Head, Actuarial

Lagos Full Time

Banking, Finance & Insurance NGN 600, ,000

The Head of Actuarial & Technical Department provides strategic and technical leadership in product design, pricing, valuation, risk management, and data analytics to ensure the company's microinsurance products are profitable, sustainable, and compliant with regulatory standards. This role bridges insurance science, technology.

• Minimum Qualification : MBBS
• Experience Level : Senior level
• Experience Length : 7 years
• Working Hours : Full Time

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.