Location: London/ Hybrid
Salary: £Competitive
About the role
To assist the Actuary, work closely with the 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 with and undertake the provision of actuarial pricing support to class underwriters within the underwriting division and ensure there is an appropriate level of actuarial peer review.
- To assist with and undertake development of existing and new exposure and experience rating models using actuarial tools and techniques to quantify and evaluate risk factors in order to analyse the profitability of risks within the division.
- To collate data and undertake appropriate research, including analysis of market statistics, in order to assist the underwriting department’s (re-)parameterisation of the pricing models developed, including benchmarking the models to the commercial marketplace.
- To assist with and undertake detailed segmentation analysis on relevant classes to identify areas of outperformance/underperformance and help inform underwriting decisions.
- To assist with and undertake the input, analysis and justification required for the actuarial review of the business plan.
- To assist with and undertake production of draft half-yearly projections of reserves for each line of business within the division for discussion and review by the Actuary and the relevant underwriting and claims personnel.
- To provide contribution to Group-wide key underwriting capability projects relating to pricing, reserving or insurance risk parameterisation and any strategic initiatives as directed by Actuarial management.
- To provide contribution to the wider Actuarial team via input and insight to pricing, reserving or insurance risk parameterisation activities and departmental meetings.
- To have a detailed understanding of each line of business written within the relevant divisions.
- Commenced the actuarial exams, with a willingness to complete the full qualification.
- Obtained a relevant, numerate degree (or equivalent) with a high overall grade and good overall educational passes at GCSE and A-Level (or equivalent).
- Experience of working within an actuarial team within a commercial general insurance company / Lloyd’s Managing Agent is preferable.
- Excellent IT skills, in particular an advanced level of MS Excel. VBA, SQL, Python or similar coding experience is desirable.
- To build effective working relationships within the team, and across the Actuarial department and other internal departments 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.