The Actuary November 2017

NOVEMBER 2017 theactuary.com

Interview Michael Sanders The magazine of the Institute and Faculty of Actuaries

Talks data science and behavioural insights

Risk Opportunities for actuaries to address hard-to-quantify risks

Pensions Simple measures in managing pension drawdown accounts

Diversity How can we eliminate the gender pay gap?

ARTIFICIAL

RGANS

What could they mean for transplants and insurance?

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Contents November 2017

34 20 Features 14 Interview: Michael Sanders The head of research at the Behavioural Insights Team says we can use data science and behavioural insights to explain how people act 18 Risk: Challenging the way we think Anthony Fitzsimmons and Derek Atkins address hard-to-quantify risks

Up Front 4 Editorial Richard Purcell highlights the professional prospects of actuaries

20 Pensions: Mind the gender gap Mark Williams on the sustainability of gender-based actuarial factors

5 President’s comment Actuaries need to branch out into new areas, writes Marjorie Ngwenya

22 The big question: Diversity We ask three experts ‘How big is the gender pay gap in our profession and how do we eliminate it?’

6 CEO’s comment Seize data science opportunities, advises Derek Cribb 7 IFoA news The latest news, updates and events from the IFoA 11 Soapbox: Closing the pay gap Chika Aghadiuno believes the key is keeping women in the profession

COVER: GREG MEESON HITANDRUNMEDIA

12 Letters Reform of the long-term care system

24 GI: Getting it together Andrew Lowe on why an industrywide property claims database would be invaluable 26 Pensions: Decumulation puzzle Christine Ormrod proposes some simple measures for managing pension drawdown accounts 28 Health: Artificial organs Nay Wynn looks at the implications of artificial organs for insurance

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At The Back 32 Communication: A practical reality Jean Eu offers advice on presenting and engaging with your audience 34 Communication: How to disagree constructively Ally Yates on disagreeing without being disagreeable 36 Puzzles 37 Student Jason Whalley imagines how the UK would cope with private healthcare 38 People/society news 40 AOTF/People moves Sam Wallace of UMACS, General Insurance

Additional content including daily news can be found at www.theactuary.com Weekly newsletter: for all the latest actuarial news, features and opinion direct to your inbox, sign up at bit.ly/1MN3bXK NOVEMBER 2017 | THE ACTUARY | 3

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PUBLISHER Redactive Publishing Ltd Level 5, 78 Chamber Street, London, E1 8BL +44 (0)20 7880 6200 PUBLISHING DIRECTOR Joanna Marsh MANAGING EDITOR Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk SUB-EDITORS Kathryn Manning Caroline Taylor

EDITOR Richard Purcell editor@theactuary.com F E AT U R E S E D I T O R S Jeremy Lee, investment, ERM Garry Smith, banking, regulation Stephen Hyams, pensions Yves Colomb, general insurance David Boland, life insurance Contact: features@theactuary.com PEOPLE/SOCIETY NEWS EDITOR Yvonne Wan social@theactuary.com

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RICHARD PURCELL

Professional prospects What defines us as a profession? Is it our technical expertise, the high standards we hold ourselves to or the ability to apply our skills in a business setting? Perhaps it’s a combination of these or other factors.

Whatever your view, the way we think about ourselves as a profession could change fundamentally in the future, according to research from Richard and Daniel Susskind. Marjorie Ngwenya reflects on how we will need to adapt as a profession in this changing world, suggesting that we will need to diversify and shift our focus from analysing data to providing more insight (p5). She argues this will help differentiate us and give value and meaning to our role.

This vision is shared by Anthony Fitzsimmons and Derek Atkins, who believe there is an opportunity for actuaries not only to analyse but also to interpret and communicate hard-to-quantify risks such as reputational damage (p18).

To make this shift, we could learn from experts such as Michael Sanders, an expert in behavioural insights who recently gave the IFoA Autumn Lecture. He explains to The Actuary this month how nudging is being used by governments to improve outcomes for the public (p14). Communication will clearly be an ever-more-important ingredient in our skill set too. Jean Eu shares some tips on how we can all get our message across more effectively (p32).

To ensure we have a thriving profession in the future will require us to change not only what we do and how we communicate it but also who we are as a community. Improving diversity in our profession will be key to this. While gender pay gaps have recently highlighted that the business world has some way to go, our new ‘Big question’ feature asks how our profession can address this issue and achieve greater diversity in the process (p22).

Published by the Institute and Faculty of Actuaries (IFoA) The editor and the IFoA are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form, or by any means, without prior written permission of the copyright owners.

