Head of Actuarial Unit at KPMG

Detailed Job Description

• The Head of Actuarial Unit will manage a team that performs full actuarial functions covering Life, Non-life, Investment and financial Operations of the Company.
• The individual will oversee product development, pricing, reserving, reassurance and provisioning.
• He/She will carry out data integrity analysis and support risk management.

Functions & Responsibilities

• Conduct monthly valuation of liabilities and assets of the Company to assist in making provisions, reserves and adjustments.
• Liaise with underwriting unit on pricing processes.
• Help to communicate the impact of changes to pricing assumptions and tools used by underwriting unit.
• Identify data requirements for analysis, pricing tool development and decision making.
• Ensure organization uses data effectively to reach profit and growth objectives
• Provide consultation to required units regarding actuarial, finance, planning, or other analysis for areas impacting the business
• Work with IT in automating actuarial and underwriting processes.
• Work with other groups within the Company to meet up with regulatory requirement and rating criteria.
• Prepare and present reports; explaining implications in clear terms to non-actuaries.
• Supervise other members of the group and assist in developing their skills
• Liaise with external Actuaries in coming up with external Actuarial Valuation Reports.
• Liaise with FINCON on rating engagements with Rating Agencies.
• Monitor and analyze financial results in order to communicate the impact of strategic and operational plans.
• Develop and revise strategic and tactical plans as necessary to meet corporate objectives and respond to environmental changes.
• Stay abreast of developments in actuarial techniques.
• Research relevant laws and regulations.
• Analyze developments in the marketplace.
• Represent the Company on industry and professional committees.
• Develop ways to use price as a competitive advantage.

Qualification/ Professional Membership

• Bachelor’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields
• Master’s degree in Mathematics, Statistics, Finance, Insurance and Actuarial Science or other quantitative fields
• Membership in the Society of Actuaries (FSA or ASA) or Considerable progress in Actuarial Examinations is mandatory.
• Membership of Chartered Insurance Institute of Nigeria (CIIN) will be an added advantage.

Skills/ Competence Requirement:

• Strong statistical, analytical and monitoring skills with solid understanding of all life/disability actuarial techniques, standards, and assumptions
• Strong knowledge of insurance operations and the procedures of Financial, Underwriting, Claims, Statistical, Information Technology, Legal, and Sales departments
• Must have led rate-making and pricing initiatives for insurance products.
• Effective written and verbal communication skills in presenting recommendations to non-actuaries.
• Advanced computing knowledge and high proficiency in use of Spreadsheet applications.

Generic Skills:

• High level of accuracy
• Close attention to details
• Strong numeracy ability
• Articulate
• Sound Judgment
• Excellent relationship management
• Proactive in taking responsibility, identifying problems and proffering solutions
• Very good written and verbal communication skills.
• Ethical
• Strong verbal and written communication skills
• Ability to exert influence and drive decision making at all levels

Minimum Experience:

• 8 - 10 years in Actuarial unit / Finance unit