Actuary – Life Pricing & Product Development at Africa RE

Africa RELagos, Nigeria Data and Artificial Intelligence

Full Time

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) 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).

RESPONSIBILITIES

The successful candidate shall report to the Director of Life Operations and will be responsible for pricing and product development of the life reinsurance portfolio across the corporation.
The incumbent will also act as marketing actuary, providing support to life underwriters.
The holder of this position will be required to have in-depth knowledge of the life reinsurance market across most African countries, including awareness of the legal and regulatory framework

DUTIES / JOB DETAILS

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

Contribute to product development, design, and expansion
Actuarial support for the life department including development of pricing bases and actuarial process improvement analyses and tools.
Review/monitor the profitability of business lines and recommend strategic actions as necessary (products, pricing basis, etc.).
Provide input into reserving for the life portfolio.
Provide input to other functions (underwriting, other actuarial functions, finance, claims etc.) as relates to the life portfolio.
Provide support on retrocession needs analysis, perform data analyses and assist with decision-making on retrocession purchases for the life portfolio.
Support the development and execution of the Life team’s strategy.
Monitor the performance of the life portfolios and improve governance standards.
Assist cedants with design and development of new Life insurance products & client presentations.
Develop eye for business in order to become a source of technical knowledge and advice for life reinsurance across the Corporation.
Participate actively in market initiatives regarding mortality tables, pricing and other standard setting initiatives.
Perform any other duty that may be assigned by Supervisors or Group Management.

MAIN COMPETENCIES REQUIRED FOR THIS ROLE

Deeply knowledgeable about life insurance and know-how to implement technical solutions and products.
Commercially minded.
Client-centric and experience working with external parties.
Proficient in MS Excel. Programming experience in VBA, Python, C#, SQL and/or R is beneficial.
Able to present complex topics clearly to a variety of stakeholders
Enthusiastic about working with international colleagues in a multi-cultural environment.
Experience in pricing/monitoring a range of life products, good understanding of GAAP, IFRS and also capital solutions would be a plus.
Committed to quality, accuracy and speed.

MINIMUM QUALIFICATIONS AND EXPERIENCE:

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 Life insurance or reinsurance company or actuarial consulting firm OR at least 3 years of experience working in a life pricing or product development role.
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 Life re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

ADDITIONAL REQUIREMENTS FOR CANDIDATES FOR THIS POSITION

Applicants must have:

Effective communication and interpersonal skills for collaboration and clear presentation.
Commercial awareness and client-centric approach for product development.
Deep understanding of life insurance concepts and regulations to develop technical solutions.
Enthusiastic about multicultural collaboration and proficient in MS Excel and programming languages.
Commitment to quality, accuracy, and adaptability in dynamic industry environments.
Strategic thinking and problem-solving abilities for portfolio analysis and strategy execution.
Attention to detail and analytical mindset for data analysis and governance improvement.
Continuous learning mindset to stay updated on industry trends and methodologies.
Proficient in English communication; French proficiency is an added advantage.