Role Title: Senior Actuarial Analyst / Actuary
Department: Actuarial
Location: London
Type: Permanent
About the Role:
As a member of the Actuarial Modelling Team, the successful candidate will manage the development, testing and production of the processes surrounding our internal model. Examples of other tasks they could also be responsible for:
- Mechanical update processes such as for FX changes or the annual roll-forward
- Assist in the capital model runs required for the ORSA
- Adhoc investigations that involve process changes
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.
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:
- Develop, test and release the tools that we use to manage and produce our capital model runs and dashboards.
Including:
- Model Run Log (and Model Run Log spreadsheet
- Run Launcher
- Use Test Dashboards
- Risk Template
- Igloo Data Extractor
- Maintain and develop parameterisation tools used to generate premium risk parameters.
- Roll forward the model, update for FX changes and write the corresponding step update reports.
- Manage the Development Log
- Adhoc investigations
Planned Major Developments:
- Move inputs and outputs into SQL
- Replace Use Test Dashboards with Power BI
- Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to Liberty Mutual’s commitment to our Liberty Values, placing customers at the centre of our business and behaving with integrity. We expect you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include the Senior Managers and Certification Regime Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing.
Skills and Experience:
- Educated to degree level with strong mathematical skills
- Natural curiosity and problem-solving skill
- Strong technical skills (such as C#, Python, SQL, VBA, etc
- Strong written and interpersonal communication skill
- Igloo or other capital modelling software experience beneficial but not essential
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
