Insurance Risk Validation Actuary

London, England
Closing date
27 Mar 2023

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General insurance
Contract Type
Full Time

About us

Avencia are recruiting an Insurance Risk Validation Actuary on behalf of a global re/insurer.

The Insurance Risk Validation Actuary operates as part of the second line of defence by providing independent validation and risk oversight. The Insurance Risk Validation Actuary is responsible for supporting the Head of Insurance Risk Management with assurance and validation activities across the Group and implementing and maintaining proportionate and risk based oversight for all aspects of Insurance risk.

The role

Responsible for contributing to the development and delivery of the annual Insurance Risk Assurance and Model Validation Plan, covering all risk-taking entities, in coordination with the broader Group Assurance Planning. Including:

  • Assess the risk implications of business plans, its achievability, and key areas of uncertainty; determine whether the business plans adhere to risk appetite and key risk limits.
  • Independent review of reinsurance and insurance pricing adequacy, and the frameworks used across the Group to assess price adequacy, including review and challenge to embedded assumptions and parameters.
  • Independent review of reinsurance and insurance reserve adequacy, and the frameworks used across the Group to assess reserve adequacy.
  • Independent validation of key models used across the Group in an analytical capacity (i.e. monitoring, business steering, management information used for decision making, etc.); or financial capacity (i.e. pricing, costing, reserving, valuation, exposure measurement, risk calculation, capital determination, etc.)
  • Independent review and challenge to assumptions and parameters used in material costing/pricing tools.
  • Independent oversight of the quality and effectiveness of communication between the Underwriting and Reserving teams, including assessing the manner by which differences between pricing assumptions and actual performance are analysed and reflected in reserving, future business plan assumptions, and future pricing decisions.
  • Independent review and quality assessment of underwriting, including risk and exposure assessment, costing, pricing and contract wording; coordinating with other subject matter experts as appropriate.
  • Independent review of the Underwriting Performance review process, including assessing the manner by which outperformance/underperformance is identified and actioned in future underwriting decisions.
  • Assess and validate frameworks in place across the Group to measure insurance risk exposure and aggregate these exposures into a measure of risk, including quantitative controls that limit risk-taking.
  • Provide input into Insurance Risk Limit framework and the annual review of insurance risk limits which translate risk appetite into measurable criteria
  • Monitor insurance risk limit utilization; analyse developments in the risk profile, and escalate any matters requiring management attention.
  • Independent review and challenge to the Outward Reinsurance strategy and plan, as part of the annual business plan risk assessment.

Key accountabilities

  • Coordinate with Legal Entity CROs and broader Risk & Compliance organization to deliver integrated insurance risk management
  • Participate in the identification and assessment of significant emerging risks
  • Coordinate with Group and Legal Entity CROs to deliver risk reporting to executive committees and Risk Committee of the Boards of Directors

Other duties and/or projects as assigned.

Skills & experience

  • More than 5 years specific risk experience in the P&C (re) insurance industry, ideally in underwriting, actuarial, validation or capital modelling.
  • Part or newly qualified UK Actuary.
  • Sound commercial judgment, able to understand complex processes and structural issues with capacity to go into detail, draw connections, explain succinctly and act decisively and quickly.
  • High level of personal confidence, able to lead change through influence and persuasion.

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