Senior Actuarial Trainee actuarial function support

Job Description

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose As an Senior Actuarial Trainee at Canada life, you will be responsible for providing actuarial, statistical and financial analysis to senior management to contribute to the functions ability to manage risk exposure to the business in order to satisfy our statutoryresponsibilities as well as the needs of policyholders and that of our regulators. Please note this position will be part of our student rotation scheme. Key Accountabilities Supporting the Head of Actuarial Function Oversight and Partial Internal Model and team in establishing and maintaining the actuarial governance processes and to provide actuarial overview and challenge to actuarial deliveries, and to the broader activitiesof the business as appropriate, to ensure a robust control cycle and adherence to professional standards • Undertake the delivery of the core oversight tasks of the Actuarial Function. This includes, but is not limited to, validation and oversight of the calculation of actuarial liabilities (technical provisions and reserves used in financial reporting), and theactuarial oversight of pricing and underwriting, and reinsurance and other capital management activities. • Support the Head of Actuarial Function Oversight and Partial Internal Model in managing the maintenance and execution of PIM first line governance processes. • Review of results of the calculations and the validation carried out; sensitivities; analysis of sources of earnings/Profit and loss attribution and adherence to the Data Governance framework. Contribute to the production of actuarial reports to the Board including: • Oversight of the results of the valuation together with an assessment of the appropriateness of the data, methodology and assumptions used in the calculation including information on the reliability and adequacy of the calculation of the technical provisionsand any limitations/areas for improvement; • Report on the tasks of the actuarial function including an opinion on the overall underwriting policy and on the adequacy of reinsurance arrangements and the reinsurance arrangements for the company as a whole. • Other ad-hoc reports as required. Support the Head of Actuarial Function Oversight and Partial Internal Model to provide effective oversight of the pricing of new products and pricing reviews of existing products in line with the Pricing Underwriting and Reserving Policy. This includes:• Reviewing pricing reports and other product documentation to facilitate required sign offs by the AFH; • Monitoring compliance with the Pricing Underwriting and Reserving Policy and associated corporate Standards • Producing the annual certification on compliance with policy. Support the Head of Actuarial Function Oversight and Partial Internal Model to provide effective oversight of the Divisions reinsurance arrangements in line with the Reinsurance and Risk Mitigation policy. This includes:• Review of Reinsurance Business cases for new reinsurance; • Review of new reinsurance treaties/addenda; • Monitoring compliance with the Reinsurance and Risk Mitigation policy and associated corporate Standards; • Producing the annual certification on compliance with policy. Desired Knowledge / Experience / Skills Technical Expertise: • Developing knowledge and understanding of different actuarial disciplines including via student rotation. • Developing the ability to interpret as well as analyse financial information to provide insight for immediate line management. • Developing knowledge of a variety of statistical methods, models and controls, and their commercial application/implication. • Ability to develop and modify actuarial systems and spreadsheets, developing understanding of their commercial application/implication. • Intermediate to advanced MS excel skills demonstrating efficient use of spreadsheets and basic data manipulation skills • Ability to deliver work to a consistently high standard under tight time pressure with attention to detail Communication: • Strong analytical and report writing/drafting skills. • Can explain complexities in a straightforward and accurate way with coaching or support from managers. Relationship Building: • The ability to develop and maintain strong relationships across the actuarial function, acting with integrity and being a role model for the company values at all times • Being able to flex their style and approach to different individuals, in order to achieve a successful outcome. • Taking part in and making a valuable contribution in different roles via actuarial student rotation. Problem Solving & Accurate Judgement: • Able to effectively plan, organise and execute their own work with little supervision, making management aware of conflicting priorities and readjusting their workload accordingly. • Good problem solving skills and attention to detail, being able to identify issues and interdependencies, recommending a course of action with support and guidance from colleagues. • Can make some decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated. • Proactive in approach to tasks and taking on new responsibilities. Developing Self: • Actively studying for actuarial exams, usually being over half-way through their qualification. An interested and inquisitive individual who is committed to their own ongoing professional and personal development. • Developing the ability to apply technical actuarial techniques and understand business/commercial implications. Degree (or equivalent) in Finance, Mathematics, Statistics or related field Post-graduate qualification in Finance, Mathematics, Statistics or related field (not essential) Benefits of workin