Job Title: Head, Annuity Operations

Industry: Insurance | Life Insurance | Financial Services

Reports To: Executive Management / Head of Life Business

Location: Nigeria

Work Structure: Full-Time

Remuneration: Competitive

Client Overview
Our client is a leading Nigerian insurance group with a diversified portfolio of life, general, and specialist insurance solutions. The organization provides comprehensive insurance services to individuals and businesses while maintaining a strong focus on customer protection, operational excellence, regulatory compliance, and sustainable business growth.
With a broad range of insurance offerings and a growing customer base, the organization continues to strengthen its capabilities across core insurance operations and deliver reliable, customer-focused financial protection solutions.

Role Summary
Our client is seeking an experienced and commercially minded Head, Annuity Operations to provide strategic and operational leadership for its annuity administration function.
The successful candidate will oversee the end-to-end administration of annuity policies, ensuring accurate and timely processing of premiums, policy records, benefit payments, reconciliations, customer requests, and related operational activities.
The role will work closely with Actuarial, Finance, Investment, Underwriting, Compliance, Risk, IT, and Customer Service teams to ensure operational accuracy, regulatory compliance, strong internal controls, and an exceptional customer experience.
The ideal candidate should possess strong knowledge of life insurance and annuity operations, excellent analytical ability, strong leadership capability, and a demonstrated track record of improving operational efficiency within a regulated financial services environment.

Key Responsibilities

Annuity Operations Management

• Provide overall leadership and direction for the organization's annuity operations function.
• Oversee the complete administration lifecycle of annuity policies from onboarding through ongoing servicing and benefit payments.
• Ensure accurate, timely, and efficient processing of annuity transactions.
• Establish and maintain effective operational procedures, controls, and service standards.
• Monitor operational performance and implement corrective actions where required.
• Ensure proper maintenance and integrity of annuity policy records and documentation.

Policy Administration & Servicing

• Oversee the processing of new annuity business and policy administration activities.
• Ensure timely processing of policy amendments, beneficiary changes, transfers, withdrawals, and other customer requests.
• Monitor policy records to ensure completeness, accuracy, and consistency.
• Resolve complex policy administration issues and escalated cases.
• Ensure adherence to approved policies, procedures, and service-level requirements.

Benefits & Payment Management

• Oversee the accurate and timely processing of annuity payments and contractual benefits.
• Ensure appropriate validation and authorization of payment instructions before processing.
• Monitor scheduled payments and identify exceptions, delays, and discrepancies.
• Work closely with Finance to resolve payment, settlement, and accounting-related issues.
• Ensure appropriate controls are maintained throughout the payment process.

Reconciliation & Operational Controls

• Oversee regular reconciliation of annuity premiums, policy balances, benefits, payments, and related accounts.
• Investigate and resolve reconciliation exceptions and outstanding items.
• Strengthen operational controls to minimize errors, financial leakages, and processing risks.
• Maintain appropriate supporting documentation and audit trails.
• Collaborate with Finance and Investment teams to ensure accurate settlement and reporting of annuity transactions.

Customer Experience

• Drive high standards of customer service across the annuity operations function.
• Ensure customer requests, enquiries, and complaints are handled efficiently and professionally.
• Monitor recurring customer issues and introduce improvements to address root causes.
• Work with Customer Service teams to resolve complex and sensitive customer cases.
• Promote a customer-centric culture across the annuity operations team.

Regulatory & Compliance

• Ensure all annuity operations comply with applicable insurance regulations and internal policies.
• Maintain adequate operational documentation to support regulatory and internal audits.
• Collaborate with Compliance and Risk teams to identify and address operational and regulatory gaps.
• Monitor regulatory developments affecting annuity operations and ensure appropriate implementation.
• Support the preparation of regulatory reports and responses to regulatory enquiries.

Process Improvement & Digital Transformation

• Review existing annuity processes and identify opportunities for efficiency and automation.
• Develop and implement improved operating procedures and workflow controls.
• Leverage technology and data to enhance accuracy, turnaround time, and service delivery.
• Drive continuous improvement initiatives across the annuity operations function.
• Identify opportunities to reduce manual processes and improve operational scalability.

Cross-Functional Collaboration

• Partner effectively with Actuarial, Finance, Investment, Underwriting, Claims, Compliance, Risk, IT, and Customer Service teams.
• Collaborate with Actuarial teams on annuity calculations, valuations, and benefit-related matters.
• Work with Finance on reconciliations, settlements, financial reporting, and controls.
• Partner with Investment teams on matters relating to annuity funds and investment-linked processes.
• Ensure effective communication and coordination across all functions supporting annuity operations.

Team Leadership & Development

• Lead, coach, and develop the annuity operations team.
• Establish clear performance objectives and service standards.
• Monitor team productivity, quality, and turnaround times.
• Identify capability gaps and implement relevant training and development initiatives.
• Build a culture of accountability, accuracy, collaboration, and continuous improvement.

Reporting & Performance Management

• Develop operational dashboards and management reports covering annuity activities.
• Monitor key performance indicators relating to policy administration, payments, reconciliations, customer requests, and turnaround times.
• Provide management with regular reports on operational performance, risks, and improvement opportunities.
• Escalate material operational issues and risks appropriately.
• Use operational data and insights to support decision-making and process optimization.

Requirements
EducationBachelor's Degree in:

• Actuarial Science, Insurance, Finance, Accounting, Economics, Business Administration Or a related discipline.
• Professional certification or membership of a recognized insurance, actuarial, accounting, or financial services body will be an added advantage.

Experience

• Minimum of 8–12 years of relevant professional experience within insurance, life insurance, annuity administration, pensions, financial services, or a related industry.
• Demonstrable experience managing annuity or life insurance operations.
• Previous experience leading an operations team within a regulated financial services environment.
• Strong exposure to policy administration, benefit processing, reconciliations, customer servicing, and operational controls.
• Experience collaborating with Actuarial, Finance, Investment, Compliance, Risk, and Customer Service functions.
• Demonstrated experience driving process improvement and operational efficiency initiatives.

Technical Competencies

• Annuity Administration
• Life Insurance Operations
• Policy Administration
• Benefits & Payment Processing
• Reconciliation & Settlement
• Operational Risk & Controls
• Insurance Regulatory Compliance
• Customer Service Operations
• Process Improvement
• Data Analysis & Reporting
• Insurance Administration Systems
• Microsoft Excel
• Performance Management
• Operational Documentation

Core Competencies

• Operational Leadership
• Analytical Thinking
• Problem Solving
• Attention to Detail
• Customer Orientation
• Process Excellence
• Decision Making
• Stakeholder Management
• Team Leadership & Coaching
• Accountability
• Integrity & Professionalism
• Communication Skills
• Continuous Improvement
• Results Orientation
• Leadership Profile