Job Description: Head of Technical
Position Title: Head of Technical
Location: Nigeria
Industry: Insurance
Regulatory Compliance: National Insurance Commission (NAICOM) Guidelines
Job Purpose
The Head of Technical will oversee the technical operations of the company, ensuring full compliance with NAICOM guidelines. This role encompasses leadership in underwriting, claims management, reinsurance, actuarial functions, and technical support, with a focus on regulatory adherence, risk management, and operational excellence. The Head of Technical will also play a key role in aligning technical strategies with the company’s broader objectives.
Key Responsibilities
1. Leadership and Strategy
- Develop and execute technical strategies for underwriting, reinsurance, and claims functions.
- Ensure technical operations align with company goals and comply with NAICOM regulations.
- Serve as a key advisor to senior management on technical matters related to insurance underwriting, claims, and risk.
2. Regulatory Compliance (NAICOM)
- Guarantee compliance with all NAICOM policies and guidelines, including timely reporting and documentation.
- Stay updated on changes in NAICOM regulations and adjust company policies as needed.
- Lead regulatory audits and prepare technical reports required by NAICOM.
3. Underwriting & Risk Management
- Oversee the underwriting process to ensure compliance with company and regulatory standards.
- Develop underwriting policies that effectively balance risk exposure and profitability.
- Identify high-risk areas and implement mitigation strategies.
4. Claims Management
- Supervise claims processing, ensuring efficiency and compliance with regulatory standards.
- Establish policies for claims settlement in line with company risk appetite and NAICOM regulations.
- Handle complex or high-value claims to minimize financial and legal risks.
5. Reinsurance
- Build and maintain strong relationships with reinsurance partners.
- Manage reinsurance arrangements to protect the company’s balance sheet effectively.
- Lead reinsurance negotiations and optimize the reinsurance portfolio.
6. Actuarial and Statistical Analysis
- Collaborate with actuaries to calculate premiums, reserves, and other financial metrics.
- Use actuarial data to analyze market trends, claims ratios, and risk exposure for informed decision-making.
- Ensure accurate pricing of products in line with the company’s risk management framework.
7. Team Leadership and Development
- Lead and mentor technical teams, including underwriters, claims assessors, and actuaries.
- Promote a culture of continuous learning and operational excellence.
- Ensure technical teams are informed of industry trends and regulatory updates.
8. Technical Reporting
- Prepare detailed technical reports for internal stakeholders and regulatory authorities.
- Track and monitor KPIs related to underwriting performance, claims efficiency, and reinsurance effectiveness.
Qualifications and Experience
Education
- Bachelor’s degree in Insurance, Actuarial Science, Risk Management, Business Administration, or a related field.
- Master’s degree or professional qualifications (e.g., ACII, CIIN) are highly advantageous.
Experience
- At least 10 years of experience in the insurance industry, with 5 years in a senior technical leadership role.
- In-depth knowledge of NAICOM regulations and the Nigerian insurance industry.
Technical Expertise
- Comprehensive understanding of underwriting, claims management, reinsurance, and actuarial processes.
- Proven ability to develop and lead high-performing technical teams.
Professional Experience for CIIN Members
- Associates: Minimum of 5 years of post-qualification technical experience.
- Non-Associates: Minimum of 7 years of experience in a technical insurance role.
Key Skills
- Expertise in NAICOM regulatory compliance.
- Strong analytical and problem-solving capabilities.
- Effective leadership and team management skills.
- Strategic thinking with operational efficiency focus.
- Excellent negotiation and relationship management skills, particularly with reinsurance partners.
- Robust risk assessment and mitigation expertise.
Reporting Line
Reports directly to the Chief Executive Officer (CEO).
Compensation
- Competitive salary aligned with market standards, experience, and NAICOM specifications.
This position offers a significant leadership opportunity in a dynamic and regulatory-focused environment, with a direct impact on the company’s strategic success.
