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Fresh Recruitment - Africa RE Bachelor Degree Job

2024-04-29 08:49   Accounting / Financial Services   Plateau   20 views
Job Details


The successful candidate shall report to the Director of Central Operations & Special Risks at the Head Office, Lagos – Nigeria and will be responsible for building actuarial models to price agricultural and medical reinsurance businesses, calibration of parameters, maintenance of actuarial (treaty) pricing tools and providing training and support to the Underwriters.
The role will also provide actuarial advice to underwriters across the Corporation on the pricing of more sophisticated and large risks or portfolios.

The main duties of the job holder shall comprise, amongst others, the following:

Build actuarial models, calibrate parameters such as rates, exposure curves, benchmarks, ILFs and development & trend factors.
Participate in various corporation-wide rate review projects using analytics tools like R, Python, or any other licensed software.
Build & maintain dashboards and reports for actuarial and data insights using various data visualization techniques.
Work in collaboration with Underwriters across the corporation and provide actuarial advice / consultancy for complex deals.
Active involvement in bringing new models to Underwriters and implementing them into pricing tools. Preparation of technical actuarial documentation and User guides, upload model parameters and testing the correctness/impact estimation.
Develop portfolio level costing parameters, models and analytics (e.g. market curves, tiering and default or pre-submission loss ratios).
Oversee submission of data imports for complex and simple business in coordination with the Underwriting team.
Monitor portfolio development, including rate changes, and initiate steering actions as needed.
Collaborate with ICT team to improve the pricing process.
Perform any other duty that may be assigned by Supervisors or Group Management.

Main Competencies
Deep understanding of reinsurance concepts.

Working knowledge of agriculture and medical insurance/reinsurance.
Skilled in statistical and data analytics software and packages like R, Python, Power BI, etc.
Proficient in actuarial methods widely used in General Insurance/reinsurance pricing.
Inquisitive and willing to learn new technology and methods.
Good oral and written communication skills.
Experience working in an agile environment in multicultural distributed team.
A self-starter and able to tackle problems and develop solutions.
Basic Project Management know-how is added advantage.
Excellent communication and stakeholder management skills, with the ability to effectively communicate with both technical and non-technical audiences in an international environment.

Applicants shall be holders of a;

First degree in Mathematics, Actuarial Science, Statistics or other related numerate fields with a minimum of 7 years actuarial experience in a non-life insurance or reinsurance company, or actuarial consulting firm OR at least 3 years of experience in pricing reinsurance products.
Associate or substantial progression to achieving Associateship / Fellowship of an internationally recognized actuarial examining body.
Experience working in an international insurance or reinsurance company AND experience in re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

Applicants must have:

Excellent analytical skills to dissect complex data and inform pricing strategies effectively.
Strong problem-solving abilities to devise innovative solutions for pricing challenges.
Exceptional collaboration skills to work closely with diverse stakeholders and achieve pricing objectives collaboratively.
Adaptability to swiftly adjust to evolving market dynamics and technological advancements in the insurance industry.
Meticulous attention to detail to ensure accuracy in pricing models and data validation processes.
Proficient critical thinking skills to evaluate pricing methodologies and ensure alignment with business goals.
Effective time management capabilities to prioritize tasks and meet pricing deadlines efficiently.
Excellent communication and presentation skills
Resilience to maintain composure under pressure
Commitment to continuous learning, staying updated on industry trends and advancing actuarial methodologies.
Proficient in English communication; French proficiency is an added advantage.

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Company Description
Following a recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was established on 24 February 1976 in Yaounde, Cameroon. An international Agreement was signed by the Plenipotentiaries of 36 member States of the Organization of African Unity (OAU)... read more and the AfDB with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.
That Agreement, known and referred to as the Agreement Establishing the African Reinsurance Corporation confers on Africa Re its current status as well as the legal authority to operate. As at today, Africa Re has 41 member States representing 38.75 % of the capital (end 2010) in addition to the AfDB, which is among the single largest shareholders with 8% of the capital (end 2010).
The Agreement also empowers any member State to authorize a national institution, either a bank or an insurance company acting on its behalf, to purchase the shares reserved for the State. In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding.
A good number of the companies have already subscribed and paid up for the shares allotted to them. To date, more than 100 insurance and reinsurance companies are shareholders of Africa Re with a 32.25 % combined stake (end 2010).