Senior Actuary, Life Insurance and Pension Risk

2 weeks ago

London, United Kingdom Bank of England Full time

**Senior Actuary, Life Insurance and Pension Risk Department - Insurance Directorate**

**-**
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**009082**
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**Primary Location** UK-ENG-London

**Job** Insurance

**Organisation** 625100 - LI ACTUARIES

**Job Posting** 12-Jun-2023, 5:02:50 AM

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
- The Bank of England is a diverse organisation, made up of approximately 4,000 people - each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

**Department Overview**

The Prudential Regulatory Authority (PRA) is the section of the Bank of England that supervises insurers. Whatever your prior experience you will gain wide industry experience at the forefront of regulatory development.

The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.

We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.

**About the Life Insurance and Pension Risk Department (LIPRD)**

The Life Insurance and Pension Risk Department’s (LIPRD) principal function is to provide a broad and deep understanding of the prudential risks posed by life insurers, reinsurers and pension schemes. Our principal aim is to help ensure that firms are adequately controlled and capitalised.

Our specialists have broad and deep understanding of the prudential risks posed to PRA by life insurers, reinsurers and pension schemes. This expertise is a combination of strong corporate knowledge of the life firms we regulate and their risks such as longevity, credit, market, underwriting and data governance.

We retain and deliver the corporate knowledge by designating each of our line staff to a small portfolio of firms over a period of time. As we are located in Supervision, our staff are very accessible to and work closely with their firm supervisory teams.

You will have the opportunity to expand and develop your technical knowledge through firm work, research and development.

**About the Role**

You will be a motivated life actuary with a good knowledge and understanding of financial and insurance risk issues affecting life insurance firms.

You will work in a team of actuaries with diverse experience, as well as with other colleagues across the PRA and Bank, in order to support the supervision of firms.

As a Senior Actuary, the typical responsibilities of the role include:

- Developing the knowledge, skills and experience of others in specialist areas
- Performing in-depth research in key risk areas (e.g. credit/market risk, longevity, internal model design and validation) aimed at developing in-house views of what constitutes good practice
- Conducting thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks
- Supporting the Department in the delivery of effective, risk-based prudential supervision of firms

**Role Requirements**

Minimum Requirements
- Professional actuarial qualification (such as Fellowship of Institute & Faculty of Actuaries) or exceptional experience and depth of knowledge
- Demonstrable experience in a diverse and in-depth range of life insurance and technical actuarial roles
- An in-depth understanding and experience of the key financial and life insurance risk areas for insurers and the actuarial controls needed to ensure these are risks are appropriately managed. (We do not expect expertise in every possible risk, but do expect in depth knowledge of at least one area of: credit/market risks, internal model design and validation, longevity risk, Part VII transfers, or another key risk to insurers)
- Actuarial / technical competence of Solvency II, including capital modelling requirements
- Experience of a proportionate approach to reviewing technical work and issues, so as to reach outcomes that are consistent with the achievement of PRA objectives
- Demonstrable knowledge of the life insurance market in the UK, key industry issues and trends

Essential Criteria
- The ability to working autonomously and as part of a cross-functional team.
- The ability to explain complex technical issues and solutions in a simple and accessible manner including to non-actuaries, using a combination of written, spoken and numerically-based communication approaches.
- Able to lead work, give and receive constructive feedback, and coach others with a view to improving their and own performance.

Desirable Criteria
- Demonstrable knowledge and understanding of the PRA regulatory

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