Senior Insurance Risk Analyst

Company Description At ServiceNow Innovato Nigeria, we provide transformative, design-driven solutions that enhance businesses and help them redefine their potential. With an innovative mindset and a commitment to excellence, we deliver SaaS solutions that solve complex challenges and elevate businesses to new heights. Our approach focuses on leveraging the power of design thinking to help organizations shape a brighter and more successful future. Job Title: Senior Insurance Risk Analyst Role Summary We are seeking a highly experienced Senior Insurance Risk Analyst to evaluate, quantify, and manage risk across underwriting, claims, and portfolio performance. This role is responsible for developing risk models, improving pricing accuracy, minimizing loss exposure, and ensuring sustainable profitability. You will play a critical role in aligning risk strategy with business growth, using data, actuarial insight, and market intelligence. Key Responsibilities

1. Risk Assessment & Underwriting Support Analyze insurance applications to assess risk exposure and recommend underwriting decisions Develop and refine risk scoring models for different insurance products (auto, health, property, etc.) Evaluate policy structures to ensure appropriate pricing relative to risk
2. Data Analysis & Risk Modeling Build and maintain quantitative models to assess probability and severity of loss Perform predictive analytics on claims data, customer behavior, and external risk factors Identify patterns in claims frequency, fraud indicators, and emerging risk
3. Portfolio Risk Management Monitor and evaluate overall risk exposure across the insurance portfolio Conduct stress testing and scenario analysis Recommend strategies to balance risk concentration and optimize portfolio performance
4. Claims & Fraud Analytics Analyze claims data to detect anomalies, fraud patterns, and leakage points Work with claims teams to improve validation and reduce fraudulent payouts Develop early-warning systems for high-risk claims
5. Pricing & Profitability Optimization Support actuarial and pricing teams with data-driven insights Recommend pricing adjustments based on risk trends and market behavior Evaluate loss ratios and suggest corrective strategies
6. Regulatory & Compliance Oversight Ensure adherence to insurance regulations and risk management standards Prepare reports for regulatory bodies and internal audits Maintain proper documentation of risk methodologies and models
7. Strategic Advisory Provide risk insights to guide product development and market expansion Advise leadership on emerging risks (economic, environmental, behavioral) Collaborate with data, product, and finance teams Key Requirements Education & Experience Bachelor’s degree in Actuarial Science, Statistics, Economics, Finance, or related field 5+ years experience in insurance risk analysis, actuarial science, or underwriting analytics Professional certifications (e.g., actuarial exams, risk management certificat