Policy Holder Actuarial Lead (Senior Actuary)
Role Title: Senior Actuary
Management Level: Manages others
Reports To: Liability Production Functional Lead (Head of level)
Location: Stirling, Scotland or potentially Paddington, London
Travel Requirement: Occasional, to UK sites
Recruiter: Stephen Fox
Working with Prudential as an Policy Holder Actuarial Lead (Senior Actuary) means becoming part of a brand with a global reputation and an exciting vision: to be the leader in helping customers achieve their long-term financial goals. If you’re inspired to join us, and if you have the necessary qualities, then this could be the opportunity you’ve been looking for.
At Prudential we’re absolutely focused on getting the best outcomes for customers. Ours is one of the most profitable and trusted names in life and pensions, and we lead the market in a number of pension products.
We help people build their futures with long-term savings, investments and pensions. And with six million customers in the UK alone, we're one of the country's leading providers. We're also one of the longest-established, with roots going back to 1848.
The Finance Ambition Programme is transforming the ways of working in Prudential’s Finance function. It is transforming the end to end processes enabled by new technologies. The programme is also responsible for accelerating the working day timetable for external reporting to meet the requirements of Solvency II and implementing IFRS 17, the new insurance accounting standard.
This role be responsible for leading on the review and transformation of actuarial valuation processes across all of Prudential UK’s with-profits (WP) business. This will include, but not be limited to:
Review the current processes used in actuarial WP valuations and identify areas to improve efficiency and strengthen controls. Support the design and implementation of the new actuarial valuation processes from data capture to actuarial model output and all liability results used in the financial reporting processes, encompassing all relevant business and regulatory requirements.
To support the production of business requirements for the development of redesigned actuarial models and work in conjunction with the actuarial modelling development team to deliver the redesigned models (covering both deterministic and stochastic modelling).
To support the production of business requirements for the implementation of a post model calculation and aggregation tool and work in conjunction with the development team to ensure successful delivery
To support the definition of business requirements for the actuarial model inputs covering policy data, model point file grouping, model assumptions and economic scenarios.
To support the implementation of new technology used in the actuarial valuation process including testing and analysis of results.
To work with the team and functional lead to deliver programme outcomes
To advise and direct on the fundamentals of IFRS, Solvency II and EEV reporting considerations including working knowledge of upcoming developments within these standards
Significant experience of building operating models, business designs and processes
Significant experience of finance processes and systems
Significant experience of IFRS, Solvency II and EEV reporting, covering production of results along with supporting analysis and commentary
Experience of making key process and control recommendations aligned to the business needs
Experience disseminating complex information to internal and external stakeholders in an effective way
Experience of financial transformation programmes in a complex life insurer
Extensive knowledge of with-profits business
Extensive knowledge of finance systems, processes and controls
Extensive knowledge of actuarial processes and methodology
Detailed knowledge of financial services regulator and legislator frameworks
Detailed knowledge of life and pensions products, markets and competitors
Detailed knowledge of reporting standards (IFRS, Solvency II and EEV) and their impact on results
Desirable knowledge of proxy modelling
Desirable knowledge of data manipulation techniques and system architecture
Attention to detail
Analytical mind-set, able to identify process improvements
Ability to communicate clearly and concisely to a range of technical and non-technical stakeholders at various levels of the business
Ability to drive forwards change and deliver to a high standard, against defined timelines
At Prudential we work hard to create an environment that enables everyone to flourish and we actively encourage diversity across the business.
People who work at Prudential agree that ours is a great place to work with a brilliant team spirit. It’s also an innovative, high-performing commercial environment that’s totally focused on customers. As a Prudential colleague you’ll get all the support you’d expect, including full training and professional development. You’ll receive a competitive salary and reward package. And in a fast-changing world, you’ll join an organisation that’s leading the way in helping customers achieve their long-term financial goals.