Principal Actuarial Analyst

£50000 - £60000 per annum + Benefits
19 Jul 2017
18 Aug 2017
Direct Line Group
Contract Type
Full Time

At Direct Line Group, we're shaping the future. With a mission to make insurance easier and better value for our customers, we embrace change in all its richness and variety. It's not just what we do; it's how we do it. We bring our whole selves to work every day and embrace fresh thinking - after all, Britain is constantly changing and to protect the nation, we adapt with it.

Across our diverse brands - including Direct Line, Churchill, Privilege and Green Flag - change takes many forms. We appreciate the knowledge and skills that each one of us brings to the business. It's hard not to be inspired by the things that make us unique. Boldness, curiosity and enthusiasm go a long way. And they're helping us transform the industry we lead.

Principal Actuarial Analyst

We currently have an opportunity to join our Corporate Actuarial department as a Principal Actuarial Analyst working within our Capital Modeling team. This is a permanent opportunity based from our head office in Bromley.

Within Corporate Actuarial, we carry out assessments of our technical insurance provisions - money we need to set aside to pay claims and other obligations.

To do this we use a variety of standard actuarial techniques. However, given our scale, we also take a leading role within the market to establish benchmark data. We also develop leading edge techniques to better describe risks such as bodily injury claims and periodical payment orders.

We focus not only on a best estimate, but also advising ExCo, the Board and Audit Committee on the uncertainties around that estimate - uncertainty which could come equally from the natural volatility of large claims or from a change in legislation.

Within this role you will maintain, update, communicate and develop specific sections of our Internal Economic Capital Model (IECM) whilst interacting with the business and the Financial Risk team to help them use the model for decision making.

What being a Principal Actuarial Analyst involves

  • Business as usual operation of the Emergence Factors, Risk Margin, Technical Provisions (including TP & IECM consistency report), Budget & Balance Sheet and Dependencies elements of the Internal Model.
  • Scope, plan, design and develop areas of the IECM in relation to the components listed above.
  • Own the updating of the Proxy model and contribute to its ongoing development
  • Own the management of any issues on the issues log in relation to the components listed above.
  • Assist in the delivery of regulatory capital submissions and any internal reporting requirements.
  • Ensure that work is completed in accordance with the Internal Model Policy and associated Minimum Standards.

Skills we are looking for

  • Modelling experience (Igloo knowledge desirable)
  • Actuarial background
  • General insurance background (preferred)
  • Self starter
  • Excellent analytical and problem solving skills,
  • Advanced understanding of mathematical and statistical modelling tools and models
  • Advanced knowledge of Excel and Igloo (preferred)

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