While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. © Institute and Faculty of Actuaries, November 2017 All rights reserved ISSN 0960-457X

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RICHARD PURCELL EDITOR editor@theactuary.com @richardpurcell

www.theactuary.com

31/10/2017 09:21

MARJORIE NGWENYA

Adapting our focus

W

e talk a lot about professionalism in the financial services industry, but it can be hard to define exactly what that means. According to the Oxford English Dictionary it is ‘the competence or skill expected of a professional’. Yet it is so much more than that, with expectations around what it is to be a professional constantly evolving.

In terms of the future of the actuarial profession, we are likely to see a decline in some of our core areas of work. So branching out into new areas, such as data science, will become vital for our survival. We need to have the selfassurance to take advantage of these new opportunities – or others will do so in our place.

I’d like to point to research on the future of the professions from Richard and Daniel Susskind.

They envisage two possible scenarios: one where they continue to work as they have done, while optimising new technologies. And another where there is a fundamental change in the way in which the expertise of professionals is made available to society. In the latter vision, machines and artificial intelligence will displace, as well as change, the professions.

MARJORIE For now, these visions are developing in NGWENYA parallel. But the Susskinds believe that, in is the president of the future, the latter vision will dominate. the Institute and Professions are becoming more affordable.

Faculty of People are becoming increasingly Actuaries

connected their connec ecte ted d an and d capable, e aable blle to ccrowdsource r wdso ro s urce the heir own ssolutions. olutions. constituent elements, Problemss are being ‘decomposed’ ‘decomp mpos osed ed’ into to ttheir h irr con he onst s ituent element n s, with which can then be standardised, systemised d and dealt w itth by machines, rather than bespoke handling by expensive experts.

While some elements of judgment and ethics can be automated, there will always be moral issues and decisions that we will be uncomfortable handing to machines. Human expertise can not so easily be replaced. The challenge ahead will be to change our focus from one that is less concerned with the analysis of data and more focused on the insights to be gained from that data. This will differentiate us and give our role value and meaning.

Despite the risks and changes on the horizon, it’s a great time to be an actuary. Our profession has always adapted, and, by embracing innovation and change, we will continue to have a place, and indeed a valued role, in society.

It would be remiss not to mention the Actuaries’ Code, which applies to all our members and is designed to support them in maintaining the very high standards of professionalism with which they are associated. It also affirms our commitment to shine a light on situations where expectations of professionalism are potentially not being met. We need to ensure this code reflects the realities of today’s workplace and are currently undertaking a consultation process on proposed changes. I encourage you to read the proposals and share your views at bit.ly/2iMutEI. The deadline for responses is 17 January 2018.

“Branching out into new areas, such as data science, will become vital for our survival”

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Upfront CEO

DEREK CRIBB

The business of science

Q

ualifying with the IFoA, at any level, gives our members strong technical skills. But we seek to produce more than strong technicians. First and foremost, qualifying with the IFoA gives you a business qualification. The academic standards are high, but the IFoA tests business skills and application of knowledge more thoroughly than any other global actuarial body; it is arguably our USP. It could also be seen as a limitation to growth in markets such as Asia where we compete with other actuarial bodies that do not require demonstrable business skills. But is this a bad thing?

Asia is a hotbed of innovation and growth for the actuarial profession. Yet even in this most vibrant of markets, concerns arise about the long-term future of the profession, particularly in relation to big data and artificial intelligence.

A few weeks ago, I was at Lloyd’s of London’s China conference in Shanghai, sharing a platform with actuaries from the IFoA and other bodies. The question of artificial intelligence was raised: what are actuaries supposed to do about machines ‘stealing’ the technical work?

Working with data is a multi-stage process. The first stage is to ask ‘What is the question you are trying to answer, and how do you approach it?’. Framing relevant questions relies on business understanding and a knowledge of approaches to data manipulation; an opportunity that plays to a business-focused actuary rather than a machine. The second phase is running the data. This is ground where AI will soon have the advantage over even the most technical of actuaries or data scientists.

Lastly, what do the outputs mean, what recommendations can you communicate to the business leadership? For the business-savvy data-rational professional, this is bread and butter; a great opportunity for our members.

Alongside the challenges of data security, DEREK CRIBB and ethical and increased regulation of data is the chief usage, I see opportunities for businessexecutive of the focused IFoA members. For those whose Institute and focus is ‘running the model’, I am Faculty of less optimistic.

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One of our members in the audience was delighted. She currently spends one week a month on models and the other three framing the questions and building recommendations. Reducing her involvement with the ‘black box’ to a couple of days would free her up to deliver even greater value. Members of other associations in the room did not share her delight.

