Actuarial Analyst

Actuarial Analyst

Role overview

This is a great opportunity for a graduate to start a well-rounded actuarial career within a corporate working environment, working on both pricing and reserving for numerous classes of business. This is a hands-on role, working with Underwriters and other parts of the business in support of the business’s objectives.

Working within a medium-sized actuarial team, collaborating with Underwriting teams and actuaries spread across various geographic locations the Actuarial Analyst will support the Actuarial Team in providing in-house actuarial services, including involvement in the following areas as required:

• Quarterly “Reserving”/profitability review process – assessing profitability of business lines, identifying areas of underwriting concern, review of effectiveness of corrective actions and projecting profit commission receipts.
• Review of individual lines and investigation of pricing strategies.
• Development and maintenance of MI and rate monitoring.
• Development and maintenance of pricing models, including calibration of rating factors in response to experience.
• Analysis of pricing model data and feedback into profitability reviews.
• Input to business planning process.
• To work towards being the key point of contact for the relevant Underwriting teams.

This is a full time position, working 5 days a week (hybrid).

Role responsibilities

• Prepare data for actuarial analyses; ensuring data is consistent, reconciled and checked for reasonableness.
• Update quarterly actuarial projection models and assist in the selection of appropriate ultimate claims.
• Support detailed segmentation analysis on relevant classes to identify areas of outperformance/underperformance and help inform underwriting decisions.
• Work with underwriting and actuarial colleagues in the development of pricing models – both new models from scratch alongside refinement and maintenance of existing models.
• Support the business planning process by bringing together data and output from both reserving and pricing, and providing tools to the business to enable them to utilise this.
• Carry out analyses of data collected within the pricing models to enhance understanding of drivers of profitability, and to refine the pricing parameters used in the models.
• Develop relationships with underwriting teams.
• Maintain documentation of actuarial processes.
• Deal with data queries from carriers’ Actuaries where appropriate.
• Attend internal and external actuarial meetings.
• Development of actuarial and insurance knowledge – increased technical skills and business knowledge will be evidenced by understanding and applying appropriate actuarial methodologies based on characteristics of different insurance products and markets.
• Reasonable exam progress towards IFoA Actuarial Fellowship.

Key requirements

• Highly numerate.
• Strong analytical skills with attention to detail.
• Good communicator
• Problem solver.
• Reliable.
• Basic experience with MS Excel; VBA, SQL, Python, R, or SAS skills desirable.
• Able to explain technical concepts to non-technicians.
• Able to work on own initiative, work independently, meet deadlines and prioritise workloads.
• Able to carry out analyses accurately with appropriate reconciliations and documentation of process.
• First or 2:1 university degree in Mathematics or related field.

Knowledge and Experience

• Basic technical knowledge of the general insurance market.
• Basic knowledge of reserving and pricing processes.
• The candidate will be expected to study towards the IFoA Actuarial Fellowship, with full study support provided.

Compliance & Regulatory Responsibilities

• To remain compliant with FCA requirements at all times.
• To obtain appropriate approvals to ensure compliance with company policy, procedures and regulatory requirements/rules, with regards to data protection, money laundering etc.
• To share ideas, best practice and other information within the team.
• Ensure that own performance, HR and T&C records are up to date and meet the Company’s requirements.
• Maintain accurate records and deal with correspondence appropriately.