Senior Actuary Internal Model

Just Group; Greater London; On-site; GBP 90,000 - 130,000; Full time

Benefits offered by this job

Competitive salary

Pension and life assurance

Private medical cover

Birthday day off

Job summary

Just Group in London is seeking a Senior Actuary in the Internal Model team to help manage and develop risk-based capital models in line with Solvency II, UK accounting and reporting requirements. You will work with the Head of Internal Model and Director of Capital Management to maintain a fully-documented model, calibrate outputs, validate results and drive improvements using new technologies.

The role involves collaborating with Investments, ALM and Pricing, coaching junior colleagues and

Qualifications

• Proven problem analysis and resolution skills.
• Strong technical and analytical skills.
• Strong verbal, written communication and interpersonal skills.
• Proficient in the latest technology tools.
• Understanding of life insurer balance sheets and capital requirements.

Responsibilities

• Support Head of Internal Model and Director of Capital Management in managing capital position and model development.
• Maintain fully-documented Internal Model complying with Solvency II/UK/IFRS/US GAAP standards.
• Lead first line Internal Model validation activities within the framework.
• Develop methodologies for capital impact assessments for Group projects.
• Collaborate with Investments, ALM and Pricing to promote Internal Model usage.
• Deliver robust results and provide timely information to the wider business.
• Coach and mentor junior team members.

Skills

Problem solving

Technical skills

Communication skills

Tech tools

Life insurer knowledge

Education

FIA/FFA or equivalent

Tools

Python

VBA

R

Job description

A Senior Actuary in the Internal Model team supports the Head of Internal Model and Director of Capital Management to manage and develop risk-based capital models within the Group.

The role covers all aspects of capital management and modelling and includes compliance with relevant regulatory standards around data, documentation, statistical quality, calibration and validation, taking into account changes in regulatory guidance and emerging industry practice.

The Internal Model team supports the development of a stable capital position to enable delivery of organic capital generation.

About Just

We help people achieve a better later life.That’sour purpose andit’sthe reason we exist. We are a fast-growing company helping customers enjoy the retirement they deserve. We do this through a variety of market leading, award-winning products and services, delivered by a diverse team of over 1,250 purpose-led colleagues who genuinely put the customer at the heart of everything we do.

This is a brilliant time to join our business. We are on an exciting growth journey to become the UK’s most loved retirement expert.

Key responsibilities

• To support the Head of Internal Model and Director of Capital Management in managing and measuring the Group’s capital position, including:
• Leveraging new technologies to develop and maintain the Group’s Internal Model, to support Solvency II/UK, IFRS and US GAAP balance sheets, risk appetite and the ORSA, including proposing, designing and implementing changes where necessary.
• Ensure the ongoing maintenance of a fully-documented Internal Model which complies with all Solvency II tests and standards on an ongoing basis.
• Manage the implementation of first line Internal Model validation activities in accordance with the validation framework and facilitate appropriate action in response to validation findings.
• Develop the methodology for and deliver capital impact assessments for Group projects such as new asset classes and new products.
• To promote the use of the Internal Model by engaging with other relevant parts of the business such as Investments, ALM and Pricing.
• Collaborate with key stakeholders to develop BAU processes to run efficiently and deliver robust results, so that timely information can be provided to the wider business.
• Coach and manage more junior members of the Internal Model team.

The following sets out some of the key day to day activities:

• Drive improvements in the Internal Model using new technologies, including leading the development and transformation of some of the team’s existing tools and processes.
• Assess the capital model implications of Group projects. Identify risks, issues and opportunities that could impact the capital position. Support Project Owners to ensure projects are implemented in a capital efficient way.
• Propose and prepare analysis to support papers for the Internal Model Technical Forum (‘IMTF’) to report on the activities related to the Internal Model to assist the Group CRO to manage the model.
• Contribute to the delivery of the recalibration of Internal Model risks to ensure the Internal Model remains up to date, leading work on the calibration of some of the Internal Model risk groups.
• Contribute to the annual proxy structure review.
• Contribute to responses to PRA queries, ad hoc data requests and deep dives relating to the Internal Model.
• Review the internal rating methodology for LTM senior notes.
• Become established as a technical lead in a number of areas of the Internal Model.

Whatwe’relooking for

Skills and Knowledge

• Proven problem analysis and resolution skills
• Strong technical and analytical skills
• Strong verbal, written communication and interpersonal skills
• Proficient in the latest technology tools
• Understanding of the products and services provided by the Group
• Understanding of a life insurer’s balance sheet and capital requirements
• Understanding of business processes within a life insurance company
• Ability to manage defined projects with focus on efficient delivery

Experience

• Experience of utilising technological advancements to innovate and improve processes
• Recent experience of Solvency II/UK as applied to UK life insurers
• Previous experience of statistical and stochastic models or wider internal model methodologies
• Experience of developing practical solutions to complex technical issues
• Ability to assess the materiality of issues and determine appropriate courses of action to inform decisions
• Programming experience (e.g. Python, VBA, R)
• Qualified Actuary FIA, FFA or equivalent

Our behaviours

At Justyou’llhave the opportunity to develop your career, whilst making a difference to the lives of those around you.You’llbe part of a company with a strong and distinctive culture -we’reambitious,curiousand collaborative – and every decision we make centres around being Just and delivering the best outcomes for our customers.

What’sin it for you

• A competitive salary, pensionschemeand life assurance
• 25 days annual leave plus anadditionalday on us for your birthday
• Private medical cover and income protection, just in case
• A generous and highly achievable bonus scheme
• Opportunities to progress your career in-role and within the company
• Free access to the Headspace app, 24/7 employeeassistancehelpline and trained physical and mental health first aiders
• A variety of employee funded benefits available via our online benefits portal
• Plus, severaladditionalpurchase options available for you and your loved ones

Valuing diversity of thought and fostering a sense of belonging is critical to our business success, driving innovation and balanced decision making. Our work on DEIB (Diversity, Equity, Inclusion and Belonging) aims to deliver a brilliant employee experience underpinned by a sense of belonging, where our people feel proud to work at Just.

Weremaincommitted to our publicly disclosed HM Treasury Women in Finance Charter and Race at Work Charter targets and support a wide range of employee network and events, championing issues including intergenerational working, socialmobilityand neurodiversity.