Just Group plc
Senior Actuary - Internal Model
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Senior Actuary - Internal Model
Location: London (Hybrid - 50%)
Contract: Permanent
Hours: 35 hours
Purpose
A Senior Actuary in the Internal Model team supports the Head of Internal Model and Director of Capital Management to manage and develop risk-based capital models within the Group.
The role covers all aspects of capital management and modelling and includes compliance with relevant regulatory standards around data, documentation, statistical quality, calibration and validation, taking into account changes in regulatory guidance and emerging industry practice.
The Internal Model team supports the development of a stable capital position to enable delivery of organic capital generation.
About Just
We help people achieve a better later life. That’s our purpose and it’s the reason we exist. We are a fast-growing company helping customers enjoy the retirement they deserve. We do this through a variety of market leading, award-winning products and services, delivered by a diverse team of over 1,400 purpose-led colleagues who genuinely put the customer at the heart of everything we do.
This is a brilliant time to join our business. We are on an exciting growth journey to become the UK’s most loved retirement expert.
Key responsibilities
To support the Head of Internal Model and Director of Capital Management in managing and measuring the Group’s capital position, including:
- Leveraging new technologies to develop and maintain the Group’s Internal Model, to support Solvency II/UK, IFRS and US GAAP balance sheets, risk appetite and the ORSA, including proposing, designing and implementing changes where necessary.
- Ensure the ongoing maintenance of a fully-documented Internal Model which complies with all Solvency II tests and standards on an ongoing basis.
- Manage the implementation of first line Internal Model validation activities in accordance with the validation framework and facilitate appropriate action in response to validation findings.
- Develop the methodology for and deliver capital impact assessments for Group projects such as new asset classes and new products.
- To promote the use of the Internal Model by engaging with other relevant parts of the business such as Investments, ALM and Pricing.
- Collaborate with key stakeholders to develop BAU processes to run efficiently and deliver robust results, so that timely information can be provided to the wider business.
- Coach and manage more junior members of the Internal Model team.
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The following sets out some of the key day to day activities:
- Drive improvements in the Internal Model using new technologies, including leading the development and transformation of some of the team’s existing tools and processes.
- Assess the capital model implications of Group projects. Identify risks, issues and opportunities that could impact the capital position. Support Project Owners to ensure projects are implemented in a capital efficient way.
- Propose and prepare analysis to support papers for the Internal Model Technical Forum (‘IMTF’) to report on the activities related to the Internal Model to assist the Group CRO to manage the model.
- Contribute to the delivery of the recalibration of Internal Model risks to ensure the Internal Model remains up to date, leading work on the calibration of some of the Internal Model risk groups.
- Contribute to the annual proxy structure review.
- Contribute to responses to PRA queries, ad hoc data requests and deep dives relating to the Internal Model.
- Review the internal rating methodology for LTM senior notes.
- Become established as a technical lead in a number of areas of the Internal Model.
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What we’re looking for
Skills and Knowledge
- Understanding of a life insurer’s balance sheet and capital requirements
- Understanding of business processes within a life insurance company
- Ability to manage defined projects with focus on efficient delivery
- Experience of utilising technological advancements to innovate and improve processes
- Recent experience of Solvency II/UK as applied to UK life insurers
- Previous experience of statistical and stochastic models or wider internal model methodologies
- Experience of developing practical solutions to complex technical issues
- Ability to assess the materiality of issues and determine appropriate courses of action to inform decisions
- Programming experience (e.g. Python, VBA, R)
- Qualified Actuary FIA, FFA or equivalent
What’s in it for you
- A competitive salary, pension scheme and life assurance
- 25 days annual leave plus an additional day on us for your birthday
- Private medical cover and income protection, just in case
- A generous and highly achievable bonus scheme
- Opportunities to progress your career in-role and within the company
- Free access to the Headspace app, 24/7 employee assistance helpline and trained physical and mental health first aiders
- A variety of employee funded benefits available via our online benefits portal
- Plus, several additional purchase options available for you and your loved ones
Explore our full range of benefits on our dedicated benefits page.
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