Team Lead, Life & Savings Risk Management at Alfred and Victoria Associates Full Time

Job Title: Team Lead, Life & Savings Risk Management

Location: Lagos

Job Profile

• To support the implementation and strengthening of the company’s L&S risk management framework and policies
• To support a consistent framework to systematically identify, monitor and manage the most significant L&S risks
• To support daily processes and activities that alert management about new issues and risks evolution.

Key Responsibilities
Develop models that estimates:

• Technical Reserves for products, ensuring that all cashflows are accurately modelled (Gross and Net)
• Cash flow for pricing and profit testing of New and Revamped L&S products o Stress test scenarios in line with company’s assumptions
• Economic Capital Ratio (ECR)
• Computations of New Business Values (NBV), APE and Embedded Values (In-force)

Report:

• Prepare the Flash Reserve Report Executive Summary and the full Flash Reserve Report to be presented to EXCOM and for onward delivery to the AMIH L&S team at Half-Year (HY).
• Effectively monitor the Product Approval Process (PAP), confirming product compliance to companys L&S UW guidelines and PAP Policy
• Annually update the L&S Maturity Model for onward delivery to the regional L&S team
• Provide second opinion on liability cashflows for the Asset Liability Management (ALM) exercise
• Implement, quantify and review of assumption changes and model updates
• Work closely with Actuarial Services and Financial Reporting Units on Reserves
• Perform Insurance risks mapping and indicators’ monitoring
• Analyse, review, and prepare reports of exposures on L&S Risks to Management and Board
• Provide second opinion of the efficiency and completeness of the underwriting and reinsurance programs of the company’s (FAC and treaties)
• Provide second opinion on actuarial liabilities and on the reinsurance structure of the organization, challenge and justify of the choice to AXA Group
• Provide second opinion on Catastrophic risks where applicable
• Develop policies and partner with the of the 1st line of defense to implement better controls
• Provide second opinion on Portfolio Reviews (New Business/Renewals/Referrals)
• Develop policies and partner with the of the 1st line of defense to implement better controls
• Provide second opinion on Portfolio Reviews (New Business/Renewals/Referrals)
• Analyse, classify risks (frequency / potential severity) and measure financial impact of risk on the company
• Perform experience analysis on the L&S portfolio to provide opinion on pricing and reserving assumptions as well as for other actuarial exercises

Academic / Professional Qualification

• Preferred: Bachelor’s in Mathematics, Engineering or any other related numerate discipline
• Preferred: At least 6 actuarial exams passed and willing to go all the way to become FSA/FIA/CERA/CAA

Work Experience:

• Advanced understanding of insurance, risk management and mitigation control, finance Work experience: 6+ years of applicable experience, preferably in financial services (at least 3 out of the 5 years must be in Insurance underwriting, claims, finance or actuarial functions)

Required Skills & Competencies:

• Preferred: Sound knowledge of Product development, pricing, reserving, liability expertise, asset-liability, or financial modeling experience.
• Good knowledge of insurance products offerings (development, dependencies, features etc.) financial markets and instrument valuation.
• Office suite: Excel (VBA), Access, PowerPoint
• Use of programming language, R, will be an added advantage.
• Analytical and research orientation with an ability to focus on large amounts of data.

Salary
Very Attractive.

Application Closing Date
3pm on Friday, 4th November, 2022.

Method of Application
Interested and qualified candidates should send their tailored CV to: [email protected] using the Job Title as the subject of the email.

Note: Any application received after the closing date will be automatically rejected.