Manager, Actuarial Analytics & Insights, Protection

Pacific Life Re; Sydney; On-site; AUD 170,000 - 250,000; Full time

Benefits offered by this job

Annual Leave

Fertility Leave

Parental Leave

Group Income Protection

Gym Membership

Employee Assistance

Volunteer Time Off

Charitable Matching

Job summary

Pacific Life Re in Sydney seeks a Manager, Actuarial Analytics & Insights for the Protection line to lead the delivery of actuarial results across US GAAP, IFRS 17 and related bases.

You will collaborate with CA, DBS and LoBs, drive process improvements, and mentor the Australia AA&I team through Project Unify.

The role offers an opportunity to shape valuation methodologies and support capital management within a global reinsurer.

Qualifications

• Qualified actuary with minimum of 5 years’ experience in life insurance or life reinsurance. Preferably with some experience in valuation roles.
• Track record of challenging / improving processes and fostering a culture of continuous improvement.
• Experience with actuarial modelling software and proficient with Microsoft Excel.
• Experience overseeing change and the introduction of new processes, controls and systems.
• In-depth understanding of the CA function.
• Good knowledge of IFRS17 and LAGIC, including first-hand experience of associated modelling complexities. Preferably experience with US GAAP.
• Team management / coaching experience preferred.

Responsibilities

• Interpret, analyse and summarise actuarial model outputs across all statutory accounting bases (US GAAP, IFRS17, LAGIC, EC, BMA) for Financial Reporting and Business Plan, for the Pacific Life Re Australia entity. This includes outputs required for stress / scenario modelling.
• Support capital management processes for the Pacific Life Re Australia entity, including annual calibration of internal target surplus and update of key annual actuarial reports including the ICAAP, AVR and FCR
• Support development of actuarial methodology across all reporting bases, including for potential new deals or changes to existing structures (e.g. on retrocession arrangements)
• Produce controls and validation reports to ensure the completeness and accuracy of actuarial results
• Oversee, provide guidance and review of results from other members of the Australia AA&I function
• Develop and maintain a close working relationship with other CA teams and DBS functions
• Support financial impact assessment and analysis associated with changes to actuarial assumptions (e.g. demographic assumptions, IBNR factors)
• Contribute to the continuous improvement mindset for systems and processes, including testing and implementation of related deliverables from the Project Unify programme.
• Specify actuarial model requirements for new developments required and support any testing and analysis of financial results from model updates

Skills

Actuarial qualification

Process improvement

Actuarial modelling software

Excel

CA function knowledge

Leadership / coaching

Tools

Excel

Job description

Job Title

Manager, Actuarial Analytics & Insights, Protection

Job Description

The Team

The Actuarial Analytics & Insights (AA&I) team are responsible for managing the in-force portfolios by setting valuation assumptions and methodology, explaining actuarial results to the wider business and proposing management actions to optimise the portfolio. They work closely with other teams within Corporate Actuarial, which includes the Actuarial Systems Team (AST), Valuation, and Capital Management & Reporting (CM&R) team. AA&I also works with the respective Lines of Business (LoBs, which are Protection, Savings & Retirement, and Capital Solutions), and other teams across Divisional Business Services (DBS) such as Finance, Operations, and R&D.

The AA&I team for the Protection LoB comprises staff from across PL Re offices, ensuring the team possesses the local market and product knowledge necessary to fully understand the complex and diverse nature of PL Re’s global protection business. The AA&I team have ownership and understanding of the Protection LoB plan and results, explain variances, and propose inforce management actions (e.g. assumptions, reviews, recaptures, etc.). They also request model changes/updates from the Valuation and Actuarial Systems Teams, resulting from new markets, products, local regulatory changes, and play a pivotal role in future proofing the streamlined, single model approach and other process and system changes introduced as part of Project Unify.

The Role

You will be responsible for supporting the delivery of actuarial results, and ensuring accuracy and compliance of actuarial results across all accounting and statutory bases (US GAAP, IFRS 17, LAGIC, Economic Capital, and Bermuda Monetary Authority). This will include supporting capital management processes for the Pacific Life Re Australia entity. You will work closely with other members of the AA&I and Corporate Actuarial (CA) team, specifically the Valuation team, to ensure modelling processes are coordinated and carried out effectively for both Financial Reporting and Business Planning processes. You will also work closely with other functions within DBS, notably Finance to support financial reporting obligations and R&D to support the annual review and setting of valuation assumptions.