Every telecoms company, retailer or organisation with an online presence has more data than they know what to do with. The three stages apply to all such businesses, and that increases the opportunities for our members into many wider fields.

At the IFoA we are driving our data science strategy. Council’s agenda is to ensure that we position IFoA members as business leaders in the data science universe. As mentioned last month, in September we convened the first global data science summit for actuarial bodies. Our MAID working group and research activities are delivering leading thinking, as well as developing continuing education for our members.

I encourage you to keep your business skills sharp and seek out continuing professional development that ensures you can be at the heart of decisions, acknowledging that much of this may not yet come from the traditional IFoA sources.

If the IFoA executes its strategy, and our members seek out the right development, we can take advantage of the great opportunities presented by areas like data science. But we must all move with the times and keep our skills relevant, or the future is less rosy.

“We can take advantage of the great opportunities presented by data science”

www.theactuary.com

31/10/2017 09:22

Upfront News ACTUARIAL KNOWLEDGE HUB

Discover research in a new way IFoA members now have access to an integrated research portal in the form of the Actuarial Knowledge Hub. The hub will bring together several distinct sources of research in actuarial science in one search: The online journals and e-books available to IFoA members The valuable catalogue of over 20,000 abstracts and references from journals worldwide built up over many decades by library staff The IFoA library catalogue and its 20,000 records of hard-copy holdings A complete index of features from The Actuary magazine The catalogue of rare books collected by the Institute & Faculty since their formation.

This is a unique archive of historical books and pamphlets devoted to the history and development of actuarial science Thousands of relevant references from research databases across the world.

Scandinavian Actuarial Journal; and the Journal of Risk and Insurance. Access is also available to the British Actuarial Journal and Annals of Actuarial Science.

There are over 200 e-books, from titles to support exam reading to insurance, pensions, risk management and general business books.

More content will be added to the hub, including IFoA working party outputs, conference proceedings and presentations.

To find out more, contact the library service at libraries@actuaries.org.uk or access the hub at http://discovery.actuaries.org.uk

Highlights of the journal collection include Wiley StatsRef: Statistics Reference Online; Insurance: Mathematics and Economics; the

QAS celebrates its 30th accredited organisation The IFoA has reached the milestone of 30 organisations successfully achieving its Quality Assurance Scheme (QAS) accreditation.

The QAS is a voluntary scheme open to organisations that employ IFoA members.

Thomson Dickson Consulting Ltd is the latest to join the flagship scheme.

Andy Thomson, one of the firm’s two owner-directors said: “This award supports our commitment to make it easy for trustees and employers to manage their DB pension schemes. We do this by delivering excellent actuarial, scheme administration and governance services to clients.’’

More at bit.ly/2aLLW8I

CPD CPD

ISTOCK

Retired members If you are a fully retired member, not in paid work that relies upon your actuarial training or IFoA membership, and do not expect to return to such work, you may be eligible to register as retired and be classified as a category 7 member.

As a category 7 retired member, you will not be required to complete continuing professional development (CPD) unless you undertake unpaid work that relies on your actuarial training and experience, in the widest interpretation. If you do, you should complete appropriate CPD to ensure that you have the relevant skills and knowledge to undertake this work, in line with the Actuaries’ Code.

In general, members who hold senior roles, such as a trustee or a non-executive director, are not normally granted retired status.

For more information on category 7, please contact cpd_feedback@actuaries.org.uk or call the membership team on 0131 240 1325.

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New professional skills videos published The IFoA has published 10 new professional skills video case studies and accompanying discussion videos, in which actuaries and other professionals provide their thoughts on various issues.

Under a general theme of ‘Actuarial Interaction and Challenge’, the topics covered include ethical issues around: Commutation factors Treating colleagues with respect Use of personal data New business at any cost Challenging advice Competency and experience issues moving into new fields Quality versus cost.

If you are one of around 12,000 members required to complete

Professional Skills Training, Stage 3, the IFoA’s online content is one option to meet those requirements.

A toolkit for organisations who wish to hold their own continuing professional development (CPD) sessions will be available mid-November.

Details of the requirements for Professional Skills Training, Stage 3, are specified in the CPD Scheme 2017/2018, which can be downloaded at bit.ly/2uuGWky NOVEMBER 2017 | THE ACTUARY | 7

31/10/2017 09:23

Upfront News MISCONDUCT

Disciplinary notice On 2 August 2017, the adjudication panel considered allegations of misconduct against Ms Ana de la Quintana. The allegations related to a pension transfer suitability report.

