City: London Country: United Kingdom of Great Britain and Northern Ireland Creation Date: 20-Dec-2024 Employment Type: Permanent Employment Type: Full time Ref #: 1234571258
Description & Requirements
Role Title: Actuarial Analyst (rotational)
Department: Actuarial
Location: London
Type: Permanent
About the Role:
The rotational Actuarial Analyst will enter the Actuarial Development Programme (ADP) which allows for the development of the student community in a consistent, sustainable, structured manner to support a diverse analytical and business skillset to meet current and future business needs.
Rotations between teams is a key component of the Actuarial Development Program and supports three objectives:
• Facilitate the professional development of employees
• Develop broad subject matter expertise and analytical skills
• Enhance business value by incorporating a diversity of perspectives across teams
About the Department & Team:
The Actuarial Function evaluates business performance and provides management with a clear, risk-based view for making decisions on business strategy and risk mitigation. The department covers all aspects of actuarial work including pricing, reserving, business planning, and capital, and supporting exposure management and reinsurance purchasing. The team operates on a global basis with a team of around ninety actuaries, of which around sixty are based in the UK. The Actuarial Function currently comprises the following core teams:
Pillar Teams: business partners to Underwriting and aligned business functions, responsible for class-level pricing, business planning and capital premium risk parameterisation. Multi-functional teams and roles managing, strongly supported with a core centralised data, analytics, modelling, reporting and risk governance infrastructure provided by the other Actuarial teams outlined below.
Pricing and Analytics Team: a broad and varied remit supporting delivery on key strategic priorities, including delivering new pricing models on leading-edge platforms as part of the wider underwriting transformation. Developing new predictive models and delivering consistent and scalable Actuarial pricing and portfolio analytics MI (Management Information) and standards across LII, working closely with Pillar Actuaries and Underwriting.
Reserving Team: responsible for actuarial reserving analysis across LII Commercial & Specialty and LMRe businesses providing transparent and independent view of business performance through consistently applied reserving best practice. Acting as independent trusted advisors to the business, the team is responsible for objectively communicating the quarterly reserve analyses with insight and confidence.
Actuarial Modelling Team: Maintains and develops the Internal Model for capital assessment and solvency reporting requirements of the legal entities. Working closely with the Actuarial teams above and other LII and LMRe Enterprise Risk Management and Finance business functions in parameterisation, validation and modelling infrastructure; supporting risk and return on equity-based decision making across the business.
Investment Team: Responsible for determining investment strategies for our portfolio that optimises total return within Board-set risk appetites and ensures appropriate asset-liability matching and liquidity. We then monitor the portfolios against these strategies and limits. We work closely with regulators and asset managers (both internal and external) to fulfil this role. We also take ownership of the Market Risk component of the internal capital model.
Our priorities for 2024 include:
- Embedding Actuarial’s position in a new operating model as a ‘supply function’ within Liberty Mutual Global Risk Solutions (GRS). For the reserving function this involves building out key relationships with claims, underwriting, finance and operations and rolling out deep dive reserve reviews across all metalines. It also involves tactical and strategic process improvement initiatives.
- Further building on our strong partnerships with underwriting and aligned business units, being exceptional trusted advisors in our consistent use and communication of data and analytics capability across our business.
Key Responsibilities:
- Gaining experience in different business functions and products
- Building strong networks and working relationships with actuarial and non-actuarial colleagues
Pillar Teams:
- Work with the actuaries and senior actuaries to partner with Underwriting and aligned business functions. Responsibilities within this function include, but is not limited to:
- Individual account pricing and performance monitoring
- Support and development of underwriting rating tools
- Provision and improvement of monthly renewal rate monitoring and rate adequacy information
- Portfolio profitability analysis for both new business and existing opportunities
- Supporting both local and global group pricing standards, analytics and new product initiatives.
- Close communication and strong working relationships with Underwriters
Pricing and Analytics Team:
- Work to deliver the next generation of pricing models on leading-edge platforms as part of the wider underwriting transformation to increase our pricing sophistication, the quality and enhancement of our data, functionality, user experience, and speed of model build/maintenance
- Work on an array of scalable predictive/analytical projects to support data driven decision making, working closely with Pillar, Underwriting, Claims and Portfolio Management teams. Including:
- Risk Ranking/Selection models
- Portfolio Optimisation analytics
- Actuarial MI
- Support Pricing Governance including but not limited to:
- Collate and report on key pricing metrics (rate change, retention, expected loss ratios etc.)
- Enhance and maintain pricing policy including model inventories and usage reviews
Reserving Team:
- reserve analyses and production of gross and net US GAAP results. This includes support across data, assumption setting, tools and reporting infrastructure.
- Support the underwriters and other business functions with queries on the actuarial analysis and results, ensuring a strong feedback loop. The role will involve the production of insightful MI. Key stakeholders include finance, claims, underwriting, senior management, Corporate Actuarial, risk and audit (both internal and external).
- Support the actuarial function in delivering on its regulatory and legal entity responsibilities.
- Contribute to the successful transition to an independent reserving function including the development of the analysis and reporting infrastructure, seeking opportunities to develop existing and new processes.
- Coordinate regulatory reporting requirements related to GAAP and SII Technical Provisions, including meeting the regulatory requirements of the Actuarial Function in the UK and Luxembourg.
Actuarial Modelling Team:
- Maintains and develops the Internal Model for capital assessment and solvency reporting requirements of the regulated Legal Entities.
Investment Team:
Support the Market Risk Actuary with understanding the business’s Market Risk exposure:
- Calculation of the Standard Formula and Internal Model Market Risk SCR
- Internal Model validation for the Economic Scenario Generator and the Market Risk SCR, including drafting validation testing results and conclusions
- Quantifying the capital impact of investment portfolio changes, to support investment strategy reviews
Support the Senior Analyst – Investment Strategy with monitoring the investment portfolio:
- Quarterly delivery of investment reporting, including committee papers covering investment performance and risk
- Continuous improvement of existing reporting processes and tools
Skills and Experience:
- Analyst level candidates, actively progressing towards qualified Actuary.
- A commitment to achieving a Fellowship designation in the IFOA or equivalent Actuarial Society (such as the Casualty Actuarial Society).
- Educated to degree level with strong mathematical skills
- Desire to work across a variety of actuarial functions and environments
- Natural curiosity and problem-solving skills
About Liberty
Liberty International Insurance and LMRe are part of Global Risk Solutions and the broader Liberty Mutual Insurance Group, which is a leading global insurer. We offer a breadth of world-class insurance and reinsurance services to brokers and insureds in all major markets.
Our people are key to our success. That is why "Put People First" is one of the five Liberty values which unite us as a global organisation. We bring this to life for our colleagues through:
- Offering a vibrant and inclusive environment and committing to their career development.
- Promoting diversity, equity and inclusion (DEI). Our Inclusion Matters framework and employee-led networks strengthen the diversity of our workforce and our inclusive environment.
- Reinforcing that collaborating together to share our unique perspectives help us make better decisions, deliver innovative solutions and pursue our ambitious goals.
- A supportive culture, which includes promoting a healthy work-life balance and working flexibly.
For more information, please follow the links below:
https://www.libertyspecialtymarkets.com/gb-en/careers/working-for-us
https://www.libertyspecialtymarkets.com/gb-en/careers/diversity-inclusion-wellbeing/diversity-and-inclusion
