Lead Actuary - IFRS 17

Overview: This job is with Beazley, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community.

Key Relationships: IFRS 17 Actuarial team, Actuarial Reserving / Reporting and Group Actuarial, Finance, Data and Ceded Reinsurance teams, Claims managers, Underwriters and business managers, Lloyd’s, external actuaries and auditors.

Job Summary: Responsible for the day-to-day operation of the actuarial team responsible for the IFRS 17 calculation engine, ensuring accurate and timely valuation outputs on a quarterly basis. Drive continuous improvement of IFRS 17 processes, governance, analytics and reporting to enhance efficiency, control and insight.

Key Responsibilities:

• Oversee, and maintain all actuarial aspects of IFRS 17 methodologies and assumptions.
• Maintain strong governance over IFRS 17 actuarial processes, including model controls, validation, peer review, and audit support.
• Liaise effectively with other Finance stakeholders on IFRS 17 actuarial matters.
• Coordinate, plan and deliver actuarial calculations performed by the IFRS 17 Calculation Engine covering both actual quarterly results and quarterly budgeting / forecasting.
• Analyse and explain IFRS 17 results, movements, and sensitivities, including drivers of profitability and volatility.
• Provide technical expertise in the IFRS 17 calculation engine, supporting implementation and testing of any changes.
• Ensure the necessary documentation is maintained for the various tools used for the IFRS 17 calculations.
• Ensure the team delivers on ad-hoc projects assigned to them.
• Build and maintain constructive working arrangements with groups identified as key to the role.
• Be a technical expert on the relevant actuarial aspects of IFRS 17.
• Identify opportunities and deliver improvements in the IFRS 17 valuation processes and methodologies.
• Keep abreast of industry best practice, new initiatives, and changes in regulatory requirements.

Requirements:

• Support junior team members in their learning and development as well as delegation and workflow planning in the delivery of the above responsibilities.
• Undertake applicable professional, technical and career development training (delivered internally and externally).

General:

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers.

External Responsibilities:

• Comply with Beazley procedures, policies and regulations including the code of conduct.
• Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and keep up to date with developments in these areas.
• This may include Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system.
• These may include membership of Beazley committees or working groups.

Personal Specification:

Education And Qualifications:

• University degree in Mathematics or related field.
• Qualified Actuary preferred.

Skills And Abilities:

• Reserving and IFRS 17 technical knowledge.
• Strong and competent user of MS Excel.
• Experience with large code bases; ability to maintain and add to existing code.
• Knowledge of SAS and SQL preferred.
• General commercial and financial knowledge.
• Experience in analytics / visualization tools.
• Solvency UK / II technical provision knowledge would be beneficial.
• Strong analytical skills with attention to detail; accurate and numerate.
• Effective verbal and written communication with stakeholders at all levels.
• Ability to manage a high performing team as well as work on own initiative.
• Ability to manage time, meet deadlines and prioritise.
• Ability to inspire and motivate a high performing team.

Knowledge And Experience:

• Reserving and IFRS 17 experience; Lloyd’s market knowledge desirable.
• Detailed knowledge of actuarial valuation techniques, including those used within pricing and capital modelling.
• Solvency UK / II experience would be beneficial.
• Detailed knowledge of reinsurance and its impact on reserving.
• People Management Experience Preferred.
• Psicle experience would be beneficial.

Aptitude and Disposition:

• Outcome focussed, self-motivated, flexible and enthusiastic.
• Professional, capable of successfully interacting with a variety of stakeholders, including senior management/colleagues/external suppliers.
• Diplomatic; collaborative.

Competencies:

• Achievement orientation
• Problem solving
• Analytical thinking
• Conceptual thinking
• Information seeking
• Customer focus
• Team working
• Initiative
• Using expertise
• Integrity
• Impact and influence