Job Title: Â Actuarial Officer (Fresher Jobs)
Organisation: NIC Life
Duty Station: Kampala, Uganda
Reports to: Managing Director
About Organisation:
NIC Life is a wholly owned subsidiary of NIC Holdings Limited (NIC). NIC Life was incorporated on 3rd March, 2014 and took over the Life assurance businesses of NIC in compliance with the legal requirement for separation of insurance businesses under the Insurance (Amendment) Act.
Job Summary:   NIC Life Assurance Ltd is looking for an experienced person to take up a position of Actuarial Officer. Analyzing data, conducting risk assessments, and providing insights that help shape the company’s insurance products and pricing strategies.
Key Duties and Responsibilities:
Actuarial
- Perform actuarial analysis and risk assessments on various insurance products during the annual valuations.
- Analysis value of new business, embedded value and assets liability management valuations.
- Identifying liabilities and risks
- Using advanced statistics and modeling to understand data.
- Produce reports on analysis findings.
- Identify trends within the business i.e. production trends, persistence trends, and lapse trends.
- Helping to review existing products in line with their design and pricing.
- Identifying new sources of data and verifying the data sources.
- Developing processes for improved data analysis and reporting.
- Financial & Regulatory Reporting
- Inputs to regulatory reports i.e. financial condition report, solvency, risk based capital reports, returns, UIA, FIA and others as assigned.
- Support stakeholders with actuarial inputs; Finance, appointed actuary and audit / assurance teams reporting within monthly, quarterly and end year reporting timelines.
Profit testing
- Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
- New product development and reporting.
- Risk assessment, management, and reporting under IFRS17 reporting.
- Technical analysis under IFRS17
Policy administration and Management
- Assist in the issuance of policies in a timely and accurate manner as per the attached process.
- Where necessary ensure that medical underwriting is completed in a timely and appropriate manner in line with the medical underwriting process.
- Prepare monthly reports to management on new business.
- Ensure that reinsurance returns are filled in an accurate and timely manner as per the underwriting guidelines in place.
Premium administration and collection.
- Ensure that premium that is invoiced is collected in a timely manner from clients and brokers.
- For credit life, ensure clients submit monthly declarations in a timely manner.
- Follow up timely collections of monthly premium from clients or brokers as per contacts in place.
- Prepare monthly reports to management on premium collection against projection and growth or accounts lost.
- Revie client documentation and ensure that all our policy documents and proposal forms meet the regulatory standards on disclosures and money back policy.
- Perform any other professional duties as may be required from time to time.
Key Performance Indicators
- Timely submission of reports.
- Fulfil IFRS17 implementation for NIC Life
- Appropriate pricing to achieve target profit criteria set by the BOD
- Actuarial reporting for regulatory compliance and financial statements.
Qualifications, Skills and Experience:
- Bachelor’s Degree in Actuarial Science, Statistics, Mathematics, or a related field.
- At least 2 years of relevant actuarial experience in the insurance industry.
- Progress towards attaining professional actuarial qualifications (IFoA, SoA, etc.) is a strong advantage.
- Exceptional mathematical and statistical knowledge and understanding.
- Strong analytical and problem-solving skills.
- Proficiency in actuarial software or similar tools and advanced Excel skills.
- Excellent communication skills, with the ability to present complex data clearly.
- Basic knowledge of business and finance
- Basic knowledge of laws, legal codes, regulations, etc.
NB: We are an equal opportunity organization; both male and female candidates are encouraged to apply.
How to Apply:
If you have the aforementioned professional and academic qualifications and you are ready to execute the above mandate, kindly send your resume to the email address below indicating on the subject of your email the job title. For example: Ref: Application for Actuarial Officer.
Strictly apply through email: vacancy
nic.co.ug
Deadline: 30th September 2024 by 5PM.
NB: Please note that only short-listed candidates will be contacted.
For more of the latest jobs, please visit https://www.ugashare.com or find us on our facebook page https://www.facebook.com/Ugashare
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