Business Partnering Actuary

4 months ago

London, United Kingdom PIC Full time

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.

PIC is currently recruiting for a Business Partnering Actuary to join its Capital Insight & Actuarial department.

Your role will entail collaborating with our Origination, Investment and Risk departments, and other teams within Finance, securing their buy-in and implementing improvements to systems, processes, and technology. You will further apply knowledge and insights concerning the pricing and onboarding of new BPA deals and how this impacts our policyholders, delivering strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes for our policyholders and shareholders on a consistent basis.

Specific accountabilities:

  • Conducts thorough analysis of Matching Adjustment (“MA”) eligibility of new schemes written by Origination and support deal teams in structuring deals to ensure MA compliance
  • Responsible for review and challenge of new deal pricing, including pricing of new or unusual features
  • Prepares assessment of solvency implications of new deals and communicate results to senior management
  • Ensures timely sharing of information on prospective new BPA deals with other teams within PIC
  • Understands cashflow matching of the MA Fund and contribute to ongoing monitoring of PIC’s MA Fund against PIC’s MA Approach Document and regulatory requirements
  • Supports analysis of new trades and transfers to/from the MA fund and other hedging and risk management activities
  • Supports SST and other ad hoc business projects as required
  • Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of Business Partnering
  • Keeps informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to the BPA market by attending industry seminars, reading and sharing relevant published articles

Requirements

Experience:

  • Recently qualified actuary with the Institute and Faculty of Actuaries or similar
  • Experience working in pensions or life insurance

Knowledge:

  • Good technical knowledge of Solvency II balance sheet
  • Established knowledge of actuarial techniques including modelling, analysis and investigation
  • Advanced knowledge of MS Excel

Skills:

  • Strong organisational skills and communication skills
  • Ability to persuade and influence both directly and indirectly
  • Commercial judgement and ability to organize work to meet deadlines
  • Ability to work within defined procedures as recommended by functional teams, and to assess and challenge new concepts

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 utilising 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 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

Benefits

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.

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