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- Tasks: Manage in-force reinsurance arrangements and collaborate with teams for effective risk management.
- Company: Pension Insurance Corporation secures retirement incomes through exceptional risk management and customer service.
- Benefits: Enjoy private medical insurance, 28 days' leave, a generous pension scheme, and performance bonuses.
- Why this job: Join a culture of resilience and adaptability while making a real impact on retirement security.
- Qualifications: Part qualified actuary with experience in corporate or consulting environments, ideally in pensions or reinsurance.
- Other info: Opportunity to train junior team members and drive process improvements in a dynamic team.
The predicted salary is between 48000 - 72000 £ per year.
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 Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.
The Senior Actuarial Analyst role sits within the Origination Team under the Longevity Risk Management (LRM) Function. This department contributes to the overall success of the business by deploying capital at attractive returns by writing new business and reinsurance transactions. The focus of this role is on reinsurance in-force management. This will involve maintaining our existing relationships with the reinsurers, liaising with reinsurers in particular on verification and on-going management of in-force reinsurance treaties (e.g., collateral, basis reviews etc.) You will act as Risk Representative for LRM, liaising with the Risk team on managing Risk Incidents, Risk Actions, and RCSAs.
Specific accountabilities assigned to the role within the Origination:
- Reinsurance: In-force reinsurance arrangements: Responsible for the actuarial management of in-force reinsurance arrangements. This includes successful delivery of verification projects, refresh of historic contracts, basis reviews, and any other ad-hoc workstreams that may arise. Identify, propose, and implement process improvements. Effectively collaborate with Reinsurance Operations to manage in-force workstreams, support the onboarding of new treaties and development of LISA. Prepare comprehensive reports to address actuarial matters in existing treaties, where necessary, by conducting a thorough analysis and recommending a course of action. Present and seek approval, as required. Establish and maintain a good relationship with reinsurers to ensure new business deals are not impacted by any in-force issues. Train and share knowledge with junior team members to build an efficient team.
- Risk Representative: Liaise with the Risk team around updating and managing Risks, Controls, and Self-Assessment (RCSAs). Complete any risk actions that may be suggested by Risk. Raise/review risk incidents for LRM.
Experience: Part qualified and making continued good progress through Actuarial exams. Experience working in a corporate or consulting environment, ideally with knowledge of BPA Pensions and/or Reinsurance.
Knowledge: Deep awareness of pricing of longevity risk for defined benefits pension schemes. Deep awareness of the operation of longevity reinsurance contracts. Knowledge of defined benefits pension schemes – including benefit structures and relevant legislation.
Skills: Strong organisation skills. Strong communication skills. Ability to persuade and influence both directly and indirectly. Ability to manage people and other resources effectively. Ability to organize work to meet deadlines. Ability to work within defined procedures as recommended by functional teams. Commercial judgement and good working knowledge of MS Excel, MS PowerPoint, MS Word.
Desirable personal attributes aligned to what success looks like in the role: Intellectually curious with a willingness to learn through own research. Strong problem-solving skills utilizing consultative questioning to challenge current norms and drive change within the business function. Effective communicator – structures insights into clear messages and effectively engages others within the business function, as well as internal stakeholders, professional and regulatory bodies. Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.
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.
Senior Actuarial Analyst employer: PIC
Contact Detail:
PIC Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Senior Actuarial Analyst
✨Tip Number 1
Familiarise yourself with the latest trends in longevity risk management and reinsurance. This knowledge will not only help you during interviews but also demonstrate your genuine interest in the field, making you a more attractive candidate.
✨Tip Number 2
Network with professionals in the actuarial and reinsurance sectors. Attend industry events or webinars to connect with potential colleagues and learn about the company culture at Pension Insurance Corporation, which can give you an edge in your application.
✨Tip Number 3
Prepare to discuss specific examples of how you've successfully managed relationships with reinsurers or handled risk incidents in your previous roles. This will showcase your relevant experience and problem-solving skills, aligning with the expectations for the Senior Actuarial Analyst position.
✨Tip Number 4
Demonstrate your ability to train and mentor others by sharing experiences where you've helped junior team members grow. This aligns with the role's requirement to build an efficient team and shows your leadership potential.
We think you need these skills to ace Senior Actuarial Analyst
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in actuarial roles, particularly focusing on reinsurance and pension schemes. Use specific examples that demonstrate your skills in risk management and collaboration with reinsurers.
Craft a Compelling Cover Letter: Write a cover letter that reflects your understanding of Pension Insurance Corporation's values and mission. Emphasise your intellectual curiosity and problem-solving skills, and explain how you can contribute to the Origination Team.
Showcase Relevant Skills: In your application, clearly outline your strong organisational and communication skills. Provide examples of how you've effectively managed projects or teams in previous roles, especially in relation to actuarial management and risk assessment.
Highlight Continuous Learning: Mention your progress through Actuarial exams and any additional training or certifications. This shows your commitment to professional development and aligns with the company's focus on resilience and adaptability.
How to prepare for a job interview at PIC
✨Understand the Role and Responsibilities
Make sure you have a clear understanding of the Senior Actuarial Analyst role, especially regarding in-force reinsurance management. Familiarise yourself with the key responsibilities such as liaising with reinsurers and managing risk incidents, as this will help you answer questions more effectively.
✨Showcase Your Technical Knowledge
Be prepared to discuss your knowledge of longevity risk pricing and defined benefits pension schemes. Highlight any relevant experience you have in these areas, as well as your progress through actuarial exams, to demonstrate your commitment and expertise.
✨Demonstrate Strong Communication Skills
Since the role requires effective communication with both internal teams and external stakeholders, practice articulating complex actuarial concepts in a clear and concise manner. Use examples from your past experiences to illustrate how you've successfully communicated in challenging situations.
✨Prepare for Problem-Solving Scenarios
Expect to be asked about how you approach problem-solving and process improvements. Think of specific instances where you've identified issues and implemented solutions, particularly in a corporate or consulting environment, to showcase your innovative thinking and adaptability.
