Capital Modelling Actuarial Analyst

Bupa; Staines-upon-Thames; Hybrid; GBP 54,000 - 68,000; Full time

Benefits offered by this job

Cycle to work scheme

Gym membership

Company pension

Private medical insurance

Private dental insurance

Employee mentoring programme

Health & wellbeing programme

Job summary

Bupa is seeking a Capital Modelling Actuarial Analyst to join the Economic Capital team. The role focuses on developing and governance of the ECM, regulatory reporting, and data quality controls in a hybrid setup with up to 3 days work from home.

You will support the valuation, calibration, and validation of economic capital, risk and model change, and international standards alignment in a dynamic health insurance environment.

Qualifications

• Part-qualified Actuary with experience in general or health insurance preferred.
• Strong technical actuarial skills and progress through actuarial exams.

Responsibilities

• Support the Head of Economic Capital to deliver governance of the ECM.
• Improve Economic Capital Assessment delivery, including stress/testing and risk appetite.
• Assist ECB reporting to Executive, Board and PRA (ORSA, etc.).
• Help maintain ECM documentation and model risk controls.

Skills

Capital modelling

Solvency II

Regulatory reporting

Python

Excel

Communication

Education

Part-qualified Actuary

Tools

Aon ReMetrica

Job description

Job Description:Capital Modelling Actuarial AnalystHybrid working with up to 3 days per week working from homeAngel Court, London or StainesPermanentSalary £54,400 - £67,900Fantastic benefits including generous pension and healthcareFull-time 37.5 hours per weekWe make health happenOur Actuarial teams play a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.We don't have shareholders at Bupa, which means we're free to invest our profits where they matter: our customers, our facilities, our research, and youWe are looking for a Capital Modelling Actuarial Analyst to join our Economic Capital team.As actuaries, we are the problem solvers of the business. We use our mathematical skills to quantify the probability and risk of future events, helping the business plan for the future and navigate an increasingly changing world.As an experienced actuarial analyst, you will gain experience of the wider aspects of health insurance and capital modelling.You'll draw on your analytical skills to support the Head of Economic Capital to deliver the governance and development of the ReMetrica-based Economic Capital Model (ECM), ensuring that it remains robust, compliant and fit for purpose in a dynamic regulatory environment.How you'll help us make health happenAs a Capital Modelling Actuarial Analyst, you will support the actuarial work to meet the following objectives:Improvement of delivery of Economic Capital Assessment (ECA), with particular emphasis on the calculation and analysis of economic capital, risk calibrations, stress and scenario testing and the assessment of capital risk appetite.Deliver the Economic Capital Assessment for reports to the Executive, Board and the PRA (e.g., ORSA Report, Stress and Scenario Testing). This will entail working alongside BINS' Actuarial, Finance and Risk teams.Support the implementation of initiatives to improve our economic capital modelling capabilities (e.g., process efficiency, data quality control) and to ensure regulatory compliance.Support the implementation of initiatives to accelerate revenue growth and optimise our risk profile (e.g., PIM development, internal and external reinsurance optimisation, M&A activities).Be familiar with capital adequacy regulations to ensure we comply with all relevant regulatory requirements; drive continuous improvement in capital models, data transformation, methods and assumptions, process and controls.Produce an environment of continuous improvement to ensure that all actuarial work is conducted to the highest possible standard in the most efficient manner.Perform analysis and associated investigations to deliver the annual ECA for BINS, to support business decisions and validate Standard Formula appropriateness.Assist the modelling and risk calibrations update process, methodology changes, analysis of change, sensitivity testing and validation of results which meets the data quality and model risk standards.Ensure the team's tools (e.g., risk calibration models, analysis of change models, sensitivity testing results comparisons) are properly controlled and documented and reliably produce required outputs. Perform user acceptable tests for change requests.Maintain model documentations (model inventory, process & controls, data directory, expert judgement log) and prepare reports of the modelled results in line with Bupa Enterprise Risk Policies and Standards.Assist the development and embedding of the ECM within BINS, enabling it to be used as a tool to support business decisions including risk appetite review, investment strategy, capital allocation, capital optimisation and business scenario analyses.Assist the capital requirements reporting content for reports to the Executive, Board and the PRA (e.g., ORSA, Stress and Scenario Testing exercise).Work with the team to prioritise timely production of all economic capital reporting deliverables.Perform research into best-practice modelling techniques and conduct benchmarking of modelling approaches to inform, refine and enhance our ECM methodology.Support the team to ensure that all capital modelling work is undertaken in compliance with the relevant enterprise Policies and Standards, including but not limited to those relating to SII data Quality, Model Risk, Insurance Risk, Regulatory Reporting & Disclosure, Expert Judgement and Materiality.Key Skills / Qualifications needed for this role:You will be an ambitious, experienced actuarial analyst making good progress through the actuarial exams with strong technical actuarial skills.Additional experiences and skills we are looking for:Part-qualified Actuary with experience in general insurance, life & health insurance, or consultancySignificant modelling and regulatory reporting experience, and strong understanding of Solvency II regulations with focus on capital modelling requirements.Excellent knowledge of Excel, Word and PowerPoint; proficiency in coding using Python and/or R is desirable but not essential.Aon ReMetrica modelling knowledge is an advantage but not essential.Excellent written and oral communication skills, including experience in the preparation of presentations and papers for Executives and Boards.Good understanding of financial controls, validation and importance of data integrity.Strong focus on detail and accuracy.Proactive mindset and ability to work independently.Strong ability to manage and prioritise day-to-day activities as delegated.Ability to adapt to changing and ambiguous situations whilst delivering high quality results.BenefitsOur benefits are designed to make health happen for our people. Viva is our global wellbeing programme and includes all aspects of our health - from mental and physical, to financial, social and environmental wellbeing. We support flexible working and have a range of family friendly benefits.Joining Bupa in this role you will receive the following benefits and more:• 25 days holiday per year, pro rata to your contract.• Access to a range of services to support your physical and mental wellbeing• Fixed term benefits allowance• Access to our confidential employee assistance programme• Workplace pension• Online discounts covering your everyday shopping, entertainment, eating out and more.Why Bupa?We're a health insurer and provider. With no shareholders, our customers are our focus. Our people are all driven by the same purpose - helping people live longer, healthier, happier lives and making a better world. We make health happen by being brave, caring and responsible in everything we do.We encourage all of our people to ”Be you at Bupa”, we champion diversity, and we understand the importance of our people representing the communities and customers we serve. That's why we especially encourage applications from people with diverse backgrounds and experiences.Bupa takes pride in being a Level 2 Disability Confident Employer and will aim to offer an interview/assessment to disabled applicants who best meet the minimum criteria for the role. We're committed to ensuring you're treated fairly during the recruitment process and offer reasonable adjustments to anyone who may benefit from accommodations to the recruitment process.Time Type:Full timeJob Area:Finance & AccountingLocations:Angel Court, London, Staines - Willow HouseCycle to work scheme, Additional leave, Canteen, Private dental insurance, Employee mentoring programme, Gym membership, Paid volunteer time, Referral programme, Health & wellbeing programme, Financial planning services, Free flu jabs, Company pension, Private medical insurance