Reserving Actuary
Although many actuaries work in pricing and modelling roles, a large number of actuaries work as a reserving actuary. Essentially the reserving actuary will use their statistical and actuarial knowledge to calculate how much money needs to be set aside to pay future claims. The methodologies used by reserving actuaries include using methods such as run off triangles and chain ladders.
Below, we describe a typical job role for a reserving actuary.
Reporting into the Head of Actuarial Function, the successful candidate will be a member of the Reserving and Capital Management team. The Actuarial team is responsible for a wide variety of work to support the business, principally:
1. Quarterly Reserving
2. Planning and Forecasting
3. Capital Management
4. Pricing
The role provides a platform to gain a thorough understanding of the underlying insurance business dynamics.
To achieve these goals the candidate will need to:
• Work in a structured fashion to meet ongoing deadlines
• Quickly find solutions for technical problems
• Apply technical expertise to real business issues and respond quickly to strategic situations
Key Responsibilities
• Applying best estimate actuarial reserving techniques to prepare monthly programme performance reports and quarterly actuarial reserve reports
• Ensure appropriate methods and models are used in the calculation of technical provisions
• Assess the quality of data available for reserving purposes
• Compare best estimates against actual experience
• Preparing reserving information for the purpose of assessing the Solvency Capital Requirement
• Assist the Head of Actuarial Function to manage and develop the actuarial function
• Ensure that actuarial policies, processes and procedures meet the requirements under Solvency II
• Developing systems and management information to support and improve business decision making
• Assisting in the development of the management information required to prepare the ORSA under Solvency II
• Provide actuarial assistance on internal projects and initiatives as required
Technical Competencies
• Relevant non-life experience an advantage
• Desire to constantly seek improvements to systems and processes
• Proven problem solving and decision making ability
Non-Technical Competencies
• Strong leadership capabilities applied within team settings and with individual contributors
• Excellent interpersonal and organisational skills
• Ability to work independently using own initiative and be a good team player
• Ability to manage multiple tasks simultaneously within the team to tight deadlines
• Must be able to effectively compose and deliver presentations to senior management
• Ability to work effectively across various disciplines
Contact Jenny on 016099409 or [email protected] for further details.
Acumen Resources specialises in the recruitment of the following professionals:
Chief Actuary | Head of Actuarial Function | Actuarial Director | Actuarial Function Holder | CRO | CFO | Actuarial Manager | Valuations Actuary | Product Development Actuary | Pricing & Reserving Actuary | Solvency II Actuary | Life Insurance Actuary | General Insurance Actuary | Non Life Actuary | Pensions Actuary | Investment Actuary | Capital Modelling Actuary | Capital Management Actuary | Risk Management Actuary | Enterprise Risk Management Actuary | Newly & Nearly Qualified Actuary| Part Qualified Actuary | Trainee Actuary| Actuarial Trainee | Student Actuary | Actuarial Graduate
