Actuarial Graduate Trainee

Sompo; London; On-site; GBP 30,000 - 50,000

Job description

Actuarial Graduate Trainee page is loaded

Actuarial Graduate Trainee

Apply locations London, United Kingdom time type Full time posted on Posted Yesterday job requisition id R2570

As a leading provider of insurance and reinsurance with worldwide operations and employees in Bermuda, U.S., U.K., Continental Europe and Asia, we recognize that our success is derived directly from those who matter the most: our people. At Sompo International, our values of integrity, collaboration, agility, execution and excellence underpin our culture and our commitment to providing an employee experience that attracts and engages the best talent in the industry. As we continue to grow, we strive to find diverse, innovative and driven professionals to join our teams and offer a broad range of career and development opportunities at all levels, in multiple business areas, in each of our locations throughout the world. Our compensation and benefits programs are market driven and competitive, with excellent family friendly policies and flexible working provisions.

Job Description

Graduate Trainee Programme – Pricing

The Sompo Graduate Trainee Programme is a 24-month training programme designed to give participants the business and technical skills they need to build a successful career in an Actuarial Pricing role. Our UK Insurance Pricing team offers Actuarial support to the UK P&C Underwriters. We work closely with the underwriters to determine the support required to achieve their strategies for growing the business profitably throughout the market cycle. The UK P&C lines of business for Sompo are a well-established mature portfolio led by highly experienced class underwriters. We work alongside our colleagues across the Sompo group to enhance our understanding of market practice and to enact best practice in a pricing role. This is a fantastic chance to develop your technical skills whilst working closely with qualified actuaries who will support your growth.

Through on-the-job learning, workplace mentoring and directed self-study, Sompo Graduate Programme is a foundation for career advancement at Sompo and can lead to an exciting and accelerated career pathway in insurance.

What can I expect as a Graduate Trainee?

• On-The-Job Learning

Actuarial career routes require a high degree of experience, expertise and relationship building – something you can’t learn in the classroom. Sompo Actuarial Pricing trainees are immersed in the day-to-day activities of the Pricing team and given the opportunity to work alongside experts in the field to gain an understanding of how actuarial models and analysis can assist with decision-making and monitoring business performance.

You will support the teams in the development, testing, and maintenance of pricing models; broadening your understanding and knowledge that will create a foundation for a career path in the actuarial field.

• Directed Self-Study

Professional designation supports Actuarial professionals gain the technical and theoretical knowledge of actuarial practices. Sompo supports employees pursuing continuing educations opportunities by covering the cost of examinations and study material and providing appropriate study leave. As part of the Graduate Trainee programme, participants will be required to successfully complete two modules in support of the Institute and Faculty of Actuaries (IFoA) qualification in line with the available examination slots per annum.

• Career Development Support

At Sompo we are committed to developing our people. We encourage employees to strengthen their skills and expand their understanding of the business. Sompo Graduate Trainees receive professional development training on topics such as communication/negotiation, self-awareness and sales and marketing to help them build successful careers.

• Mentoring

As part of the development of each Graduate Trainee, a mentor will be assigned at the beginning of the scheme. This mentor will be from a different team to allow for additional networking opportunities and broader insight into Insurance, and they will be tasked with providing ad hoc guidance and support during regular 1:1’s throughout the programme. The Mentor will also assist the line managers during the annual performance review cycle and review of progression during Levels 1,2 and 3 of the programme.

• Rotation Scheme

Participants on the Actuarial Pricing programme will gain experience working in the actuarial pricing field and some exposure to the other actuarial functions.

• What you’ll be doing

• Assist in data collection, analysis and validation for actuarial modelling and calculations.
• Use and develop tools for the monitoring and reporting of rate change and rate adequacy.
• Collaborate with cross-functional teams to understand business objectives and provide actuarial insights.
• Pricing of complex contracts across the UK P&C classes, ensuring close collaboration with the underwriters, providing clear explanation of technical Actuarial modelling techniques alongside the results.
• Support in developing pricing models for new areas of business written by the Underwriting team and update the pricing models through reparameterisation exercises and structural modifications where necessary.
• Apply actuarial pricing techniques to individual account analysis and portfolio analyses and prepare presentations and quantitative exhibits for management and underwriters that convey insight and key outcomes.
• Contribute to the business planning process, working with the lead Pricing Actuary for the class of business and the underwriters to articulate business plans and the rationale that underpins them.
• Assist in identifying and assessing strategic growth opportunities by working alongside the underwriting team to better understand the current portfolio against the market portfolio.
• Completion of risk audits to ensure the pricing models are being completed appropriately by the underwriters and that the modelled results are reasonable, taking action to resolve any deficiencies.
• Research into industry developments and trends that could impact Sompo.
• Other ad hoc duties as required.

Please only apply if you are available to come to our London office on the 15th of May for the in-person assessment day. Many thanks!

CLOSING DATE FOR APPLICATIONS IS SUNDAY 6TH APRIL