Actuary

5 months ago

London, United Kingdom Canada Life Full time

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

**Job Purpose**:
Support delivery of core oversight tasks of the Actuarial Function. This includes (but not limited to) validation and oversight of the calculation of actuarial liabilities (Solvency II technical provisions c.£25bn at YE2020) and the actuarial oversight of pricing, underwriting and reinsurance across Canada Life UK.

Oversee Canada Life Limited (“CLL”) Partial Internal Model (“PIM”) methodology, PIM calibration and 1st line validation of PIM. Ensure PIM governance and processes are maintained and work effectively. Deliver high quality and effective PIM reporting to meet the needs of senior management and Board.

Support the Head of Actuarial Function Support and Partial Internal Model (“Head of AFS & PIM”) and Deputy Chief Actuary (“DCA”) in their responsibilities to establish and maintain the actuarial governance processes and to provide overview and challenge to actuarial deliveries and to the broader activities of the business as appropriate.

This position is located in our Potters Bar, Hertfordshire office

**Key Accountabilities**:

- 1) PIM First Line Governance, Oversight and Reporting - Support AFS team in 1st line PIM governance responsibilities including:
- Oversight of PIM methodology - ensuring changes are appropriately justified, documented and reported;
- Oversight of annual recalibration of the PIM and 1st Line validation of the PIM results;
- Ensuring PIM governance and processes are maintained and operating effectively and in line with relevant Policies and Standards; and
- Produce and present regular high-quality reports on PIM performance for management and Board committees that meet their needs and the requirements of the PIM Policies and Standards.

2) Actuarial Control Frameworks - Support the AFS team to deliver, oversee and implement actuarial control frameworks, initiating regular review of appropriate actuarial controls and analysis. Ensuring insight and commentary for senior managers and boards is written to a high standard and complies with legislation and our own internal control requirements.
Support the Head of AFS & PIM and DCA to maintain the Policies and Standards for which the Chief Actuary is the owner, and attest to the compliance with other policies (local, CLG and Lifeco) as required

3) Oversight (non-PIM) - Delivery of core oversight tasks of the Actuarial Function. This includes (but not limited to) validation and oversight of the methodology and assumptions used in the calculation of actuarial liabilities (technical provisions and reserves used in financial reporting) and the actuarial oversight of pricing, underwriting and reinsurance
- 4) Reporting - Support the Head of Actuarial Function Support and Partial Internal Model (“Head of AFS & PIM”) and Deputy Chief Actuary (“DCA”) in the production of actuarial reports to the management and Board including:
- Valuation results and assessment of the appropriateness of the data, methodology and assumptions
- Report on the tasks of the Actuarial Function including an opinion on the overall underwriting policy and adequacy of reinsurance arrangements for the company as a whole
- Other ad-hoc reports as required.
- 5) Risk Management System implementation - Support DCA and Chief Actuary to provide effective implementation of the CL risk management system as required, including:
- Reviewing results, projections, stress and scenarios tests and associated reports
- Providing management with information to understand the risks within the business
- Support Capital management initiatives
- Support business projects

6) Wider team success - Support the Head of AFS & PIM in ensuring the success of the wider team by:
- Effective communication and stakeholder management with senior executives
- Building strong business relationships with stakeholders across the business
- Championing role and value-add of AFS team
- Mentor and coach part-qualified actuaries and other actuarial support colleagues to support their development
- Role modelling Canada Life values at all times, acting with integrity and representing the function with pride and passion.

**Desired Knowledge / Experience / Skills**:

- Technical Expertise- Developing expertise in 1 or

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