Actuarial Officer NIC Life Assurance

Purpose
Analyzing data, conducting risk assessments, and providing insights that help shape the company’s insurance products and pricing strategies.

Duties and Responsibilities
Actuarial
• Perform actuarial analysis and risk assessments on various insurance products during the annual valuations.
• Analysis value of new business, embedded value and assets liability management valuations.
• Identifying liabilities and risks
• Using advanced statistics and modeling to understand data.
• Produce reports on analysis findings.
• Identify trends within the business i.e. production trends, persistence trends, and lapse trends.
• Helping to review existing products in line with their design and pricing.
• Identifying new sources of data and verifying the data sources.
• Developing processes for improved data analysis and reporting.

Financial & Regulatory Reporting
• Inputs to regulatory reports i.e. financial condition report, solvency, risk based capital reports, returns, UIA, FIA and others as assigned.
• Support stakeholders with actuarial inputs; Finance, appointed actuary and audit / assurance teams reporting within monthly, quarterly and end year reporting timelines.

Profit testing
• Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
• New product development and reporting.
• Risk assessment, management, and reporting under IFRS17 reporting.
• Technical analysis under IFRS17

Policy administration and Management
• Assist in the issuance of policies in a timely and accurate manner as per the attached process.
• Where necessary ensure that medical underwriting is completed in a timely and appropriate manner in line with the medical underwriting process.
• Prepare monthly reports to management on new business.
• Ensure that reinsurance returns are filled in an accurate and timely manner as per the underwriting guidelines in place.

Premium administration and collection.
• Ensure that premium that is invoiced is collected in a timely manner from clients and brokers.
• For credit life, ensure clients submit monthly declarations in a timely manner.
• Follow up timely collections of monthly premium from clients or brokers as per contacts in place.
• Prepare monthly reports to management on premium collection against projection and growth or accounts lost.
• Revie client documentation and ensure that all our policy documents and proposal forms meet the regulatory standards on disclosures and money back policy.
• Perform any other professional duties as may be required from time to time.

Key Performance Indicators
• Timely submission of reports.
• Fulfil IFRS17 implementation for NIC Life
• Appropriate pricing to achieve target profit criteria set by the BOD
• Actuarial reporting for regulatory compliance 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 attaining professional actuarial qualifications (IFoA, SoA, etc.) is a strong advantage.
• Exceptional mathematical and statistical knowledge and understanding.
• Strong analytical and problem-solving skills.
• Proficiency in actuarial software or similar tools and advanced Excel skills.
• Excellent communication skills, with the ability to present complex data clearly.
• Basic knowledge of business and finance
• Basic knowledge of laws, legal codes, regulations, etc.

We are an equal opportunity organization; both male and female candidates are encouraged to apply.