Policy Administration and Management:
- Assist in timely and accurate issuance of policies as per the established process.
- Ensure timely and appropriate medical underwriting in line with the medical underwriting process.
- Prepare monthly reports to management on new business and ensure accurate and timely reinsurance returns.
- Manage premium administration and collection, including timely collections from clients and brokers.
- Review client documentation to ensure compliance with regulatory standards.
Key Performance Indicators:
- Timely submission of reports.
- Fulfill IFRS17 implementation requirements for NIC Life.
- Appropriate pricing to meet target profit criteria set by the Board of Directors.
- Compliance with actuarial reporting for regulatory and financial statements.
Requirements:
- Bachelor’s Degree in Actuarial Science, Statistics, Mathematics, or a related field.
- At least 2 years of relevant actuarial experience in the insurance industry.
- Progress towards professional actuarial qualifications (e.g., IFoA, SoA) is advantageous.
- Exceptional mathematical and statistical knowledge.
- Strong analytical and problem-solving skills.
- Proficiency in actuarial software, advanced Excel skills, and excellent communication skills.
- Basic knowledge of business, finance, laws, and regulations.
Application Process:
If you meet the qualifications and are ready to take on this role, please send your resume to vacancy@nic.co.ug with the subject line “Ref: Actuarial Officer.”
Applications should be received by Monday, 30th September 2024, at 5 PM.
Note: Only short-listed candidates will be contacted.
About NIC Life Assurance Ltd
NIC Life Assurance Ltd is a wholly owned subsidiary of NIC Holdings Limited, established on 3rd March 2014, focusing on life assurance businesses following legal separation under the Insurance (Amendment) Act.