Head, Actuarial & Technical Department (Microinsurance Division)

Responsibilities:

Actuarial Strategy & Leadership

• Lead the actuarial and technical functions of the organization, providing direction on pricing, valuation, reinsurance, and risk assessment.
• Develop actuarial frameworks and policies aligned with NAICOM, IFRS 17, and other regulatory requirements.
• Provide technical advice to senior management and the Board on financial sustainability, product performance, and business projections.
• Oversee actuarial modeling tools and ensure the integration of digital and data-driven analytics in all actuarial processes.

Product Development & Pricing

• Lead the design, pricing, and review of microinsurance products, ensuring affordability, compliance, and profitability.
• Use actuarial techniques and behavioral insights to design customer-centric and flexible insurance plans tailored to low-income and informal sector markets.
• Collaborate with fintech, agritech, and healthtech partners to design embedded insurance products that align with digital distribution models.
• Conduct periodic profitability analyses, experience studies, and pricing reviews to optimize performance.

Technical Operations & Reserving

• Oversee the computation of technical reserves (claims, unearned premium, and IBNR) using approved actuarial methodologies.
• Ensure accuracy and reliability of technical results presented in financial statements.
• Design and maintain data validation and quality control systems to ensure integrity in pricing and reserving data.
• Manage reinsurance technical accounts and support the placement of appropriate reinsurance structures for risk mitigation.

Risk Management & Compliance

• Identify and assess insurance and operational risks, proposing strategies to maintain solvency and capital adequacy.
• Collaborate with the Risk & Compliance Department to implement enterprise risk management (ERM) practices tailored for microinsurance operations.
• Ensure adherence to local and international regulatory requirements, including NAICOM, IFRS 17, and IAIS microinsurance standards.
• Support the company’s participation in industry technical working groups and policy development initiatives.

Data Analytics & Digital Integration

• Lead the adoption of AI, predictive analytics, and digital modeling tools to enhance risk profiling, customer segmentation, and claims forecasting.
• Collaborate with the IT department to build a data-driven actuarial dashboard for product monitoring and strategic decision-making.
• Ensure actuarial insights are integrated into the company’s InsurTech platform, supporting digital premium collection, claims automation, and partner analytics.

Stakeholder Engagement & Partnership Management

• Work closely with fintech, MNOs, cooperatives, and digital distributors to align technical product design with partner systems and customer journeys.
• Liaise with regulators, reinsurers, auditors, and technical consultants on actuarial and financial matters.
• Provide actuarial support for development finance and donor-funded projects focused on microinsurance expansion.

Reporting & Performance Monitoring

• Prepare quarterly actuarial reports on product performance, claims experience, and loss ratios.
• Contribute to board and management reports, providing insights on technical profitability and emerging risks.
• Present actuarial findings and strategic recommendations at management and regulatory review meetings.

Capacity Building & Team Leadership

• Build and lead a high-performing actuarial and technical team, mentoring junior analysts and actuarial trainees.
• Promote continuous professional development, innovation, and cross-functional collaboration within the department.
• Represent the company in professional actuarial associations and insurance industry forums.

Key Performance Indicators:

• Timely and accurate actuarial valuations and reports.
  
• Product profitability and customer retention metrics.
  
• Compliance with regulatory and solvency requirements.
  
• Successful integration of digital tools and analytics in actuarial processes.
  
• Growth in product adoption and partnership-driven product performance.

Requirements:

• Minimum of 5 years of relevant post-qualification working experience for Associates of the Chartered Insurance Institute of Nigeria or its equivalent.
• For non-associate members of the Chartered Insurance Institute of Nigeria, a minimum of 7 years of working experience in the Technical Department of an insurance institution may suffice.