Senior Actuarial Specialist

3 weeks ago

London, Greater London, United Kingdom Motability Operations Full time

Position Overview
We are seeking a knowledgeable and proactive Actuary to become a vital part of the Insurance Risk division at Motability Operations.
The Actuary will be responsible for producing actuarial insights that underpin our insurance framework and the operations of our reinsurance entity, MO Reinsurance Limited (MORL). This position requires a seasoned actuarial professional who will engage in a variety of intricate actuarial tasks, while also playing a key role in enhancing the insurance offerings of the Motability scheme and pinpointing avenues for optimizing our insurance risk management.
This role is situated within the actuarial team of the Insurance Risk sector, which is part of the Asset Risk division. Our compact team undertakes diverse actuarial functions that support Motability Operations and the insurance aspect of the Motability scheme. Key responsibilities include:
  • Conducting quarterly reserving assessments for MORL,
  • Performing biannual pricing evaluations based on comprehensive burn cost analyses in collaboration with our insurance partners,
  • Engaging in strategic and commercial evaluations of our risk models and reinsurance strategies,
  • Executing an annual capital modeling initiative,
  • Assessing the risk profile of the scheme,
  • Implementing make-model pricing modifications to influence scheme lease pricing.
This unique position involves managing a substantial portfolio of motor risk, encompassing over 750,000 vehicles, 1.2 million drivers, and more than £600 million in annual premiums. Although not classified as an insurance company, Motability Operations holds a significant role in the UK motor market. The Actuary will represent the organization and MORL in discussions with insurance partners, reinsurance brokers, and reinsurers, as well as with actuarial consultants and auditors.
Key Responsibilities
The successful candidate will embrace the chance to showcase their actuarial skills, oversee a wide range of insurance risks, and contribute to the advancement of a robust insurance proposition. Collaborating with other analytical teams within the Asset Risk division, the Actuary will also seek opportunities to exchange techniques, data, and insights with colleagues to enhance the overall management of automotive financial risks.
Reporting directly to the Head of Insurance Risk, the Actuary will also take on the responsibility of mentoring and developing fellow actuarial team members.
Qualifications
This role presents an exciting opportunity for a skilled Actuary to lead and mentor a small actuarial team while managing a distinctive motor risk portfolio. We are looking for an individual who:
  • Operates autonomously and is recognized as a leading technical authority,
  • Guides others in addressing complex technical or analytical challenges,
  • Collaborates effectively with various departments within Motability Operations and with key insurance partners,
  • Manages both internal and external stakeholders to ensure successful outcomes,
  • Contributes to the team's strategic direction through accountability for commercial results and technical guidance,
  • Exhibits strong communication, mentoring, and leadership abilities,
  • Fosters a culture of quality and thoroughness,
  • Actively participates in skills networks and contributes valuable insights.
The ideal candidate will be:
A qualified (or qualified by experience) Actuary with a background in General Insurance pricing or reserving. The candidate should have successfully completed the IFOA exams CP1 and CM2 or equivalent as a minimum and have applied a range of actuarial methodologies in a similar capacity. Experience with various analytical tools is essential.
Additional relevant experience may include UK motor pricing or reserving, proficiency in ResQ software, and the ability to develop actuarial processes and present actuarial information and analyses to diverse stakeholders. Preference will be given to candidates who are fully qualified IFOA members.
Benefits
Motability Operations is a distinctive organization that merges a strong sense of purpose with a commercial focus to deliver exceptional mobility solutions to over 700,000 customers and their families across the UK. Customers exchange their higher rate mobility allowance to lease a variety of affordable vehicles (including cars, wheelchair accessible vehicles, scooters, and powered wheelchairs) with comprehensive insurance, maintenance, and breakdown assistance included. We are the largest car fleet operator in the UK, purchasing around 10% of all new cars sold in the country, and collaborating with a network of approximately 5,000 car dealers and all major manufacturers. We pride ourselves on delivering outstanding customer service, achieving an independently verified customer satisfaction rating of 9.8 out of 10.
Our core values guide our operations and reflect our ambition. We expect our employees to embody these values daily:
  • We find solutions,
  • We drive change,
  • We care.
We promote a hybrid working model across the organization, allowing employees to balance their time between working on-site and remotely within the UK. This approach fosters collaboration and connection while enabling flexibility to work from home up to two days per week.
As a member of the Motability Operations team, you can expect a competitive rewards package, including an annual discretionary bonus, a non-contributory pension scheme, generous annual leave, and various additional benefits aimed at supporting your well-being and work-life balance.
We are committed to building a diverse workforce and encourage individuals from all backgrounds to apply. Our inclusive culture ensures that all employees can thrive and are rewarded equitably, regardless of race, nationality, sexual orientation, age, disability, or gender. We provide excellent disability access in all our offices and strive to accommodate flexible working requests whenever possible, fostering a culture of trust and empowerment.

JBRP1_UKTJ

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