The panel found that the report did not meet all the requirements of Chapter 19 of the Financial Conduct Authority (FCA) Sourcebook. It took account of the importance of the public being able to have confidence in the work of members of the IFoA and saw meeting the requirements of the FCA as an integral part of this.

The panel determined that there had been a breach of principles 2 (competence and care), 4 (compliance) and 5 (communication) of the Actuaries’ Code in relation to allegation 1.

The panel did not find misconduct for the remaining two allegations.

The following sanctions were imposed: a reprimand and a fine of £3,500.

A copy of the panel’s full determination, including the reasons for its decision, is available at bit.ly/2dRPsBW

IN BRIEF...

Subscription fee reminder Members who have not yet paid their annual subscription fee for 2017/2018 are reminded that the fee is now due, to be paid by 31 December.

A 10% surcharge was added to all unpaid fees on 1 November, and a further 10% surcharge will be applied on 1 December.

You can pay by logging onto the members’ area of the website or by calling the membership team on +44 (0)131 240 1325. If you wish to cancel your membership, please let us know.

Overseas members who haven’t submitted their yearly application for partial regulation (bit.ly/18xetu2) should send their completed certificate of eligibility (bit.ly/2khg5ES) to membership@actuaries.org.uk Members who intend to apply for a reduced rate subscription should return their application (bit.ly/2fHhfVi) before 31 December 2017.

Please email any enquiries to: membership@ actuaries.org.uk

Intergenerational fairness: final bulletin

Get involved and help shape the future of your profession

Is NHS funding sustainable? How long could we live? Who should pay for care? Will advances in medicine remedy an ageing population?

All these questions require one generation to consider the needs of other generations as well as their own. The IFoA has invited a number of esteemed experts to give us their views on these big questions facing current and future generations, as well as debating potential responses to them. Do we need changes in public policy? Is there a role for the insurance industry and, more specifically, us as actuaries?

Intrigued to know more? Download our bulletin at bit.ly/2kMOyeC

UK retirees underprepared

Develop personal and professional skills as part of your lifelong learning Build and enjoy a strong and active network of peers Raise your profile and the profile of a particular area of your expertise Give something back and encourage actuaries of the future.

A survey by the IFoA, the American Academy of Actuaries and the Institute of Actuaries of Australia of their respective populations showed how unprepared the citizens of each country are for retirement.

It showed that the UK is lagging behind Australia and America in its level of preparedness, with UK retirees the least well-informed and the least likely to be saving sufficiently. They were also the least likely to have contingency plans in place.

Read our full Retirement Readiness analysis at bit.ly/2yk7RRU

Browse the latest volunteer vacancies:

www.actuaries.org.uk/volunteervacancy

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31/10/2017 09:23

Upfront News ACTUARIAL EXAMS

IFoA brings scholarships to Shanghai University To celebrate the 100th anniversary of Shanghai University of Finance and Economics (SUFE), Derek Cribb, chief executive of the IFoA, presented the research establishment with a silver salver during a visit on 20 September.

SUFE was one of the first universities in China to establish a relationship with the IFoA. Its finance and economics faculty introduced British actuarial exams in 1997. Some of its actuarial students received scholarships from former British insurance firm Eagle Star.

Now, China’s Sunshine Insurance Group is to start providing scholarships for SUFE students studying towards

IFoA exams. Sunshine Insurance Group is the IFoA’s first industry partner in China. Last year, it began sponsoring IFoA students in two top finance and economics universities in Beijing. The number of scholarships continues to grow, and SUFE will be the third university that Sunshine sponsors.

“SUFE is one of the first universities in China that the IFoA entered into partnership with,” said Cribb. “We have trained many actuaries together, helping to shape the actuarial future of China. The combination of Sunshine Insurance Group, SUFE and the IFoA is immensely powerful, and can only be positive for all.”

Left to right: Pei Guan, Ning Sun, Professor Zhigang Xie, Wen Li, Derek Cribb, Professor Lingzhen Yao, Professor Liya Liu, Zhenling Wang, Professor Ming Zhong

M O RTA L I T Y D ATA

Assessing basis risk for longevity Macquarie University, supported by University of Waterloo, Australian National University and Mercer Australia, will present their work on a methodology for assessing the basis risk arising from the use of population level mortality indices for managing the longevity risk in pension benefits or annuitant liabilities.

This research is intended to enable practitioners to better assess the benefits that might be available from the use of simpler, more standardised and easier to execute index-based longevity solutions, as well as the extent of the basis risk that might be introduced by the use of population mortality data to determine mortality improvement assumptions.

