Head of Insurance

  • Lagos

Job Summary

  • The head of insurance will be responsible for setting and monitoring goals, evaluate research and undertake client’s risk and ensure provision of appropriate coverage.

Key Roles and Responsibilities

  • Utilise software systems, data from actuaries and statistical analysis in order to evaluate the risk of future event and determine the likelihood of mishaps.
  • Collect appropriate and accurate information required to assess potential clients and decide on the acceptable risk for a policy.
  • Assess clients’ background information and review insurance applications for compliance and adherence.
  • Prepare reports that detail risk assessment findings that contribute to the final decision.
  • Determine the level of risk for insuring from research and actuarial studies to offer recommendations to management on coverage needs.
  • Make decisions after scrutiny of all the required documents and studies regarding the risk involved.
  • Conduct audits to ensure compliance with internal and external policies.
  • Ensuring that the insurance team understands its duties and its role within the organisation.
  • Determine premium costs; evaluate insurance claims for accuracy and the coverage amount.
  • Review insurance applications for compliance and adherence, weigh loss exposures and determine underwriting alternatives. Maintain low-loss ratios.
  • Manage the maintenance, development, performance, governance, administration and delivery of the insurance provision for the organisation to produce an efficient service and delivery solution, maximising efficiency, performance and best value against pre-agreed targets.
  • Perform insurance functions as needed, including processing claims, billings, and policy changes.
  • Negotiate and define the specific terms of insurance policies with brokers or policyholders, draw up a quote for competitive insurance premiums.
  • Keep detailed records of policies underwritten and decisions made.
  • Balance between mass and homogeneity of risks to achieve predictability of future results.
  • Follow applicable insurance laws, develop and maintain a profitable book of business for the insurer.
  • Review insurance proposals and seek to improve terms.
  • Use professional techniques and strategies to calculate the risk associated with client policies.
  • Review insurance claims and terms to determine the amount to be paid out by the company.
  • Designate and prepare insurance premiums based upon informed judgment and competitor pricing.
  • Organize meetings with specialists to help determine risk assessment in unique circumstances.
  • Layout and finalize insurance policies applying specific terms and conditions as agreed upon by the clients.
  • Participate in continuing education courses to remain knowledgeable and competitive in the industry.

 

Qualification, Experience and Skills Required

  • A bachelor’s degree in Business Administration, Finance, mathematics, statistics or related field. MBA and Professional Underwriting certification is preferred.
  • Minimum of 6 years’ proven insurance underwriting experience. Work experience in an insurance company is preferred.
  • Excellent knowledge of insurance policies and ability to relate policy provisions to loss exposures.
  • Brilliant research and classification skills, experts in risk analysis and selection.
  • Hands-on experience with analytical tools and statistical packages.
  • Detail-oriented and exceptional communicator, ability to explain processes or choices as needed.
  • Sound judgment and remarkable decision-making skills, a deep understanding of retention and reinsurance.
  • Proven numeracy and statistical skills with use of analytical, logical and strategic thinking to make wise business decisions.
  • Experience working with private and sensitive personal information.
  • Good customer service skills, project management and organization skills.
  • Experienced in working in a highly pressured and multi-cultural environment, build trust in stakeholders, and communicate effectively.

Ability to multitask in a fast-paced environment and work toward multiple deadlines simultaneously

To apply for this job email your details to hr@gricd.com