Job Description

Capital Modelling Actuarial Analyst

Hybrid working with up to 3 days per week working from home

Location: Angel Court, London or Staines

Type: Permanent

Salary: £44,900 - £56,100

Benefits: Fantastic Benefits Including Generous Pension And Healthcare

Hours: Full-time 37.5 hours per week

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We Make Health Happen

Our Actuarial teams play a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area, we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.

We don't have shareholders at Bupa, which means we're free to invest our profits where they matter: our customers, our facilities, our research, and you…

We are looking for a Capital Modelling Actuarial Analyst to join our Economic Capital team.

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About the Role

As actuaries, we are the problem solvers of the business. We use our mathematical skills to quantify the probability and risk of future events, helping the business plan for the future and navigate an increasingly changing world.

As an experienced actuarial analyst, you will gain experience of the wider aspects of health insurance and capital modelling.

You’ll draw on your analytical skills to support the Head of Economic Capital to deliver the governance and development of the ReMetrica-based Economic Capital Model (ECM), ensuring that it remains robust, compliant and fit for purpose in a dynamic regulatory environment.

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How You’ll Help Us Make Health Happen

As a Capital Modelling Actuarial Analyst, you will support the actuarial work to meet the following objectives:

• Improvement of delivery of Economic Capital Assessment (ECA), with particular emphasis on the calculation and analysis of economic capital, risk calibrations, stress and scenario testing and the assessment of capital risk appetite.
• Deliver the Economic Capital Assessment for reports to the Executive, Board and the PRA (e.g., ORSA Report, Stress and Scenario Testing). This will entail working alongside BINS’ Actuarial, Finance and Risk teams.
• Support the implementation of initiatives to improve our economic capital modelling capabilities (e.g., process efficiency, data quality control) and to ensure regulatory compliance.
• Support the implementation of initiatives to accelerate revenue growth and optimise our risk profile (e.g., PIM development, internal and external reinsurance optimisation, M&A activities).
• Be familiar with capital adequacy regulations to ensure we comply with all relevant regulatory requirements; drive continuous improvement in capital models, data transformation, methods and assumptions, process and controls.
• Produce an environment of continuous improvement to ensure that all actuarial work is conducted to the highest possible standard in the most efficient manner.
• Perform analysis and associated investigations to deliver the annual ECA for BINS, to support business decisions and validate Standard Formula appropriateness.
• Assist the modelling and risk calibrations update process, methodology changes, analysis of change, sensitivity testing and validation of results which meets the data quality and model risk standards.
• Ensure the team’s tools (e.g., risk calibration models, analysis of change models, sensitivity testing results comparisons) are properly controlled and documented and reliably produce required outputs. Perform user acceptable tests for change requests.
• Maintain model documentations (model inventory, process & controls, data directory, expert judgement log) and prepare reports of the modelled results in line with Bupa Enterprise Risk Policies and Standards.
• Assist the development and embedding of the ECM within BINS, enabling it to be used as a tool to support business decisions including risk appetite review, investment strategy, capital allocation, capital optimisation and business scenario analyses.
• Assist the capital requirements reporting content for reports to the Executive, Board and the PRA (e.g., ORSA, Stress and Scenario Testing exercise).
• Work with the team to prioritise timely production of all economic capital reporting deliverables.
• Perform research into best-practice modelling techniques and conduct benchmarking of modelling approaches to inform, refine and enhance our ECM methodology.
• Support the team to ensure that all capital modelling work is undertaken in compliance with the relevant enterprise Policies and Standards, including but not limited to those relating to SII data Quality, Model Risk, Insurance Risk, Regulatory Reporting & Disclosure, Expert Judgement and Materiality.