Location: London/ Hybrid
Salary: £120,000+ pa
About the role
To be the key point of contact for the relevant Underwriting teams and support other Group functions in respect of the provision of actuarial pricing and business planning activities, reserving, and other actuarial related activity as required. To support the Actuarial Head of Underwriting and Deputy Chief Actuary in management of the actuarial team.
Principal Accountabilities:
Pricing and Business Planning
To ensure that each class has a robust pricing model, in line with its materiality and available data, to enhance risk selection. In particular:
- To produce and oversee a development plan for the recalibration of pricing models in line with the plan agreed between the Actuarial Function and Actuarial Analytics departments.
- Engage with all relevant stakeholders, including the Actuarial Analytics department and underwriters when updates or changes to pricing models are being performed.
- Monitor relevant pricing metrics to determine whether a recalibration or update to pricing models are required, and to highlight these to the Actuarial Analytics department to agree on when these changes will occur.
- Collaborate with the Actuarial Analytics team to further develop analytical capabilities to monitor underwriting performance and identify potential underwriter actions to improve the expected underwriting performance, optimise the portfolio or reduce downside volatility in underwriting performance.
- To manage the actuarial enhanced risk review process in accordance with the Group Underwriting Guidelines.
- To regularly review and challenge divisional and class Technical Pricing MI and raise issues as appropriate with the Actuarial Head of Underwriting and underwriting management, taking effective follow up action as appropriate.
- To proactively drive through improved performance monitoring via communication of appropriate technical pricing updates, targeted performance presentations, and considering impact of quarterly reserving results.
- To manage detailed segmentation analysis on relevant classes to identify areas of outperformance/underperformance and help inform underwriting decisions. To effectively manage upwards communication to underwriting committee/boards and senior stakeholders as appropriate with minimal guidance/oversight.
- To ensure robust challenge of the business plans for the division, undertaking and ensuring analysis is appropriate and insightful to aid robust discussions with underwriters, with results requiring minimal changes following actuarial peer view and documenting the actuarial view of the plan.
- To attend and effectively challenge at weekly divisional underwriting peer review(s) as required.
- To manage the quarterly reserving study for the relevant division(s) using appropriate techniques/analysis to include calculation of best estimate reserves and currency allocations.
- To identify classes for targeted review, focusing on the key areas and performing any bespoke analysis required, ensuring appropriate level of involvement and input from all key stakeholders. To present to senior management at the Reserving Committee as required.
- To review US Trust Funds reserves for the relevant classes.
- To support the Actuarial Function and Capital Modelling teams in the parameterisation of the internal model in respect of Underwriting Risk and Reserving Risk as required.
- To support Group wide projects relating to pricing, reserving or portfolio analysis, including any required Group wide communications/liaising with senior management from across the Group and to effectively manage the actuarial department’s input into these projects as appropriate.
- To support any strategic initiatives (as required).
- To provide and lead contribution to the wider Actuarial team via input and insight to pricing, reserving or portfolio analysis activities and departmental meetings.
- To have a detailed understanding of wider business processes and interaction with other internal departments.
- Qualified Actuary (FIA, FFA or equivalent).
- Obtained a relevant, numerate degree with a good overall grade.
- Experience of managing a team of analysts/students and prioritising others workloads.
- Sound commercial general insurance Lloyd’s/company market experience.
- Excellent IT skills, particularly an advanced level of MS Excel.
The incumbent must also demonstrate the skills and ability:
- To line manage recently qualified actuaries and actuarial students.
- To maintain an exemplary standard in relation to Inclusion & Diversity, both in terms of recruitment and ongoing day-to-day working culture
- To motivate the Actuarial team to deliver against individual and team objectives.
- To manage team resources to deliver workload across functional areas for the relevant classes/divisions; with effective delegation of tasks, prioritisation and management of key stakeholders.
- To establish a wide network of contacts and maintain effective key stakeholder relationships across the Actuarial division and across other internal departments.
- To serve as a resource for best practice, identifying opportunities for improvement and implementing change within the Actuarial division and functional areas, considering the impact on relevant stakeholders.
- To apply expert industry knowledge to deliver innovative and pragmatic solutions to complex problems across functional areas for relevant classes/divisions.
- To ensure effective and concise communication of technical content and key messages for senior stakeholders.
- To hold accountability for all decisions made within own area of responsibility.
- To effectively manage own time (and that of any direct reports) to deliver individual and group wide objectives.
- To be a positive influence through contact with other departments in the business.
- To be respected for both technical and wider business knowledge.
- To always act in a manner consistent with the requirements of the Actuaries Code and the values of both the business and Fairfax.