The work is part-funded by the IFoA and the Life & Longevity Markets Association (LLMA) and is being overseen by the Longevity Basis Risk Working Group. The full results will be presented at an IFoA sessional meeting at Staple Inn Hall, London, on 4 December 2017.

Find out more and book your place: bit.ly/2zr0VAl

PRINCIPLES FOR RESPONSIBLE INVESTMENT

‘Get informed and get involved’ In October, the IFoA became a network supporter of the UN-backed Principles for Responsible Investment (PRI) organisation.

The internationally recognised group works to understand the investment implications of environmental, social and corporate governance (ESG) factors and to help its international network of over 1,750 signatories incorporate these into their investment and ownership decisions.

Becoming a network supporter recognises the role that the IFoA can play in raising awareness of the importance of ESG factors www.theactuary.com

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through its education and continuing professional development (CPD) activities.

We also cover ESG topics in our research and thought leadership activities. Becoming a network supporter raises the profile of our work in this area and makes a public commitment to continue it.

Claire Jones, chair of the IFoA’s ESG Investment Working Party, said: “Actuaries are currently under-represented in the significant ESG activity across the investment industry. As we get more involved in ESG issues, we should learn from

others rather than starting from scratch. At the same time, we can bring a valuable perspective that may otherwise be missing.

After all, a large part of ESG discussions is about long-term risk management. This is a core part of the actuarial skillset.”

Jones added a call to action for actuaries: “ESG covers a wide range of topics. It is a fast-moving and fascinating area. For most of us, it wasn’t covered in detail at any stage of our education – and much has changed in the past decade or so. There is lots to learn.

Get informed and get involved!”

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Upfront News

EVENTS AND CONFERENCES 22–24 11 17

15 11 17

Life Conference 2017

Implications of the ‘risk-free’ rate reform

BIRMINGHAM

LO N D O N

bit.ly/2taRJko Can we use machine-learning algorithms for the analysis of tweets to predict cancer mortality for defined populations? Do e-cigarettes affect your health as much as smoking? Join us as we discuss the latest industry trends and developments in the life and health sector. Featuring 70 workshops, five plenaries and numerous networking opportunities, we look forward to seeing you in Birmingham. We are delighted to welcome Alastair Campbell, former Labour communications director, to deliver the opening plenary on Wednesday. Some of the key topics and sessions include: Antibiotic resistance: this workshop will review emerging scientific trends in predicting death and disease using genetic data Brexit: what are insurers doing to prepare? With Article 50 triggered and negotiations under way, numerous challenges lie ahead for the UK insurance industry. Join KPMG’s head of insurance and Swiss Re’s European chief risk officer as they present their perspectives and approaches Wearables in life insurance: this session will consider how emerging developments in both technology and biometric measurements might be applied to insurance Drivers of future longevity – a medical perspective: do factors such as obesity, alcohol consumption, sedentary lifestyles and funding cuts mean longevity gains are a historic phenomenon?

A chief medical officer and actuary debate the outlook for longevity and what the future drivers could be Critical illness: medical developments continue to develop rapidly, including, among others, ‘breath biopsies’ and a bra that detects cancer. This presentation will look at the latest trends in disease incidence, diagnosis and the pricing challenge.

bit.ly/2hETPQQ Libor is being replaced with a new, improved version of the Sterling Overnight Index Average (Sonia). The actuarial profession has a wide-ranging involvement with Libor, and its replacement has far-reaching implications. Life insurers and pension funds use long-dated Libor-linked swaps to hedge interest rate risk, Solvency II discount rates are based on Libor swap rates, and some investments pay Libor-linked returns. There will be a panel presentation by professionals involved in the transition, followed by a Q&A. Speakers Robin Thompson of NatWest Markets will give an overview of the changes and the banking perspective.

Alex Soulsby of BMO Global Asset Management will present the implications from a liability hedging and asset manager perspective.

Hemal Popat of Mercer Investments will present the implications from an actuarial, investment and pensions perspective.

16 11 17 Sustainable Finance LO N D O N

bit.ly/2vjfjuO This event will explore the relationship between finance and sustainability and how the decision-making processes within finance, including the part played by actuaries, indirectly affects society and the environment.

Speakers Nick Silver, managing director, Callund Consulting Limited; Meryam Omi, head of sustainability at Legal & General Investment Management; Vera Hegarty of BNP Paribas Asset Management.

E D U C AT I O N S TA N D A R D S

Student feedback survey now live The IFoA runs an annual survey for current students and learners about their experience of our education services over the preceding 12 months. Their feedback plays a major role in maintaining the quality and standards of our education.

