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Responsibilities:
- Risk data diagnostic checks - Review entry of
risk data to ensure they are imputed correctly in the database
- Collate
and analyze technical data –
underwriting, reinsurance and claims to determine trends and forecast
future state and make recommendations to management
- Build
actuarial/statistical models and work with relevant units of the company
to determine financial predictions, conduct cost-benefit analyses,
develop risk projections based using different variables
- Conduct
pricing analysis and valuation of new products and prepare justification
as required by NAICOM
- Conduct
profitability analyses of existing product lines and recommend
parameters required for optimal performance
- Conduct
loss reserving to determine the appropriate provisional for IBNR (Claims
incurred but not reported)
- Provide
actuarial support to the underwriting team in terms of assessing new or
complex risks before accepting
into the books of the company
- Liaise
with external Actuary (appointed by the company) in conducting liability valuation
- Liaise
with the Credit Agency (appointed by the Company) to obtain credit
rating for the company
- Provide
data analytics support to the research & planning team
- Monitor
and provide support in the implementation of IFRS 17 as regards ERM,
Actuarial, etc.
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(2) SUPPORT FUNCTIONS:
(a) Research & Planning - stress tests, scenario planning and
sensitivity test
(b) Product Development –
product planning and Policy document review/design
(c) Investment Analysis
(d) Risk Management –
participate in business Process reviews
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Key Task
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Risk data
diagnostic checks
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Data
collation, cleaning, and analysis
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Actuarial/Statistical
Model development
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Review of Existing product
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Year End
Loss Reserving
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Organizational credit rating
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Migration from IFRS 4 to IFRS 17
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