Senior Actuarial Analyst in City of London

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

PIC has a unique opportunity for a student actuary to join its Origination department. Origination is responsible for:

• marketing and originating new bulk annuity opportunities
• pricing and structuring of these bulk annuity transactions
• managing negotiations with the Trustee/company, through their advisors
• assisting other PIC departments with the onboarding and long-term implementation of new business wins, within our End-to-End Process framework

As a Senior Actuarial Analyst, you will work on:

• supporting the development of transactions: in particular pricing, bid preparation, committee papers, internal and external presentations and transaction management
• the new business and transaction management process: liaising directly with other departments such as the PIC Investments, Longevity Risk Management, Finance, Operations and Risk departments, ensuring the end product is a tailored and competitively priced proposal to prospective clients, ultimately leading to new business
• contributing towards business development initiatives and events: building relationships with external suppliers and contributing to the team’s commitment to risk management of all work, and understanding PIC’s Risk Management culture
• supporting and developing: supporting all Deal Leads and developing more junior members of the team, including reviewing their work, completing appropriate checks, and providing suitable feedback

Your specific accountabilities will include:

• active contribution to pipeline and new business prospects, through deal management of suitably sized deals, completing work in a timely manner, managing workflow and providing sufficient review time by more senior members of the team
• prepare comprehensive reports reflective of the intended audience that demonstrate sound analysis and recommendations for bulk annuity transactions as part of the new business strategy
• analysis of feedback received on new business quotations and how we are positioned in the market to develop strategy on new business transactions
• seek opportunities to develop our prospect of winning new transactions, by developing our proposition and collaborating across the business to find areas of competitive advantage
• effectively collaborate with other members of the Origination department to understand the impact of proposals on the wider business to improve business outputs, such as improved assumptions, processes and increased risk management
• keep informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to funded reinsurance and bulk annuities
• develop, maintain and grow a network of advisors and trustees across the industry

Experience:

• Progress with actuarial exams (FIA/FFA) with a clear intention to work towards qualification
• Strong academic record in Mathematics, Statistics, Economics, Actuarial Science or other scientific/numerical discipline
• Experience in related corporate or consulting environment such as pensions consultancy or direct experience with another BPA provider
• Experience of reviewing work completed by more junior members of the team

Knowledge:

• Advanced numeracy (familiarity, dexterity and intuition in more advanced mathematical functions including compound interest and discounting, annuities, mortality rates, duration and methods determining return such as IRR)
• Knowledge of data analysis
• Excel skills to an ‘Intermediate’ or advanced level of functionality (e.g. data manipulation, lookups or index match)
• Comfortable with completing data analysis in excel with use of formulae
• Familiar with reviewing work completed by more junior members of the team and show knowledge of typical checks that may be completed on actuarial work
• A strong understanding of financial services industry best practice in actuarial analysis relating to Defined Benefits pensions, and insurance companies (a thorough understanding of solvency II is not required)
• Understanding of longevity risk and reinsurance and shows interest in the topical issues within the Pension Risk Transfer space

Skills:

• Strong organisational skills and commercial judgement
• Ability to take technical instruction and accurately implement, or disseminate to more junior members of the team
• Excellent communication and interpersonal skills to be able to build and develop relationships
• Willing and able to present to a range of their peers and more junior members of the team
• Ability to organise work to meet competing deadlines, and to work within defined procedures as recommended by functional teams
• Good working knowledge of MS Excel, MS PowerPoint, MS Word. Understanding of additional applications such as Power BI would be beneficial

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more. You will also receive full study support to qualify as an actuary with us.