Insurance Risk Analyst at AIICO Insurance

The Insurance Risk Analyst is responsible for safeguarding the organisation, its customers, reputation, assets and the interests of stakeholders by identifying, analysing and managing all threats to the achievement of its technical performance objectives.

FUNCTIONS & RESPONSIBILITIES

• Developing, implementing and reviewing periodically the overall Insurance Risk Management and Control Framework, Process/Procedure and Risk Appetite.
• Reviewing the underwriting, Claim, Pre and Post loss and recovery processes and activities to provide assurance on the processes and procedures' adequacy and efficiency.
• Recommending changes to insurance policies to improve coverage or reduce costs based on new laws or regulations or changing circumstances in the industry.
• Conducting scenario and sensitivity analysis as required.
• Reviewing the product pricing, premiums vs Loss ratios to ensure profitability targets are met.
• Working with the Technical Teams to prevent financial losses resulting from technical operations and strategies.
• Evaluating insurance premiums and rate structures to determine if they are adequate to cover potential losses.
• Reviewing the adequacy of reinsurance arrangements/SLAs and the adequacy of the calculation of the best estimate of the amounts recoverable from reinsurance contracts.
• Assessing the company’s risk profile and underwriting policies.
• Conducting credit rating and assessment of reinsurers and Co-insurers.
• Assisting identify risks, including insurance, economic, and financial risks that may affect the company’s short-term and long-term objectives. Develop a strategy to respond to the identified risks in the most efficient manner.
• Develops, implements/ monitors implementation of Risk Management and Control Strategies, Risk Appetite, ALCO, ORSA Frameworks etc with respect to insurance risks.
• Contributing to ORSA report processy.
• Preparing detailed activity report as well as statutory, Board/Management Committees and Management risk management report appropriately.
• Participate in Independent ERM audit assignment.
• Any other responsibilities as may be assigned by the Head of Department from time to time.

QUALIFICATIONS

• B Sc. /HND (Insurance, Economics, Statistics, Actuarial Science or any related Discipline).
• CIIN, CERA, CRA, MSc. would be an added advantage.
• Minimum of 6 years in a financial environment with at least 2 years in management level with responsibility in insurance risk management and control.

SKILLS

• 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 skilfully.
• Be detailed and results oriented.
• Be a strong negotiator.
• Superior management, leadership and supervisory expertise.
• Be professional, ethic and objective.

GENERIC SKILLS

• Negotiation.
• Presentation.

SUPERVISORY SKILLS

• General managerial/administration.
• Team building/conflict management.
• Coaching.
• Leadership / Influencing.
• Performance Management.

KEY PERFORMANCE INDICATORS

• Efficient and effective monitoring and control of the probability and/or impact of unfortunate events.
• Quality (effectiveness and efficiency) of Insurance Risk Management and Control system.
• Efficiency of risks control processes in place.
• Ability to identify and control emerging risks to AIICO’s operations.
• Accurate management of Insurance and Reinsurance portfolio risks.
• Accuracy and timeliness of Risk Management reports rendition.