You will have an exciting opportunity to participate in a period of genuine transformation as the benefits from Project Unify are delivered into the team. You will act as an advocate for change and foster a culture of continuous improvement around modelling processes.

Collaboration with other teams will be crucial, as you’ll be responsible for preparing actuarial insights to a wide range of stakeholders across both DBS and the Protection LoB. You will contribute expertise and capabilities within the team to ensure that we can respond to the increasingly complex needs of a growing global reinsurer.

The role does not have any direct line management responsibilities but will be responsible for providing oversight, guidance, and review of results to other members the Australia Protection AA&I team. You will work with other CA teams globally, and have the opportunity to support global alignment of processes. You will need to coordinate efforts across various time zones, and ensure effective communication within the AA&I team and with others. In addition, you will support a positive working culture and a high performing team.

Role Responsibilities

• Interpret, analyse and summarize actuarial model outputs across all statutory accounting bases (US GAAP, IFRS17, LAGIC, EC, BMA) for Financial Reporting and Business Plan, for the Pacific Life Re Australia entity. This includes outputs required for stress / scenario modelling
• Support capital management processes for the Pacific Life Re Australia entity, including annual calibration of internal target surplus and update of key annual actuarial reports including the ICAAP, AVR and FCR
• Support development of actuarial methodology across all reporting bases, including for potential new deals or changes to existing structures (e.g. on retrocession arrangements)
• Produce controls and validation reports to ensure the completeness and accuracy of actuarial results
• Oversee, provide guidance and review of results from other members of the Australia AA&I function
• Develop and maintain a close working relationship with other CA teams and DBS functions
• Support financial impact assessment and analysis associated with changes to actuarial assumptions (e.g. demographic assumptions, IBNR factors)
• Contribute to the continuous improvement mindset for systems and processes, including testing and implementation of related deliverables from the Project Unify programme.
• Specify actuarial model requirements for new developments required and support any testing and analysis of financial results from model updates

Skills & Experience

• Qualified actuary with minimum of 5 years’ experience in life insurance or life reinsurance. Preferably with some experience in valuation roles
• Track record of challenging / improving processes and fostering a culture of continuous improvement
• Experience with actuarial modelling software and proficient with Microsoft Excel
• Experience overseeing change and the introduction of new processes, controls and systems
• In-depth understanding of the CA function
• Good knowledge of IFRS17 and LAGIC, including first-hand experience of associated modelling complexities. Preferably experience with US GAAP
• Team management / coaching experience preferred

Competencies and Behaviours:

• Demonstrated strong technical competency and capable of effectively conveying complex information
• Ability to work on own initiative and proactively manage a varied and demanding workload
• Demonstrates strong leadership and people management skills
• Effective communication skills, both verbal and written
• Proven focus on quality, ensuring deliverables are accurate, timely and fit for purpose
• Proven ability to work with other functions, developing and maintaining working relationships
• Ability to understand and apply new concepts quickly, showing initiative, flexibility, and resourcefulness
• Adaptability to change and evolving environments
• Pragmatic, able to balance accuracy with effort
• Willingness to challenge the status quo

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team’s connection with each other and reflect on their successes.

Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee’s involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Benefits

Leave

• 20+5 days of annual leave with option to buy more days

• Fertility leave

• Generous enhanced parental leave

Healthcare

• The Company’s Group Salary Continuance Insurance (SCI)/Income Protection (IP) provides you with a continued salary, through monthly Benefit payments, in order to protect your standard of living should you be unable to work due to long term illness, injury or partial/total disability

Wellness

• Subsidized gym membership

• Access to Employee Assistance Program

• Time off for volunteering
• Charitable matching of employee donations

You Can Be Who You Are

We are committed to a culture of diversity and inclusion that embraces the authenticity of all employees, partners and communities. We support all employees to thrive and achieve their fullest potential.

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.

Pacific Life Re Values

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