Job description
JOB OBJECTIVE: Responsible for analyzing historical trends, determine the likelihood of risks involving financial, market, credit and operational risks. Also responsible for designing statistical models that would help the business make profitable decisions and ensure controls are operating effectively. Responsible for ensuring provisions of adequate reassurance arrangements for business accepted by the company with high retained premium and low retained losses through sound analysis, apportionment and placement of risks.
ROLES AND RESPONSIBILITIES: Strategic implementation Represents the department on high profile special projects or initiatives and collaborate with other internal teams. Partners with the team leads to develop strategies for continuous improvement and management of departmental relationships, efficiencies and procedures based on team performance, market requirements, and growth initiatives.
Builds subject matter expertise by keeping abreast of trends and new initiatives. Makes appropriate recommendations to Management on initiatives that lead to continuous improvement in quality, productivity and customer experience. Risk Management Designs and implements an overall risk management process for the organization, which includes an analysis of the financial impact on the company when risks occur.
Performs risk assessment by analyzing current risks and identifying potential risks that are affecting the company. Performs risk evaluation by evaluating the company’s previous handling of risks and comparing potential risks with criteria set out by the company such as costs and legal requirements. Reviews, engages with Management, and establishes the level of risk the company is willing to take on.
Prepares risk management and insurance budgets. Performs risk reporting tailored to the relevant audience. Prepares reports on the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks.
Explains the external risk posed by corporate governance to stakeholders. Works with other departments to create business continuity plans to limit risks. Creates risk management awareness amongst staff by providing support and training within the company. Actuarial Services Analyses, interprets business context of our go-to-market strategy and propose responsive technical structure to address product, risk and profitability issues.
Develops actuarial assumptions to be used in reserving or actuarial modelling, including experience studies in support of assumptions. Recommends pricing strategies, valuation approach or risk management strategies on customer segments and product portfolio. Enhances and makes adjustment to rating plan using predictive modelling tools Reviews policy language and impact to rating.
Works as business partners to business unit leads particularly the confederations to deepen insights into market opportunities and customer buying behaviour. Assists in the actuarial elements of financial reports or other documents. Provides consultation and clarification on actuarial models and risk issues. Assists to ensure the use of actuarial measures for competitive pricing of products Reviews adequacy (covering all possible claims & expenses) and competitiveness of premium rates on existing products to ascertain profitability.
Prepares IBNR (Incurred but not reported) Claim Analysis. Assists in managing the Cash Flow, Revenue and Balance Sheet Projections. Works with Reinsurance companies to ensure Adequate Capital Protection Strategies. Constantly monitors and analyses the company’s risk position against market segments. Reassurance Prepares reassurance advice on all new and renewed businesses as well as alteration of policies to enable them make apportionment and placement.
Co-ordinates and supervises activities of the unit to ensure conformity with the company’s strategy. Advises on company’s retention and treaty limit before each renewal, after discussing trends. Conducts reconciliation of accounts with re-assurers and brokers anytime payments are received and at the end of every quarter.
Notifies brokers of larger claims or claims that fall within the treaty arrangement. Recommends apportionment and placement of risks to treaty and local reassures to divisional head. Raises credit/debit notes on co-insurance arrangements. Follows up recovery of losses exceeding the company`s retention limit from re-assurers.
Managerial Activities Provides employees with coaching, feedback and developmental opportunities and build effective teams. Ensures employees adhere to legal and operational compliance requirements Provides coaching, direction and leadership support to team members in order to achieve business and customer results. Responds to and/or resolve escalated issues involving employees, customers and/or vendors.
Drives operational improvements through continuous review of processes to ensure operations are in line with best practice and regulatory requirements.