Overview

Senior Technical Specialist – General Insurance Actuaries

Permanent

Our client is looking to hire a Senior Technical Specialist to join their team in London on a Permanent basis.

Ref: 48826

  • Location: London
  • Category: Non-life Actuarial
  • Type: Permanent
  • Pay Range: Up to £110k

Overview

Key Responsibilities:

  • Technical development work
  • Research that improves their understanding of the risks faced and presented by general insurers; and
  • Mentoring less experienced colleagues in their technical and professional development
  • This role does not include direct responsibility for managing others
  • STSs act as peer reviewers for other colleagues’ work, whether generally (e.g. for panel packs) or on their technical specialism(s). They also act as mentors for less experienced staff, supporting them in their technical and professional development
  • STSs are expected to work in support of their team managers, but on the whole will work autonomously, liaising directly with key stakeholders in Supervision, Policy and the wider company in support of the department’s objectives
  • STSs are typically involved in reviewing the risk capital (SII SCR) and liability (claims cost reserving/provisioning) assessments produced by firms, as well as reviewing the appropriateness of the internal models that firms have developed to determine their economic and regulatory capital requirements
  • The PRA expects STSs to provide thought leadership and deep expertise in technical areas that impacts its activities to meet its objectives. STSs lead and collaborate on technical discussions and influence the thinking on technical issues
  • A more recent area of focus for the PRA has been in looking at firms’ governance and controls around underwriting & pricing, and the management of potential exposures, particularly in casualty (non-property) lines of business. Applications from practitioners with knowledge and experience in these fields are also welcomed
  • As each firm and the business that it writes is unique, there is a high degree of judgement required in arrived at a view as to the adequacy or otherwise of the work presented by firms. This may be based upon the output of complex stochastic models or a detailed process involving many stages of analysis and judgements in a reserving review, drawing on diverse, often incomplete, sources of data
  • Key to being an effective STS is the ability to explain complex technical issues in a simple and accessible manner, using a combination of written, spoken and numerically-based communication approaches
  • A broad knowledge of trends and practices within the insurance industry will be essential, supported by knowledge of current economic conditions and the threats that these might pose to business. A deep understanding will be required of the insurance company business model: the make-up and evolution of its balance sheet; capital and cash generation; its vulnerabilities and exposure to risk
  • STSs are encouraged to liaise with the insurance industry through presentations in conferences and other events to understand market issues and how they may impact the PRA objectives
  • The decisions made on the basis of the STS’s analysis and recommendations affect directly the supervision and ultimate fortunes of the insurance firms that the PRA regulates

Qualifications required:

  • Qualified actuary

Experience required:

  • Risk specialist with at least 10 years’ post-qualification or equivalent experience
  • Detailed technical knowledge of the Solvency II regulatory regimes
  • Detailed knowledge and understanding of the general insurance market

Consultant

Rebecca Gibson

Director, General Insurance

T: ‭020 3867 9857

Email me

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