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RFQ: Microinsurance Actuary / Consultant
ISSUE DATE: December 19, 2017
SUBMISSION DATE: January 4, 2018
***EXTENDED SUBMISSION DATE: January 19, 2018
Women’s World Banking seeks microinsurance consultant services required for microinsurance programs across the globe, remote or as resident advisor.
About Women’s World Banking
Women’s World Banking is the global leader in women’s financial inclusion. Rooted in our deep understanding of the women’s market, we tackle financial inclusion in three interconnected ways: first, by partnering with financial services providers to develop scalable market-driven solutions; second, through our gender-lens private equity fund; and, finally, because diverse institutions are proven to be stronger, we build institutional capacity through leadership and diversity programs. Through this holistic approach and our global reach of 49 institutions in 32 countries, we accelerate economic opportunity for low-income women and growth for financial service providers in the emerging markets.
About the Projects
Women’s World Banking is seeking a microinsurance expert to provide consultancy on the actuarial product design and analysis of its microinsurance programs offered by its partner financial institutions across multiple countries. Microinsurance products include life, health and savings linked insurance at present and might include other categories (micro-pensions, agricultural, livestock, property, business, accident etc.) in future.
Objectives & Responsibilities
The consultant is expected to be a thought partner with Women’s World Banking in developing sustainable microinsurance solutions and is expected to provide inputs on the following (including but not limited to) broad range of services. Detailed scope of work and deliverables will be defined separately for each project on need basis.
- Inputs for research (secondary and primary) to collect relevant information on the profile of target segments (country profile, institutional diagnostics, underlying risks of the target segments, demand supply gap in insurance etc.);
- Product design, actuarial assumptions and pricing for new product(s) development across different kinds of insurance product;
- RFPs for insurer selection including negotiations with the insurance companies;
- Setting up the delivery model (operations, IT, marketing, training, monitoring and evaluation framework, technical capacity building of the service providers etc.);
- Insurance related newest technology and development (Big data analytics, machine learning, block chain, smart contracts, index insurance, satellite imaging);
- Financial profitability projections, portfolio analysis (claims patterns, loss ratio, IBNR, fraud etc.) and regular monitoring through KPIs dashboards; and
- Flag risks, if any, in the existing pricing model; also provide high level recommendations on areas of improvement.
Duration of Consultancy
The consultancy will be over a period of 1-2 years. We will be seeking experts who can work directly as resident advisor for a period of 3 to 12 months.
Location of Work
The Consultant can be based out of anywhere; however, international travel might be required depending on the scope of the work. Projects can be located in places including Nigeria and India.
- Certified Actuary with at least 10 years of experience in the insurance industry across various products (life, health and savings linked insurance is a must; agricultural and other non-life is a plus);
- Track record of successful projects in microinsurance; experience in low income women segment is a plus;
- Country experience in emerging markets, including good familiarity of regulatory environment, prevalent microinsurance schemes, innovations in digital insurance models etc.;
- Willingness, flexibility and ability to work virtually with remote teams in different time zones;
- Ability and willingness to travel internationally;
- Ability to work well in teams and meet deadlines in- and out- of-field;
- Fluency in English is must. Proficiency in Spanish, French and/or Arabic is a plus;
- Professional appearance, passionate about her/his work and has high energy levels;
- Understands cultural nuances and can work effectively in multicultural environments;
- Ability to translate complex insurance actuarial lexicon into simple language and adapt communication for broad range of stakeholders;
- Ability to think out-of-box and work effectively with limited data and
- Proficient in MS Office (Excel, PowerPoint, Word).
Please submit an application with the below elements no later than 11:59 PM EST on
January 4, 2018 January 19, 2018:
- cover letter with rate history;
- resume; and
- at least 2 references.
Applicants may submit their question(s) in writing until January 4th 2018 to firstname.lastname@example.org. Please include in the e-mail subject line “Questions: Microinsurance Actuary”.
This RFP/RFQ does not guarantee or commit Women’s World Banking to proceeding with the above described work. Due to the overwhelming responses not all candidates will be contacted.
Women’s World Banking is an equal opportunity employer for all regardless of race, color, citizenship, religion, sex, sexual orientation, gender identity or expression, age, disability, veteran or reservist status or any other category protected by federal, state or local law.
Due to risk concerns, Women’s World Banking will be unable to contract with any individual who is US citizen or resident without an LLC or LP or similar structure.
Q: Is the position is a full-time job or a part-time job?
A: The consultant will be engaged via a retainer contract, with specific scopes of work outlined as they arise. It can be part time and sporadic. Based on the scope of activities described in a project, the person will be allocated a fixed number of days to complete their deliverables.
Q: The duration of contract is limited 1 to 2 years. After that time, will the employment relationship be finished or is there option to renew?
A: This is not an employment. The hired person will be a consultant actuary and will be assigned on a project on need basis. After 1 to 2 years, the contract maybe renewed depending on the future projects related requirements.
Q: Will there be only one MI actuary or several actuaries working on a team? Are you looking for one position or several ones?
A: We may sign contracts with more than one actuaries because we have multiple concurrent projects. We will keep one actuary per project.
Q: In cases of international travel for projects, how long might it could take? And the countries are Nigeria and India or could be other ones?
A: Yes, the work is mostly remote and the actuary could be based out of anywhere. Sometimes our projects require us (the project team) to be on location (e.g. client research) for which the travel is necessary. One on site visit is typically a full week at the location but it could vary from 2 to 10 days depending on the requirement. It could be any country including Nigeria and India. Please indicate if you will be unable/unwilling to travel to certain countries.
Q: About the 2 references, would it be enough providing you the names and e-mails? Or do you need anything else?
A: In addition to names and email ids, kindly also provide their work related information (designation, organization, location), their contact numbers and how you know them.