Actuary Risk Analyst at AIICO Insurance

About the job

The role will mainly involve assisting with the day-to-day activities of the Valuations, Reserving, and Financial Reporting section of the Actuarial Function. This section of the Actuarial Function provides crucial contribution to the sound financial management of the Company and Group.

FUNCTIONS & RESPONSIBILITIES

• Valuation and Reserving Support; assist with the regular internal actuarial valuations of liability for Life and Non-Life Insurance SBUs; assist with analysis of profitability/surplus (AOS) surplus arising from the valuation for Life SBU and actual versus expected experience analysis for the Non-life SBU.
• Embedded Value works; assist with the regular internal calculation of the Embedded Value for the Life SBU and analysis of change in Embedded Value (AOEV).
• Aggregation of Results; assist with collation, review, and interpretation of actuarial/business results for Insurance SBUs.
• Financial Reporting Support: assist with providing the Finance Function all the relevant actuarial information and reports required to meet the Company’s/Group’s IFRS requirements (including IFRS17), statutory and other requirements.
• Financial and Capital Modelling; assist with financial and capital modelling of business scenarios/projects to inform business decision making.
• Product/Services Development and Pricing; assist with providing the Product and Services Innovation Section of Actuarial with technical support in existing products assessments and reviews, product lifecycle management and monitoring, new products pricing and review of premium rates for existing products for insurance subsidiaries in the Group.
• Risk and Capital Management Support; assist with providing the Risk and Capital Management Section of Actuarial with necessary information and/or results to quantify financial risk (insurance, market, credit risks, etc.) and calculating the capital requirements for Insurance SBUs.
• Reinsurance and Underwriting Support; assist with providing the Risk and Capital Management Section of Actuarial with necessary information and technical support to review of appropriateness, adequacy and cost efficiency of reinsurance and underwriting arrangements in place and/or formulating the same for Insurance SBUs.
• Strategy and Business Planning Support; assist with providing the Business Performance and Analytics Section of Actuarial with technical support in business planning financial projections, strategy development and review, market and competitor analysis, and internal business/financial analysis.
• ALM and Investment Strategy Support; assist with providing the Business Performance and Analytics Section of Actuarial with technical support in asset-liability management, in developing/formulating appropriate investment strategies and/or review of, and monitoring of investment strategies for Insurance SBUs.
• Financial Impact/Gap Analysis; Assist the IFRS17 Project Owner(s) to undertake an IFRS17 financial/impact gap analysis (impacts to income statement(s), statement of financial position, cash flow statement impacts, accounting policy choices, disclosures, asset-liability management, capital management including use reinsurance, business planning, etc.) for the Company’s and Group’s (as applicable) financial statements.
• The gap analysis report will be used to formulate a project plan to address the financial gaps identified, timelines, resources and budget required. This includes advice on the need or not for an IFRS17 external service provider support for this component of the project.
• Experience Monitoring: assist with conducting claims experience analysis, expense investigations, persistency/business retention studies, and other relevant actuarial investigations for Insurance SBUs to inform business decisions and to assist in actuarial work.
• Special Projects: participate in special projects as would be requested by the Head of the Actuarial Section and/or Management.
• Systems Support; provide support in relation to insurance administration and actuarial systems where possible.

SKILLS / COMPETENCE REQUIREMENTS

• Strategic and analytical thinking
• Be able to understand complex edicts, regulation guidelines, insurance /Reinsurance products/guidelines, and financial legislation
• Be able to work with time restraints
• Effective written and verbal communication
• Wide and comprehensive risk management knowledge
• Have expert skills in insurance profession
• Be able to conduct meetings and presentations skillfully
• Be detailed and results oriented

EDUCATION AND EXPERIENCE

• B Sc. /HND (Insurance, Economics, Statistics, Actuarial Science, or any related Discipline)
• CIIN, CERA, CRA, MSc. CERA, CFA, CRA, ACA, MBA, MSc. would be an added advantage
• Minimum of 6 years’ Experience in financial environment with at least 2 years in Middle Management level with responsibility in Actuary Risk Management and Control.