Senior Actuarial Analyst

PIC; London; On-site; GBP 45,000 - 75,000

Job description

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.

The Senior Actuarial Analyst role sits within the Origination Team under the Longevity Risk Management (LRM) Function. This department contributes to the overall success of the business by deploying capital at attractive returns by writing new business and reinsurance transactions.

The focus of this role is on reinsurance in-force management. This will involve maintaining our existing relationships with the reinsurers, liaising with reinsurers in particular on verification and on-going management of in-force reinsurance treaties (e.g., collateral, basis reviews etc.)

You will act as Risk Representative for LRM, liaising with the Risk team on managing Risk Incidents, Risk Actions, and RCSAs.

Specific accountabilities assigned to the role within the Origination:

Reinsurance: In-force reinsurance arrangements:

1. Responsible for the actuarial management of in-force reinsurance arrangements. This includes successful delivery of verification projects, refresh of historic contracts, basis reviews, and any other ad-hoc workstreams that may arise.
2. Identify, propose, and implement process improvements.
3. Effectively collaborate with Reinsurance Operations to manage in-force workstreams, support the onboarding of new treaties and development of LISA.
4. Prepare comprehensive reports to address actuarial matters in existing treaties, where necessary, by conducting a thorough analysis and recommending a course of action. Present and seek approval, as required.
5. Establish and maintain a good relationship with reinsurers to ensure new business deals are not impacted by any in-force issues.
6. Train and share knowledge with junior team members to build an efficient team.

Risk Representative:

1. Liaise with the Risk team around updating and managing Risks, Controls, and Self-Assessment (RCSAs).
2. Complete any risk actions that may be suggested by Risk.
3. Raise/review risk incidents for LRM.

Experience:

1. Part qualified and making continued good progress through Actuarial exams.
2. Experience working in a corporate or consulting environment, ideally with knowledge of BPA Pensions and/or Reinsurance.

Knowledge:

1. Deep awareness of pricing of longevity risk for defined benefits pension schemes.
2. Deep awareness of the operation of longevity reinsurance contracts.
3. Knowledge of defined benefits pension schemes – including benefit structures and relevant legislation.

Skills:

1. Strong organisation skills.
2. Strong communication skills.
3. Ability to persuade and influence both directly and indirectly.
4. Ability to manage people and other resources effectively.
5. Ability to organize work to meet deadlines.
6. Ability to work within defined procedures as recommended by functional teams.
7. Commercial judgement and good working knowledge of MS Excel, MS PowerPoint, MS Word.

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

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

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 will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme, and much more.