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.
Duration: 12 month Fixed term contract
Location: Potters Bar, Herts
As a newly/recently qualified actuary at Canada Life you will be responsible for providing actuarial, statistical and financial insight and analysis to senior management. Using your technical expertise and sound commercial understanding you will have opportunity to advise the business and influence decisions, ensuring that we are managing risk exposure to the business in order to satisfy our risk appetite, our statutory responsibilities and the needs of policyholders and our regulators.
1) Support the development of new ALM Policies and Standards:
• Document current ALM processes
• Map out ALM state including recommending changes in methodology and process
• Coordinate with the IFRS 17 team to ensure new methods will be appropriate for the new regime
• Coordinate with the Bulk annuity capabilities workstream to set out requirements for new products
Make considered and commercially astute recommendations to immediate line management about the pricing, valuation and/or design of new and existing products, to ensure that new business is written on profitable terms/current and new business is appropriately valued and managed, and that all activities comply with the relevant corporate and regulatory standards. You will also be required to review work performed by your (actuarial) colleagues, providing feedback and mentoring as part of their development.
2) Support the development of ALM models
• Gather requirements from subject matter experts
• Provide recommendations for possible solutions
Work with business analysts and developers to implement solutions
3) Support ALM Management Information reporting
• Engage with stakeholders on MI requirements
• Work with IT to implement the development of the UK actuarial database to support the MI reporting
Producing regular reports and reviews, providing insight and commentary for senior managers to ensure that they comply with legislation and our own internal control requirements.
Supporting the analysis for regular reports taking into account up-to-date industry developments and issues to help inform decision making by senior managers across the business. Support the continuous review and improvement of department processes and procedures, implementing recommendations and taking ownership for their implementation
Desired Knowledge / Experience / Skills
• Developing expertise in 1 or more areas within the function, demonstrating sound understanding of complex statistical methods and models with the ability to interpret financial information and controls to accurately advise stakeholders to inform their decisions.
• Validating the work of non-qualified and other recently qualified actuaries
• Good knowledge of a variety of actuarial models and controls and their commercial application/implication.
• Advanced MS excel skills demonstrating efficient use of spreadsheets and basic data manipulation skills
• Excellent analytical and report writing/drafting skills
• Can explain complexities in a straightforward and accurate way to audiences of differing levels of understanding, with some coaching or support from senior managers.
• Proven communication, influencing and negotiation skills whereby they can adapt their message to the audience, demonstrating their ability to share knowledge with the business in a format that is easily understood, balancing the need for required detail where this is necessary and higher level information.
• The ability to develop and maintain strong relationships across the actuarial function, acting with integrity and role modelling the company values at all times, in order to support the organisation in achieving its goals and mitigating the organisations' exposure to risk.
• Being able to flex their style and approach to different individuals, with occasional support, in order to achieve a successful outcome.
Planning and use of initiative:
• Willing and capable of taking 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.
• Able to effectively plan, organise and execute their own work with minimal supervision, using their sound judgement to spot conflicting priorities and readjust their workload accordingly, with escalation to management only when appropriate.
• Identify opportunities for improving processes and propositions and competently analyse and communicate these to line management
• An interested and inquisitive individual who is committed to their own ongoing professional and personal development.
• Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications. What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development. Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences