This role will be responsible for supporting the Lead within the Group Risk and Actuarial team in the activities required to deliver the Market Value Balance Sheet project which has the following key objectives:
Ensure that all life insurance BUs are able to deliver the Standard Formula Approach as depicted within the Solvency II requirements. This will be required for the QIS5 exercise and will enable MVBS and IFRS reporting
Define and deliver further enhancements to the Group Wide Economic Capital framework.
Ensure that BU deliverables are supported by direction from the centre so that the valuations are performed to a sufficient level of accuracy, granularity and consistency.
Ensure results are validated to required Solvency II standards.
Brief outline of key objectives and responsibilities:
The individual is responsible for technical delivery of the solutions to the Economic Capital and QIS5 objectives as defined.
During the delivery phase of the project the key responsibilities will be to:
Ensure methodological soundness of EC delivery and that the solutions meet programme requirements (e.g. Solvency 2 compliance)
Ensure the safe delivery of QIS5
Quality assurance e.g. ensure testing is adequate
Solve and prioritise technical problems
Ensure that the solution is delivered to the appropriate level of consistency and granularity across Bus
The work will require:
Close coordination with the MVBS and Internal Capital Model work packages to ensure alignment of core deliverables
Close and continuous liaison with other projects.
Key technical skills, qualifications and experience required to fulfil role:
Qualified Actuary with relevant experience.
Working knowledge of market consistency theory is important.
Experience with Embedded Value experience within a life business.
Preferably with familiarity of common actuarial modelling platforms e.g. Moses, Prophet
Preferably with experience of QIS3 or QIS4
Familiarity with the complexities and subtleties of working across borders with disparate and distant reporting
Experience of working in a highly results orientated growth and performance driven environment with a focus on excellence but where costs are kept to a minimum.
Able to communicate complex matters to people from a variety of backgrounds
Strong technical skills with the ability to think strategically and use numbers to drive superior business performance
Knowledge of regulatory environment and Solvency II and ability to convert emerging regulatory requirements into practical activities and solutions
Key behavioural skills and attributes required to fulfil role:
Pragmatic approach to problem solving
Good communication skills; able to distil complex ideas into simple, key components
Ability to work in multi disciplinary team
Ability to contribute to high performing teams
Good stakeholder management skills and strong business unit relationships
Gains respect of colleagues and ability to lead his/her peer group by logic of argument and personal credibility
Flexibility to work within a changing project/programme environment
Ability to manage competing agendas and priorities
Ambitious and high personal standards of quality of delivery
Someone who has a strong personality, stamina and sound commercial judgment, flexible in their thinking and responsive to change
High levels of personal confidence
