This is a fantastic opportunity for a nearly or newly qualified actuary to join the Actuarial Reserving Team, within Group Finance.
As a key part of our Reserving Team, you will be making contributions to the team’s success from day one – coming up to speed on the business and our existing processes and supporting our reserve reviews. With the ever-changing external environment, it is a great time to be working within the Reserving Team of a leading UK insurer.
You will report to the Head of Reserving, Carley Saunders.
The flat management structure and increasingly global reach of Admiral Group means you gain invaluable direct contact with Senior Managers and Directors from across many departments.
The Actuarial Reserving Team currently has four team members including 2 qualified actuaries. Team members work flexibly in their roles and support other team members as well as the wider Actuarial Team. The strong Admiral culture (described below) is important to the way in which the Team works.
What We’ve Done So Far This Year…
- Performed reserve reviews for Motor, Household and Van, with a focus on our projections at YE20 and HY21, as the results directly inform our booked reserves and hence our annual and half year results.
- Supported our investor relations team with our results presentations
- Developed a tool which maps our best estimate results into the data inputs required for our IFRS17 software.
- Supported the IFRS17 financial impact assessment based on YE20.
- Performed a segmentation analysis on our UK Motor business.
- Provided a range of impacts around our UK motor best estimate reserves for alternative Ogden rates coming into effect in July 2024.
- Held regular Claims Forum meetings with our claims team, to discuss trends across Motor, Van and Household.
You will:
- Play a leading role in our regular reserving process, across Motor, Household and Van products, from data to reporting stage and supporting the communication of results.
- Build on existing monitoring tools to establish a regular monitoring process and liaison with our Claims Team for Household and Van products; being proactive to understand trends and new claims initiatives.
- Provide flexible support to ongoing projects within the reserving team, such as moving to our new data system and implementing ongoing enhancements to aspects of the reserving process.
- Support the IFRS17 workstream including:
o A review of IFRS17 Technical papers on best estimate reserves and future cashflows, risk adjustment and the Financial Impact Assessment outputs, to understand technical decisions made to date.
o Understanding our selected accounting software for IFRS17 and supporting ongoing work on Financial Impact Assessment.
- Provide review and challenge of the UK SII Technical Provisions model and outputs.
- Provide guidance and training to more junior members of the team.
- Support all aspects of work by the Reserving Team as and when required.
- Key stakeholders will Reserving Committee, Claims Teams, Reserving Committee, Internal and External Audit, Line 2 Risk Team, Group Finance and Reinsurance partners.
Candidate profile:
- Nearly / Newly Qualified actuary – ideally 3+ years reserving experience, preferably within personal lines
- Excellent academic background and strong numerical and analytical skills
- Proficient in spreadsheet tools (Microsoft Excel) with experience of VBA and SAS an advantage
- Experience of using RESQ software beneficial
- Good knowledge of Solvency II, including technical provisions, preferred
- Excellent project management and time management skills
- Ability to work independently and to reporting deadlines
- An eye for detail – not afraid of getting into the detail behind the data/calculations to challenge or be challenged
- Excellent communication, relationship, and presentation skills – to senior management and non-actuarial colleagues in particular
Our Commitment to You
At Admiral, we are committed to being a diverse and inclusive workplace. Admiral is proud to be an equal opportunities employer and does not discriminate on the basis of race, sex (including pregnancy, childbirth, reproductive health decisions, or related medical conditions), national origin, gender, gender identity, sexual orientation, disability, age, or any other legally protected status.
All qualified applicants will receive equal consideration for employment.
Salary, Benefits and Work-Life Balance
We do not have a set salary for this position, as it will be dependent on the successful candidate’s experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.
At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we’re consistently voted one of the Sunday Times Best Big Companies to Work For in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible.
All colleagues will receive 33 days holiday (including banks holidays) when they join us, and this will increase with length of service, up to a maximum of 38 days (including banks holidays). You also have the option to buy or sell up to five days of annual leave in addition to your allocation.
You can also view some of our other key benefits here.
If you think this role is for you and would like to be considered for this opportunity, please click “apply now” to complete an online application form.
Please note, we are unable to accept CVs via email.
#LI-LP1
