Head of Actuarial – Life Business at Leadway Assurance Company

This role is responsible for providing technical support for:


Actuarial valuations
Actuarial insights and reporting
Product design and pricing
Reinsurance Management
Economic Capital Modelling
Asset-Liability Management
Other data analytics


This is a senior role, where the holder will ensure company value is continuously created through the Life and Health products offered to the market and ensure achievement of strategic goals and business plans. This objective will be achieved through effective:


Line management relationships with associates, analysts, trainees and interns.
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.
Support company budget planning
Recommendations on decisions that can have impact across the entire organization.
Allocation of work to team members and monitoring of progress
Submission of reports, analyses, briefings and other forms of written advice in final form with minimal input required from the supervisor.

Key Accountabilities (Duties and Responsibilities) Perspective % Weight Output

Financial 25%
Asset-Liability Management (ALM):
Perform regular Asset-Liability Matching analysis to ensure ALM objectives are met
Provide investment recommendations in line with ALM strategy.
Product Design:
Work with relevant stakeholders for design and development of new products, where required.
Perform regular review of pricing, profitability, and design of existing products.
Provide actuarial regulatory requirements for product design.
Reinsurance Management:
i. Review reinsurance arrangements.
ii. Optimization reinsurance strategy.


Budget projections and forecast of financials - Actuarial aspects of financials

Internal business processes 50%

Experience Monitoring/Business Insights:


Ensure pricing and valuation assumptions are continuously monitored, and appropriate action taken where necessary.
Perform and review Analysis of Surplus, Embedded Values and other analyses, as required, for business insights and to manage business risks.


Actuarial Valuation:


Valuation assumption setting.


Perform and report on actuarial valuations:


Liability Valuations - Gross premium valuation (GPV) and reporting.
Embedded Value (EV) calculations and reporting.
Value of New Business (VNB) calculations and reporting.
Support Economic Capital (EC) modelling for assessment and reporting on the capital requirements of the company.
Build and review actuarial and financial models.
Business reporting:
Reporting and communication with stakeholders
Support preparation of Financial Condition Reports (FCR), and other business reports from time to time.
Provide support on special projects for leadway and other subsidiaries/entities if need arises.


Customer 11%


Provide technical solutions with respect to pricing on special needs and policy endorsements/surrenders.
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: jobs that report to this position directly and indirectly

Direct Reports


Actuarial Associates
Senior Actuarial Analysts


Indirect Reports


Actuarial Analysts & Actuarial Graduate Trainees
Actuarial Interns (NYSC Interns and Academic Interns)
Actuarial Contract Staffs


Stakeholder Management: key stakeholders that the position holder will need to liaise/work with to be successful in this role.

Internal


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


Associate companies

External


Regulator (NAICOM, NAS)


Actuarial Consultants

Decision Making Authority /Mandates/Constraints: the decisions the position holder is empowered to make


The role holder has significant influence to make recommendations on decisions that can have impact across the entire organization.
The role holder is the accountable executive responsible for allocating work to team members and monitoring progress.


Work cycle and impact: time horizon and nature of impact (Planning)

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
Project management: This involves planning, initiating or leading projects that will provide the next phase of growth for the business.


Ideal Job Specifications Academic:


Bachelor's Degree in Actuarial Science or any quantitative discipline from a recognized University.
Successful completion of at least 8 actuarial professional exams. Desired work experience:
Minimum of 5 years in an actuarial role.
Strong technical skills in Microsoft Excel, Word, Access and PowerPoint.
Strong written and verbal communication.
Strong analytical and problem-solving skills
Ability to meet tight deadlines
A high degree of professionalism
Ability to be a self-starter and work cooperatively in a close team environmen