Job Type: Full Time.
Experience: 7-10 years
Location: Lagos, Nigeria.
Reports to (Title): Chief Risk Officer.
Job Profile for Head, Insurance Risk
To ensure the implementation and strengthening of the company’s P&C, L&S and Health risk management framework and policies in line with Regulatory & applicable the organization’s standards
-To develop and implement consistent techniques and framework to systematically identify, assess, monitor, manage and report the most significant Property & Casualty, Life and Saving and Health Insurance risks
-To support the CRO in daily processes and activities that alert management about new issues and risks evolution
Academic/Professional: Relevant first degree in Statistics, Actuarial Science, Economics or Business Administration with professional English level.
Must be an Associate Actuary or has passed significant number of actuarial examinations and willing to become FSA/FIA/CERA
Work Experience: 7 – 10 years of applicable experience in the insurance or financial sector will be an added advantage
- Ensure compliance to Company, Regulatory, Standards, Solvency II etc., policies, framework, and guidelines for risk management
- Ensure compliance to annual maturity targets and year-end updates of risk management scope, with particular focus on P&C, L&S and Health maturity models for onward delivery to the Regional risk management
- Develop monitor and provide reporting on risk appetite statements and limits (particular focus on P&C, L&S and Health Insurance)
- Escalate alerts and risk evolution to direct report and management.
- Ensure appropriate level of quantification, review of assumption changes, updates and validation or model with CRO and Regional risk management as applicable
- Ensure Insurance risks mapping, and indicators are developed and implemented
- Develop techniques and methodology to enhance expert second opinion on efficiency of actuarial reserves, underwriting, pricing etc.
- Provide second opinion on suitable investment strategy for new products – PAP (Product Approval Process) related work
- Provide second opinion and challenge Portfolio Reviews (New Business/Renewals/Referrals)
- Provide second opinion of the efficiency and completeness of the underwriting and reinsurance programs.
- Support and provide second opinion on Catastrophic and Atypical losses, Capital Management etc.
- Ensure the regulatory accomplishment of risk management requirements
- Collaborate with first line to develop and implement policies and better internal controls for risk management
- Monitor policies above the Gross Underwriting Limits (GUL) for referrals.
- Oversee risk management framework for Product Approval Process (PAP), provide second opinion on products development (new and reviews), pricing, renewal, Volume risk, anti-selection, confirm product compliance to guidelines and PAP Policy
- Provide strategic direction and leadership for the business development teams
- Demonstrate strong management and leadership skills, with emphasis on enabling the development of team members and encourage ownership and responsibility for their individual tasks.
- Effectively manage assigned teams for optimal productivity ensuring team development, performance levels and well being
- Participate in Risk Committees or other required Committees
- Understand and facilitate the human capacity and technical development needs of the Insurance Risk team
- Work closely and collectively with functional units to support management in ensuring their risks are identified, assessed, reported and managed
- Drive a sound risk culture, promoting open discussion within the business, debate and challenge across functional units. Independent peer review as a norm with regard to critical reports and decisions as well as proactive management of live/active risks and issues.
- Support the CRO in the execution of special projects relevant to Risk Management
- Support the CRO, Local Audit, Risk and Compliance Committee on key risk reporting as well as risk related matters, both technically and logistically
- Support the CRO in managing the day-to-day activities/operations of the risk management teams
Required Skills and Competencies
- Specialized and advanced math knowledge – Calculus, Statistics etc.
- Good knowledge and practical experience of financial theory, valuation, projection, actuarial modelling, actuarial control cycle, insurance products offerings (development, dependencies, features etc.), financial markets and instrument valuation
- Expert user of Office suite: Excel, Access, PowerPoint e.t.c
- Knowledge and use of programming language – VBA, R and SQL
- Relationship management and interpersonal collaboration, negotiation, and influence
- Strategic insight and integration
- Result oriented and solutions mindset
- Strong verbal and written communication skills and good presentation skills