Senior Actuarial Analyst, Internal Model

Date Posted: 23/10/2024

Location: London

Job Type: Full time

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Who are Just?

We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.

We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.

That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.

Purpose
A Senior Actuarial Analyst in the Internal Model team supports the Head of Internal Model and Senior Actuaries in the team 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. Driving improvements in the Internal Model using new technologies is a key aspect of the role, including leading the development and transformation of some of the team’s existing tools and processes

The Internal Model team supports the development of a stable capital position to enable delivery of organic capital generation.

In this role you will help to support 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 and IFRS 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.
• Implement first line Internal Model validation activities in accordance with the validation framework and facilitate appropriate action in response to validation findings.
• Support capital impact assessments for Group projects.
• 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.

Examples of Key Activities
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 
• Contribute to delivery of an annual recalibration of the 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 delivery of the annual proxy structure review.
• 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 Governance Forum (‘IMGF’) to report on the activities related to the Internal Model to assist the Group CRO to manage the model.
• Become established as a technical lead in a number of areas of the Internal Model.

Essential for the role  

• Nearly qualified FIA, FFA or equivalent    
• Programming experience in Python and/or other languages    

Skills and Knowledge

• Proven problem analysis and resolution skills
• Strong technical and analytical skills 
• Strong verbal, written communication and interpersonal skills 
• Proficient in the latest technology tools
• Understanding of the products and services provided by the Group
• Understanding of a life insurer’s balance sheet and capital requirements
• Understanding of business processes within a life insurance company
• Ability to manage smaller defined projects
• Experience
• Experience of utilising technological advancements to innovate and improve processes
• Recent experience of Solvency II 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
   

Why Just?

We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We’ve made good progress so far and encourage our people to make small and meaningful changes in their everyday lives, so that we can protect our planet for future generations.

Diversity, Equity and inclusion (DE&I) is a key priority for Just as part of our overall strategy and ensuring all of our people feel proud to work at Just. We have joined a number of initiatives including the Race at Work Charter, designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from a BAME background, those with a disability and those who identify as LGBTQ+. There are multiple employee network groups, which champion issues including race, gender, social mobility and neurodiversity.

What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing and most importantly - each other.

Apply Now