The IFoA aspires to give students the best possible experience – from joining, through to qualifying and your future career – so feedback is an extremely important part of the actuary student journey as we need to know how we are doing. We aim to listen and respond to all comments, positive or negative. We are especially interested in your feedback in the following areas:

Our standards of service Your preparations for examinations Arrangements for 2017 exam sittings How relevant our syllabus is to the workplace.

Purpose of student feedback survey Enhancing members’ learning experience Contributing to monitoring and review of the quality and standards of our services Ensuring the effectiveness and competitiveness of our qualification Enabling a constructive dialogue and thereby improving relationships with our members Identifying good practices in the

professional qualification journey Measuring student satisfaction.

You can fill out the survey online at www.surveymonkey.co.uk/r/ EducationProcesses-201 In addition to the student survey, there are various feedback mechanisms current students can use. Full details can be found on our website: www.actuaries.org.uk/ studying/student-consultative-forum If you have any questions, please email matthew.tennant@actuaries.org.uk

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31/10/2017 09:23

Upfront Soapbox

Keep women in the profession to close pay gap

O

rganisations with 250 employees or more now have to report the difference in earnings between female and male staff every year.

The gaps being disclosed do not – or should not – relate to equal pay. That would be illegal. The principal of equal pay for equal or similar work has been established since the Equal Pay Act 1970 and is now enshrined in the Equality Act 2010. This may seem a small detail, but it is important to understand. It is possible to have genuine pay equality and still have a significant gender pay gap.

At the time of writing, relatively few organisations have submitted data.

However, what we are seeing, as expected, is that female representation at the higher grades – which command higher salaries – is low. This, plus the tendency for women to dominate certain lower-paid jobs, explains to a large extent the gender pay gap in the UK. While the data has not been scrutinised at this level so far, we have no reason not to suspect that similar issues exist across the actuarial profession in terms of lower female representation at higher grades. Research conducted by IFoA’s Diversity Advisory Group (DAG) in 2015 showed that non-retiring female actuaries leave the profession a full 13 years on average before their male counterparts.

This will undoubtedly play in to any cross-firm actuarial gender pay gap. We need to understand what is behind this and assess

how the IFoA can work with employers to better support our female members.

The abundance of data and disclosures is to be welcomed and marks the start of understanding the issues, which will vary between industries and firms. A baseline will be created from which progress can be monitored as initiatives take hold.

These initiatives will likely cover the complete spectrum of career management – recruitment, performance management,

“We need to assess how the IFoA can work with employers to better support women” development and promotion. Specifically, it could include blind CVs, adjusting the tone of role profiles, flexible working, reassessing internal processes and training in unconscious bias.

Mentoring can also play a role. Research produced recently by Women Ahead, a social enterprise of mentoring and development experts, has revealed the positive impact mentoring can have on gender balance. This study found it could be used to address the challenges of the gender pay gap, leadership equality, and the conscious and unconscious biases that exist around gender.

The DAG, on behalf of the IFoA, is supporting the Actuarial Mentoring Programme, which is due to be launched on 6 November at Staple Inn in London.

Sponsored by Pension Insurance Corporation and run by Women Ahead, this is a pioneering cross-firm scheme intended to help address the issue of the early exit of women from the profession.

Leaving aside the economic advantages that are often said to result from closing the gender pay gap, my view is that the initiatives will potentially benefit all – not just women.

I would expect minority ethnic groups, those with less advantaged socio-economic backgrounds and men in general to benefit.

This is a good thing.

Environment and culture will be perhaps harder to tackle. Societal change needs to keep pace – equality in the workplace must be supported by equality in our homes and in all areas of our lives.

As more data is disclosed, we will no doubt come back to this topic and the DAG will be looking to see what insight can be found CHIKA within the actuarial AGHADIUNO profession. is chair of the IFoA diversity advisory group The research paper ‘Turning the gender diversity dial’ can be found at www. women-ahead.org/ turning-the-genderdiversity-dialthrough-mentoring

ILLUSTRATION: ISTOCK

Chika Aghadiuno explains how a new mentoring scheme is designed to encourage female actuaries to stay in the profession longer

NOVEMBER 2017 | THE ACTUARY | 11

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31/10/2017 12:27

Upfront Letters

More comments are posted online about news stories published on www.theactuary.com

IN RESPONSE TO SOAPBOX (OCT 2017)

Reform of the long-term care system

Have your say

Part of the cost of long-term care should be recouped from deceased estates. That is the core principle, which, I suggest, should be considered as the foundation for a reform of the long-term care system.

