Actuarial Analyst

2 weeks ago

London, Greater London, United Kingdom IGI - International General Insurance Co. Ltd. Full time £40,000 - £80,000 per year
Job SummaryThe role is for an actuarial associate or associate with a focus on:

• Reserving and Regulatory reporting

• Rate Change reporting and analysis

• Business Planning

• Actuarial pricing of Individual Underwriting submissions and rating

The jobholder will also:
- Assist the Actuarial team in other aspects of their business. This will include various types of Actuarial analysis, reconciliation and ad-hoc requests.
- Be required to study for Actuarial professional exams and maintain a sufficient rate of success
The jobholder will report to the Actuarial Specialist (Reporting) within the actuarial team. The role is based in London.Job Description

Key Responsibilities

  • Reserving IGIs various lines of business

    • undertaking reviews for classes as a whole

    • discussion with respective underwriters and claims team.

    • presentation of findings to underwriters and management

    • written documentation to requisite (at least TAS) standards

  • Review of facilities (binders) and/or other areas of focus

  • Reporting: prepare returns to various:

    • regulators (SEC, BMA, UK PRA, Malta FSA, NAIC & Labuan)

    • rating agencies (S&P, A.M.Best and MARC)

  • Rating Change and Rating Adequacy:  Monitor and refine rating adequacy and rate change calculation.

  • Analysis of anticipated profitability for Business Planning.  This will both as-if analysis of each line (segmented into Small Risk, Large Risk, Modelled Cat and Non-Modelled Cat).

  • Pricing:  Assist Pricing actuaries in the Actuarial pricing of individual Underwriting Submissions and in analysis of rates.

The role will be expected to:

  • Qualify as a Fellow of the actuarial professional within 6 years.

  • Build an effective presence within IGI (beyond the of actuarial team).

  • Assist in the personal and professional development of other actuarial team members.

Key Attributes & Professional Qualifications

Education & Experience

  • First or II.1 Bachelor's degree in Mathematics, Statistics, Actuarial Science, Risk Management, or highly numerate degree.

  • Ideally completed actuarial based internship/s.

Skills

  • High-level written and verbal communication skills in English

  • Good working knowledge of statistical computer languages (including at least 3 of the following:  SQL, Python, R, VBA, Power BI, R-shiny) to manipulate data and draw insights from large data sets.

  • Knowledge of advanced statistical techniques and concepts (regression, properties of distributions, statistical tests and proper usage, etc.) and experience with applications

  • Progression in actuarial exams is highly preferrable.

  • Strong problem-solving skills with an emphasis on product development.

  • Team player and adaptive to changes within the insurance industry.

  • Detail-oriented, able to work well under deadlines and perform tasks with little supervision

  • Strong analytical skills

Conduct Rules

SMCR was introduced by the Financial Conduct Authority (FCA), includes a set of Conduct Rules that apply to most employees in UK financial services firms. These rules aim to improve individual accountability and promote a healthy culture across the industry.

Individual Conduct Rules

These are the core five rules that apply to all employees

  • Act with integrity

  • Act with due skill, care and diligence

  • Be open and cooperative with the FCA, PRA, and other regulators

  • Pay due regard to the interests of customers and treat them fairly

  • Observe proper standards of market conduct

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