Purpose of the Job:
To assist the Actuary, work closely with the relevant Underwriting teams and support other Group functions in respect of the provision of actuarial pricing and business planning activities, reserving, insurance risk and other actuarial related activity as required.
Principal Accountabilities:
Pricing and Business Planning
• To assist the Actuary with the implementation of the development plan for the recalibration and documentation of pricing models in line with the agreed Group Pricing Plan.
• To assist with the actuarial large risk review process in accordance with the Group Underwriting Guidelines.
• To assist the Actuary in reviewing and challenging divisional and class Technical Pricing MI.
• To assist with detailed segmentation analysis on relevant classes to identify areas of outperformance/underperformance.
• To assist with the input, analysis and justification to support robust challenge of the business plans for the division and assist with the documentation of the actuarial view of the plan.
• To work with the Pricing team in the design and build of tools that will assist underwriters in improving risk selection.
Reserving
• To assist with and undertake production of the draft quarterly reserving study for the business unit using appropriate techniques/analysis to include calculation of best estimate reserves and currency allocations, for review by the Actuary.
• To assist with the analysis of classes identified for targeted review, focusing on the key areas and producing draft documentation of the results.
• To assist with the review of US Trust Funds reserves for the relevant classes.
• To support the Actuary in providing input into Solvency II Technical Provisions related work as required in line with the agreed timetable.
Insurance Risk
• To assist with the internal model parameterisation as required in respect of Underwriting Risk and Reserving Risk in line with the agreed timetable.
• To support the Actuary in providing input into volatility analysis and Risk MI as required.
Group
• To provide a contribution to the wider Actuarial team via input to pricing, reserving or insurance risk parameterisation activities and departmental meetings.
Education, Qualifications, Knowledge, Skills and Experience:
• To have commenced the actuarial professional qualification exams and have a willingness to complete the full qualification.
• Obtained a relevant, numerate degree with a good overall grade and good overall educational passes at GCSE and A-Level (or equivalent).
• Excellent IT skills, in particular an advanced level of MS Excel and VBA.
The incumbent must also demonstrate the skills and ability:
• To build effective working relationships within the team and initiate relationships with key contacts within Claims and Brit Global Specialty as required.
• To ensure clear and structured verbal and written communication.
• To identify efficiencies and process improvements within tasks assigned.
• To demonstrate a clear understanding of the Actuarial department and the contribution of the Actuarial Analyst role within it.
• To provide progress updates to management as required, engaging with management to agree priorities, scope and timescales of tasks.
• To identify any obstacles to the delivery of tasks, problem solving using existing solutions and escalating any issues to management as required.
• To work with moderate guidance and direction, ensuring delivery of own work to meet deadlines.