Actuarial Officer at Leadway Assurance Company

Job Purpose Statement

This role is responsible for providing technical support for:

• Actuarial valuations
• Actuarial insights and reporting
• Product design and pricing
• Economic Capital Modelling
• Other data analytics
   

This is a trainee role, where the holder will support the objectives of the actuarial department tensure company value is continuously created through the products offered tthe market and ensure achievement of strategic goals and business plans. This objective will be achieved through effective:

Mentoring and coaching by other staff.

• 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.

Key Accountabilities (Duties and Responsibilities)

Perspective

%Weight

Output

Financial

15%

• Product Pricing  and Design
• Actuarial modelling in relation tpricing and profit testing
• Support preparation of regulatory product approval documents
• Perform Profit Testing Value of New Business (VNB) calculations for product profitability assessment
• Internal business processes

50%

Experience Monitoring

Carry out experience monitoring in, but not limited to, the following:
Withdrawal rates

Mortality

Expenses

Claims – incidence and severity

Other data analysis for business insights
Actuarial Valuation

Perform the following actuarial calculations;
Liability Valuations Gross premium valuation (GPV)

Embedded Value (EV) calculations

Stresses for Economic capital assessment

Build actuarial and financial models, where required, for actuarial-related work

Support administration of the Life and Health Business Applications: Product set-up; Product reviews; and Testing of new developments on the Life and Health Business Administration Systems related tactuarial function

Business reporting Support preparation of business reports

Customer

21%

• Provide technical solutions with respect tpricing on special needs and policy quotes.
• Provide timely and adequate actuarial support, where required, tother Leadway subsidiaries/entities
• Learningandgrowth

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 tthis position directlyand indirectly

 

Direct Reports

N/A

• Indirect Reports
• Actuarial Interns (NYSC Interns and Academic Interns)
   

Stakeholder Management: key stakeholders that the position holder will need toliaise/work with tbe successful in this role.

Internal

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

External

N/A

• Decision Making Authority /Mandates/Constraints: the decisions the positionholder is empowered tmake
• The role holder has opportunity tmake recommendations this direct reports on decisions that can have impact across the entire organization.
• 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 tmanage business risks.
• Actuarial services support for internal and external clients: This may involve working outside the office premises

Ideal Job Specifications

Academic:

• Bachelor’s Degree in Actuarial Science or any quantitative discipline from arecognized University.
• Successful completion of at least 1 actuarial professional exam.

Desired work experience:

• Minimum of 6 months in an actuarial or a financial analyst role.   
• Strong technical skills in Microsoft Excel (Advanced), Word, Access and PowerPoint.
• High degree of numeracy
• Strong written and verbal communication.
• Meticulous in preparing and checking work, paying close attention tdetail.
• Self-motivated, curious and pro-active approach twork.
• An appreciable degree of professionalism
• Ability tbe a self-starter and work cooperatively in a close team environment.

 

Leadway Assurance Core Values Behaviours (ISCORE)

• Integrity
• Honesty, probity and uncompromised service consistently at all levels and with all stakeholders Service
• A desire thelp or meet the needs of others. The ability trespond tthe changing needs of the customer while maintaining a high standard of quality Customer Focus
• Customer Focus is the willingness and ability tgive priority tcustomers, delivering high quality services which meet their needs Openness
• Objective, Honest and direct in communicating feelings and stance on any issue that would help advance a circumstance or issue Respect for Individual
• The ability thold each and every stakeholder in high esteem, and value their input in service/product development and delivery.

Excellence

• To continuously seek tprovide exceptional product and service tsupport aspiration for life and business with high impact results

 

Ideal Job competencies

• Good executionskills
• Able timplement strategies by thinking through steps ofimplementation, taking strategic decisions, actuarial judgment  andputting personal effort as needed Initiative

The passion of the actuarial trainee will need tdrive the company tothe future. Tconsistently deliver stable profit/earnings and cash flows in order to:

• Meet expected dividends
• Withstand shocks; and
• Service all liabilities
• Attention tdetail
• Meticulous in preparing and checking work, paying close attention tdetail.

Behavioural Competencies

• Results and Achievement Oriented
• Strives tachieve results, enjoys measuring others, beingmeasured, and being judged on performance standards and thoseof others he/she leads
• Appreciable degree of Professionalism
• Budding professional, capable of maintaining the ethics of the actuarial profession.
• Good Interpersonal Skills
• Strong inter-personal skills which encourages and promotesenthusiasm and team spirit
• Flexible and adaptable
• Ability to quickly adjust to new changing trends and remaineffective when faced with new challenges and responsibilities

Qualifications
 
Academic:

• Bachelor’s Degree in Actuarial Science or any quantitative discipline from a recognized University.
• Successful completion of at least 1 actuarial professional exam.

Desired work experience:

• Minimum of 6 months in an actuarial or a financial analyst role.   
• Strong technical skills in Microsoft Excel (Advanced), Word, Access and PowerPoint.
• High degree of numeracy
• Strong written and verbal communication.
• Meticulous in preparing and checking work, paying close attention tdetail.
• Self-motivated, curious and pro-active approach twork.
• An appreciable degree of professionalism