At a Glance
- Tasks: Support reinsurance operations and ensure accurate administration of reinsurance arrangements.
- Company: Leading Life and Pensions client based in the UK.
- Benefits: Competitive contract rate, flexible working options, and professional development opportunities.
- Other info: Dynamic role with opportunities for growth and collaboration with tech teams.
- Why this job: Join an exciting project and make a real impact in the reinsurance space.
- Qualifications: 5+ years in pensions/life reinsurance and strong reconciliation skills required.
The predicted salary is between 60000 - 80000 £ per year.
UK Based (Edinburgh/ London/ Birmingham). Our Life and Pensions client require a number of Senior Actuaries to help support on an exciting project for an initial 6-month contract.
The role involves working closely with the Reinsurance Operations Lead, supporting many aspects of the overall reinsurance operations journey. This position is suitable for someone looking for a challenge and has experience in ensuring reinsurance arrangements are administered efficiently and accurately.
Key responsibilities will include:- Completing a reinsurance reconciliation to establish whether the administration of the reinsurance is in line with those specified under the reinsurance treaty, including:
- Identifying and reconciling any differences underlying inception data
- Identifying and reconciling actual vs revised claims and premium projections since inception
- Reconciling movements since inception
- Reconciling lump sum settlements since inception
- Assessing and implementing the impact of any reconciliation on collateral calculations
- Preparing comprehensive reports detailing the results of the reconciliation of management
- Designing and creating sophisticated cashflow project models (using Excel) for the projection of premium, claims, lump sum calculations and collateral valuations.
- Ensuring historic basis reviews are implemented accurately.
- Acting as a key point of escalation in dispute resolution processes, effectively addressing issues and facilitating discussions to achieve timely and satisfactory outcomes.
- Establishing and implementing processes ensuring templates are clearly documented and have a suitable audit trail and version control.
- Creating models and practices to ensure compliance and mitigate risks.
- Working with software architects, technology, and data teams to define requirements for, design, and support the development of a centralised reinsurance treaty administration database, ensuring accurate storage and management of contract terms and ongoing reinsurance data.
- Configuring, testing, and validating reinsurance arrangements within the reinsurance administration system, ensuring calculations, cashflows, collateral mechanics, and contractual benefits operate in line with agreed benefit specifications.
- Developing and testing end-to-end data feeds underpinning reinsurance operations, ensuring data completeness, accuracy, auditability, and effective resolution of defects to support ongoing administration and reporting.
What are we looking for?
- 5+ years' experience working within the pensions and/or life and/or longevity reinsurance space.
- Extensive knowledge and experience of completing reinsurance reconciliations.
- Thorough technical understanding of Defined Benefit pensions.
- Ability to communicate effectively with a technical actuarial audience and simply communicate technical issues to a non-technical audience.
- An individual who prides themselves on building and maintaining quality stakeholder relationships and has a keen eye for detail.
- Extensive commercial knowledge of pension de-risking products including bulk annuities and longevity swaps would be desirable.
If this role sounds of interest, please apply and I will call you to discuss.
Senior Actuary: Reinsurance Ops for Life & Pensions employer: Lorien
As a leading player in the Life and Pensions sector, our company offers an exceptional work environment in vibrant locations such as Edinburgh, London, and Birmingham. We pride ourselves on fostering a collaborative culture that encourages professional growth and innovation, providing our employees with opportunities to engage in meaningful projects while enjoying competitive benefits and a supportive atmosphere. Join us to be part of a dynamic team where your expertise will make a significant impact on the future of reinsurance operations.
StudySmarter Expert Advice🤫
We think this is how you could land Senior Actuary: Reinsurance Ops for Life & Pensions
✨Tip Number 1
Network like a pro! Reach out to your connections in the industry, attend relevant events, and don’t be shy about letting people know you’re on the lookout for a Senior Actuary role. You never know who might have the inside scoop on an opportunity!
✨Tip Number 2
Prepare for interviews by brushing up on your technical knowledge and real-world applications. Be ready to discuss your experience with reinsurance reconciliations and how you've tackled challenges in past roles. We want to see that you can communicate complex ideas clearly!
✨Tip Number 3
Showcase your problem-solving skills! During interviews, share specific examples of how you've resolved disputes or improved processes in previous positions. This will demonstrate your ability to handle the responsibilities outlined in the job description.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, we love seeing candidates who take the initiative to connect directly with us. Let’s get you that Senior Actuary role!
We think you need these skills to ace Senior Actuary: Reinsurance Ops for Life & Pensions
Some tips for your application 🫡
Tailor Your CV:Make sure your CV is tailored to the Senior Actuary role. Highlight your experience in reinsurance operations and any relevant projects you've worked on. We want to see how your skills match what we're looking for!
Craft a Compelling Cover Letter:Your cover letter is your chance to shine! Use it to explain why you're the perfect fit for this role. Share specific examples of your experience with reinsurance reconciliations and stakeholder management. Let us know why you’re excited about this opportunity!
Showcase Your Technical Skills:Since this role requires a strong technical background, make sure to highlight your expertise in Defined Benefit pensions and any experience with cashflow models. We love seeing candidates who can communicate complex ideas simply, so don’t hold back!
Apply Through Our Website:We encourage you to apply through our website for a smoother application process. It helps us keep track of your application and ensures you don’t miss out on any important updates. We can’t wait to hear from you!
How to prepare for a job interview at Lorien
✨Know Your Numbers
As a Senior Actuary, you'll need to demonstrate your expertise in reinsurance reconciliations. Brush up on your technical knowledge of Defined Benefit pensions and be ready to discuss specific examples from your experience. Prepare to explain how you've identified and reconciled discrepancies in the past.
✨Showcase Your Communication Skills
You'll be communicating with both technical and non-technical audiences, so practice explaining complex actuarial concepts in simple terms. Think of examples where you've successfully navigated discussions with stakeholders and resolved disputes effectively.
✨Be Ready for Problem-Solving
Expect questions that assess your ability to handle challenges in reinsurance operations. Prepare to discuss how you've implemented processes to ensure compliance and mitigate risks. Have a few scenarios in mind where you’ve had to think on your feet and come up with effective solutions.
✨Demonstrate Your Attention to Detail
In this role, accuracy is key. Be prepared to talk about how you ensure thoroughness in your work, especially when it comes to preparing reports and creating cashflow models. Highlight any systems or practices you've developed to maintain quality and audit trails in your previous roles.
