Jobs Career Advice Signup
X

Send this job to a friend

X

Did you notice an error or suspect this job is scam? Tell us.

  • Posted: Jun 11, 2021
    Deadline: Not specified
    • @gmail.com
    • @yahoo.com
    • @outlook.com
  • Never pay for any CBT, test or assessment as part of any recruitment process. When in doubt, contact us

    Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC Bank legally became part of Standard Bank Group 24th August 2007. The Standard Bank Group merged its Nigerian operations, Stanbic Bank Nig...
    Read more about this company

     

    Actuarial Specialist - SIIL

    Job ID: 56361
    Location: Lagos Island, Lagos
    Job Sector: Insurance

    Job Purpose

    • Supports the Executive Director: Technical in developing & pricing solutions for SIIL across the different channels, Experience investigation, Actuarial valuation, Capital & Risk management function. Supports the Business Units through clear understanding of all data and customer insights that helps in developing optimal customer solutions for SIIL.
    • Engages with different stakeholders with the intention of creating buy in and pricing solutions that assists the business in optimising risks from solutions whilst reducing the customer financial risks and assisting them to meet their personal goals.
    • Creates in-depth understanding of the business processes that SIIL utilize to engage and serve customers. Utilizes the resultant understanding to develop & price solutions that meet customer needs and assists the Stanbic IBTC group in meeting their life insurance business goals.  

    Key Responsibilities/Accountabilities
    Product Development, Pricing and Implementation of solutions:

    • Assists in driving new solutions for the businesses across all areas and channels:
      • Embedded Risk Business
      • Direct Life Business
      • Advisory Business
    • Develop solutions in line with the Product management framework & Future Ready standards of modularity and portability
    • Pricing of the products to meet profitability and risk appetite for the business
    • Preparing a new product pricing report in line with the product management framework for any new product to be launched
    • Facilitates the establishment of the UFSO for the business by getting in depth understanding of customer needs through data analytics and insights from the underlying Stanbic IBTC Group and utilising the insights to drive good solutions for customers.
    • Develops and maintains working relationships with other functional product areas in the groups within the UFSO for Stanbic IBTC Wealth, Bank, other subsidiaries and external partners.
    • Provide strategic insight into risk business projects to ensure project effectiveness, efficiency and spend is aligned with business goals 

    Product Maintenance:

    • Updating the immediate & regulatory annuity rates on a regular basis to ensure its in line with prevailing market conditions and the business’s risk appetite
    • Re-price for any improvements and changes to existing products
    • Assess industry trends, market size and structure, competitor benchmarks, and reviews competitor analysis for existing solutions.
    • Develops relevant metrics to manage existing business and tracks the metrics to ensure that the business that is in force is managed optimally.
    • Calculates existing metrics like loss ratios, asset liability management matching, persistency and other critical metrics to assist the business to assess impact of current solutions and gives ideas on managing the solutions.
    • Tracks legislative changes that impact our solutions and initiates changes to ensure that all our solutions are in line with legislative requirements.
    • Research and apply critical thinking to industry trends, competitor dynamics and current/ potential future events to provide relevant business insights
    • Sourcing relevant research on the life insurance  solutions industry, competitors and other relevant market players for input into business cases, business planning, strategy reviews

    Developing Innovative Solutions:

    • Collaborate effectively with team members, Stanbic IBTC senior stakeholders and external partners facilitating development of innovative risk solutions
    • Price innovative risk solutions that assists customers in meeting their day today needs and also integrate well with the broader Finance Solutions in the Bank.

    Data Analysis and Process Review:

    • Drive the annual pricing review for all solutions in time for the business review.
    • Drives all the required experience investigations exercises to ensure that the pricing reviews align to the latest experience on the book.
    • Assist in the provision of actuarial insights in the management of leads and ensure that the business offers appropriate solutions to customers.
    • Reviews system changes and ensures that changes are deployed correctly on the Life Insurance systems and the corresponding bank systems. 

    Actuarial Valuation and Risk Management Functions:

    • Perform and review periodic actuarial valuation work covering; data, Reserves, Value of New Business (VNB) & Embedded Values (EVs).
    • Drafting half-year and full year actuarial valuation reports for external statutory actuaries.
    • Build and Run the Regulatory and Economic Capital (ECAP) calculations for SIIL
    • Reporting and communicating actuarial analytics.
    • Supporting the SIIL Finance team with actuarial finance reporting.
    • Support the Risk Management function within SIIL by producing relevant Management Information.
    • Support the development and implementation of Risk Management projects and initiatives. 

    Preferred Qualification and Experience

    • A Bachelor's degree in Actuarial Science, Must possess the desire and willingness to continue writing Actuarial Exams, Must possess the desire and willingness to develop insurance solutions and  improve customer experience.
    • 5-7 years Superior understanding of the Insurance business
    • Excellent Microsoft Office Suite skills.
    • Professional Certifications in Finance related fields 
    • Advanced/Professional Degree or Professional Qualification in a relevant discipline is desirable.
    • Strong Analytical/Numeric skills.

    Method of Application

    Interested and qualified? Go to Stanbic IBTC on careers.peopleclick.eu.com to apply

    Build your CV for free. Download in different templates.

  • Send your application

    View All Vacancies at Stanbic IBTC Back To Home

Subscribe to Job Alert

 

Join our happy subscribers

 
 
Send your application through

GmailGmail YahoomailYahoomail