Senior Internal Auditor
London, United Kingdom
Excellent Salary, Terms & Conditions of Employment
Department Information :
•With around one million customers, our client company helps turn customers' pension savings into lifelong retirement income and our corporate business looks after our defined benefit pension schemes ensuring they are effectively managed to protect against risk and achieve their maximum potential.
•An exciting opportunity has arisen within the Individual Retirement division of our Client Company. The 'Pricing Development Actuary, Individual Annuities' will be responsible for developing, maintaining and implementing pricing strategies to enable Individual Annuity business to gain competitive advantage and the wider division to meet its business goals.
To develop, maintain and implement pricing strategies to enable Individual Annuity business to gain competitive advantage and the wider company division to meet its business goals.
*Design and deliver pricing strategies to enable the Individual Annuity business to gain competitive advantage.
•Responsibility for the risk pricing basis and actuarial assumptions used within pricing. This will include regularly analysing and reviewing key assumptions and recommending assumption changes where required.
•Lead on actuarial elements of product development work within company (Individual Annuities) including the design and implementation of new products and amendments to existing products.
•Develop Individual Annuity pricing by medical condition to grow enhanced annuity volumes. This will include close collaboration with the underwriting team and longevity science team to develop pricing assumptions and underwriting philosophy.
•Review and develop reinsurance pricing and strategy to optimise financial metrics. Develop relationships with external reinsurers.
•Preparing governance papers relating to projects and key actuarial assumption changes. Obtaining buy-in from key stakeholders and signoff at relevant governance committees.
•Development of pricing models, ensuring these are regularly reviewed, maintained and developed by the pricing team. Development of models should be carried out in line with agreed standards and clear audit trail of the changes made. Continually raise standards and improve the pricing models and assumptions.
•Continually enhance understanding and capability to accurately price risks inherent within Individual Annuity product liabilities. Continually raise standards & improve processes throughout the pricing area.
•Develop relationships with other key stakeholders including Distribution and Product, Underwriting, Longevity Risk, PRT pricing team, Financial Reporting, and the Investment Strategy team.
•Maintain awareness of product, competition, compliance and legal requirements in order to handle external queries and maximise contribution to team effectiveness.
•Management of up to three actuarial students within the pricing team
•To manage the team in accordance with the Company's policies and procedures, including the Partnership Agreement, so that the team's business objectives are achieved consistently.
The jobholder should be a qualified Actuary with demonstrable and relevant post qualification experience within a Life company/Reinsurer/Consultancy.
•Extensive product pricing experience required and specific experience with medically underwritten enhanced annuities desirable.
•Demonstrable commercial awareness including experience working within commercial teams.
•In depth knowledge of actuarial techniques including key pricing metrics (EEV, IFRS, Solvency II framework).
•Excellent all round knowledge and awareness of relevant products, regulations and the UK pensions market.
•Excellent technical and analytical ability.
•Excellent communications, interpersonal and presentation skills in order to influence internal and external stakeholders.
•Strong commercial awareness.
•Ability to build relationships and interact effectively at all levels
•Management experience including development of junior members of the team
•Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 30 days' holiday, private medical insurance, performance related bonuses, discounts at both a huge range of high street stores and our own great products, as well as a 12% car allowance scheme, your hard work will be rewarded when you join us.
Our view is that this role is suitable for agile working. This means we would consider a more flexible working arrangement, where your hours and work location are managed according to business, customer and personal needs. For this role, you would be based in our clients London Office, but you could work in other company offices or at home, as necessary, provided this meets business needs. Details of agile working will be discussed during the interview process.
Products - Resources - FAQ
See Job Specification above