One way in which it might work is as follows, but many variations are possible, depending on political choices. There would be a cap of (say) £50,000 on the amount that anyone would have to pay towards the cost of their own care during their lifetime, and no-one would have to sell their home to meet this cost. The estates of all people dying in a particular year (whether they had needed care or not) would be liable for a levy, designed to meet the total cost of applying the cap in the previous year. The levy could be a flat percentage of the value of the estate (whatever its size) and would apply to all estates above a specified threshold – for example, £100,000. In the case of married couples, the levy would not be payable until the second death.

A possible variation would be to increase the levy so that it met more of the cost of long-term care, thus enabling a higher standard of care to be provided to everyone.

The reform could be introduced quite quickly, with transitional arrangements for those already receiving care. It would not involve any net cost to government, while introducing a degree of certainty that would be welcomed by the many people who are worried about enormous costs if they (and perhaps their partner) turn out to need years of care in future.

CHRIS LEWIN 4 October 2017

SOCIAL MEDIA COMMENTS! “I found the article on ‘New tech & big data’ by Richard Keating extremely interesting. Insurance is still distributed very traditionally with annual renewal dates, clunky underwriting, pricedriven consumers and inefficient distribution. Look what the banking industry has done, jumping from high street to apps in a short space of time. Can the insurance industry respond as well or as quickly?”

Tim Ryan The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email editor@theactuary.com.

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31/10/2017 09:24

INSIDE Interview: Michael Sanders The head of research at the UK government’s Behavioural Insights Team talks data science and behavioural insights with Peter Tompkins

Challenging the way we think Anthony Fitzsimmons and Derek Atkins on opportunities for actuaries to address hard-to-quantify risks

The big question We ask three experts ‘How big is the gender pay gap in the profession and how do we eliminate it?’

Mind the gender gap Mark Williams on the sustainability of gender-based actuarial factors in pension schemes

The decumulation puzzle Rules-of-thumb guidance on how to manage pension drawdown from Christine Ormrod

Could artificial organs cut the need for donors?

Nay Wynn considers the implications for insurance

www.theactuary.com

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31/10/2017 09:24

Features Interview

Science

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www.theactuary.com

31/10/2017 11:34

Features Interview

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met Michael Sanders, chief scientist and head of research and evaluation at the Behavioural Insights Team (BIT), following the IFoA autumn lecture he gave on data science and its potential for actuaries and policymaking.

Set up by the UK government just after the 2010 election, the formation of BIT was influenced by the work of behavioural economists such as Richard Thaler, author of Nudge, who was recently awarded the Nobel Memorial Prize in economic sciences.

Thaler came up with the concept of looking at how people act then ‘nudging’ them via subtle interventions to help them make more informed decisions that are in their best interest.

As Sanders explains, when David Cameron’s government first established BIT, there were initially some areas of low-hanging fruit ripe for the team to pick. One, for example, was to look at the way taxes were being paid. Most people were paying in full and on time, yet a small hard core were often late. This meant a lot of chasing and inevitable cash shortfalls. Small interventions in the way in which payment was encouraged, such as publicity declaring that “95% of taxpayers file their returns and pay their taxes before the end of the month” led to improvements in the pace of settlement. People tend to be responsive to any suggestion that their behaviour is out of line with what others do or expect.

Michael Sanders talks data science with actuary Peter Tompkins and explains how behavioural insights can be used to make people do things differently

A nudge for charity Another idea BIT focused on was ‘big society’, a concept that is much less in political favour today. This drew on Sanders’ interest in charitable fundraising, the subject of his PhD research at the University of Bristol. In fact, it was one of his seminars on the subject that caught the attention of the Cabinet Office, and he was invited to join the team.

Sanders had cut his teeth with work on ‘pro-social behaviour’, or the economics of people being nice to one another. This experience was relevant to some of the work being done by BIT on charitable and volunteer activity. Why people donate or volunteer is a challenging behavioural question. Early experiences or encounters with volunteering can influence a person’s future approach.

Sanders is particularly proud of the team’s efforts to encourage people from less privileged backgrounds to raise their aspirations regarding choice of university or career. This was done using letters written by fictional university students to their former selves when they were at school. These letters were shared with students at school to help inspire them to ‘think big’ when it came to their future career. A rigorous test was applied, using a large sample of students, NOVEMBER 2017 | THE ACTUARY | 15

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31/10/2017 11:34

Features Interview only some of whom received the letters. The data suggested a definite raising of the bar in those students’ ambitions. This kind of result can inform the type of communication material that university or school careers advisers provide access to when they help students in their university and career choices.

