Senior Actuarial Analyst

As a Senior Actuarial Analyst at Pension Insurance Corporation, you will be provided with opportunities to explore the business by working in various teams within PIC’s Finance department through our rotation programme. You will start your rotation in the Finance Actuarial and Capital team, focussing on Internal Model change.

The Finance Actuarial and Capital team enhances PIC’s assumptions and capital framework. Key responsibilities are the management and development of the statistical model used to understand the risks faced by PIC and how they impact PIC’s balance sheet (the Internal Model, or “IM”), and the management and oversight for reserving/ valuation assumptions and judgements.

The purpose of the Internal Model change team is to carry out large Internal Model and Capital related changes, oversee smaller changes and set the strategic direction of PIC’s Internal Model. This is a project focused role with a broad exposure to the wider PIC business working closely with the key stakeholders in Finance change, Risk, PIC Capital, ALM & Investments and external third parties such as consultancies and the PRA in order to deliver change projects.

The role will also provide the opportunity to support the wider capital teams on small projects and BAU work covering market and non-market risks as well as assumption setting. As part of the student scheme you will also have the opportunity to rotate into the following teams: Actuarial Reporting, Automation & Insight, Actuarial Modelling & Data, Business Planning & Forecasting, and Business Partnering.

Specific accountabilities assigned to the role of Senior Actuarial Analyst within the Internal Model Change team:

• Support various Major and Minor Internal Model changes, with the opportunity to lead smaller changes as they arise.
• Support capital modelling developments across a wide array of market and non-market risks.
• Support the Internal Model change forum including writing papers, presenting papers at the forum and assisting with other administrative tasks.
• Support the Head of Internal Model change in managing the change pipeline.
• Liaise with key stakeholders across the business to understand any change requirements and support them in raising change requests.
• Produce materials for management and board committees as needed to support IM and capital related changes. • Assist with scanning for regulatory and market related changes that may affect PIC’s capital models.
• Develop own understanding of PIC’s Internal Model and capital processes with a view to becoming recognised as an SME in this area.
• Develop skills for working in a project environment including planning, resourcing, workstream management and project delivery.
• Support the wider Finance Actuarial & Capital team as needed.

Requirements

Experience:

• Part or nearly qualified actuary (Fellow of the Institute & Faculty of Actuaries or similar)
• Experience of working within a life office or consultancy
• Experience in developing actuarial models and processes
• Experience of working in a project environment
• Capable and willing to work towards becoming a qualified actuary

Knowledge:

• Good technical knowledge of financial reporting knowledge in a UK life insurance environment, particularly for Solvency II
• Familiar with capital modelling techniques
• Some knowledge of credit risk modelling is desirable

Skills:

• Strong organisational and communication skills
• Ability to organize work to meet deadlines
• Strong numerical and analytical skills. In particular, analysis and investigation of financial results from actuarial models
• Ability to work within defined procedures as recommended by functional teams
• Good working knowledge across the MS suite with advanced excel skills.
• Some experience of coding using statistical packages e.g. R, Python, MATLAB.

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

Benefits

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme, support to undertake professional qualifications and much more.

This role offers hybrid working and you will also be supported to gain your professional actuarial qualification with the Institute and Faculty of Actuaries (“IFoA”).