Capital Modelling Actuarial Analyst

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

Benefits offered by this job

25 days holiday

Wellbeing services

Benefits allowance

Employee assistance programme

Workplace pension

Online discounts

Job summary

Bupa is seeking a Capital Modelling Actuarial Analyst to join the Economic Capital team. The role is hybrid with up to three days remote, based in London (Angel Court) or Staines, and is a full-time 37.5 hour week.

You will help deliver the ECM governance, enhance capital modelling, and support regulatory reporting to the Executive, Board and PRA. You will work on Solvency II capital modelling, data quality, calibration and documentation, develop models with ReMetrica, and collaborate with

Qualifications

• Part-qualified Actuary with experience in health/general insurance or consultancy.
• Significant modelling and regulatory reporting experience with focus on Solvency II.
• Excel, Word and PowerPoint; Python and/or R desirable.
• Aon ReMetrica modelling knowledge is advantageous.
• Strong written and oral communication for Executives and Boards.
• Good data controls and validation understanding.

Responsibilities

• Improve delivery of Economic Capital Assessment (ECA) with capital risk analyses.
• Deliver ECM reports to Executive, Board and PRA (ORSA, stress tests).
• Support initiatives to improve economic capital modelling capabilities and data quality.
• Support revenue growth and risk optimisation initiatives (PIM, reinsurance, M&A).
• Ensure regulatory compliance and model risk standards are met.
• Maintain ECM documentation and model inventory.
• Prepare model outputs for governance and decision making.
• Assist embedding ECM within BINS for business decisions.

Skills

Modelling experience

Regulatory reporting

Excel/Word/PowerPoint

Python/R

ReMetrica

Communication

Data integrity

Solvency II

Independent work

Education

Part-qualified Actuary

Tools

Aon ReMetrica

Job description

Job Description:

Capital Modelling Actuarial Analyst

Hybrid working with up to 3 days per week working from home

Angel Court, London or Staines

Permanent

Salary £54,400 - £67,900

Fantastic benefits including generous pension and healthcare

Full-time 37.5 hours per week

We make health happen

Our 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 you.

We 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 will 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 happen

As 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.

• Part-qualified Actuary with experience in general insurance, life & health insurance, or consultancy
• Significant 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.

Benefits

Our 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.

• 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 time

Job Area: Finance & Accounting

Locations: Angel Court, London, Staines - Willow House