Another issue, according to Sanders, is inertia. He believes that people’s choices of career and residence are often driven by autoregression – in other words, the tendency to work or study in similar fields and locations as relatives or friends. Policymakers may choose to focus on changing this kind of behaviour to make the economy more efficient.

Sanders also emphasises the importance of making decisions in what he calls ‘cold states’ rather than ‘hot states’. Health policymakers, for instance, can take a detached view of the arguments for and against different treatments, whereas patients – or their relatives – are more likely to be in a ‘hot state’ of anxiety when considering treatment options, and cost is likely to be a low priority. He drew a parallel with the way in which the 1997 Labour government handed control of interest rates to an independent Bank of England, rather than letting politicians set them, which inevitably led to fewer politically motivated adjustments ahead of election campaigns.

Moral decisions on data Looking at the actuarial profession, Sanders draws attention to “the hyper-availability of data”, whereby insurers often have far more data about the people they insure than those individuals do themselves. For example, monitors in cars or health or geographical data can help us better assess a population’s risks. His big question is whether the industry has a moral responsibility to share that knowledge with the insured, just as a doctor has a duty to tell a patient about their potential health risks.

Thorny policy areas include road pricing, which has obvious economic attractions but is incredibly unpopular with the public.

Sanders notes that of the public petitions on the UK parliament website, one of those that gained most signatures was against direct charges levied for the use of roads – attracting far more attention than the petition against the war in Iraq. A perennial problem with public communication, he says, is that “confirmation bias presents us with problems in influencing the public”. Put simply, people tend to pay far more attention to messages they agree with than those that challenge them with something different.

Sanders mentions analysis of behavioural responses to tax – in particular, inheritance tax, where people can have an emotional response to a ‘penalty’ associated with death. An example is the UK public reaction to ‘dementia tax’ proposals to pay for care-home costs.

Property taxation also raises anxieties, he notes, and is difficult to tackle objectively. Countries such as the US manage this successfully, raising a much higher proportions of tax from real estate.

Congestion charging is an interesting area – opinions are often polarised, gaining popularity with some but not others. Policies have been trialled in only a few places, including London, Singapore and Oslo. But authorities need to be careful, as responses to congestion charging can be unintended – in Singapore, for example, faced with high congestion charge costs for driving into town between 7am and 9am, people turned to driving in between 5am and 7am, simply shifting the problem to a different time of the day.

16 | THE ACTUARY | NOVEMBER 2017

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“People tend to pay far more attention to messages they agree with than those that challenge them with something different” Today, BIT is independent of the UK government and acts as a supplier of services, competing against other bidders such as management consultancies and academics, making proposals in the area of behavioural science. Some of the team’s work is overseas too.

A recent example is a collaboration with the International Rescue Committee to try to improve education outcomes for traumatised Syrian refugee children.

Each government department does, however, need to have a behavioural insight function, and there is clearly good liaison between those who are concerned with this area. There is a balance between government departments’ need for assistance and opportunities for BIT to promote areas for work.

“Social care is a big area for us to promote,” says Sanders, with work for the local authority sector including approaches to childcare and improving the outcomes for children who may be taken into care.

Do what works In the financial services sector, issues such as transparency of pricing information for customers raise their head, and Sanders’ team regularly liaises with its opposite number in the Financial Conduct Authority.

It was refreshing to hear Sanders’ emphasis on evidential standards and ensuring that policy is based on “what works”.

Behavioural insight can be applied in all areas to improve outcomes for the public and our customers.

However, Sanders is emphatic that the ‘nudges’ that governments can provide should not be seen as creepy attempts by the authorities to get us to do what they want but are in fact transparent and clear.

As well as providing interesting papers and topics for discussion, this branch of economics is here to stay. If we embrace it, it has the potential to help us improve the way we conduct our affairs. www.theactuary.com

31/10/2017 11:34

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30/10/2017 12:35

Features F eatures CEO C Risk EO

Challenging

the way we think Anthony Fitzsimmons and Derek Atkins ask whether there is an opportunity for actuaries to address hard-to-quantify risks

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n his Harvard Business Review column ‘Don’t get blinded by the numbers’, Professor Roger L Martin challenged the trend towards ‘business-by-numbers’ and the idea that a firm’s success is driven by its data and its modelling capability.

He pointed out that models break down in the real world and proposed that strategy should be as much about interpreting as it is about analysing.

According to his observations, human concepts like trust cannot be reduced to numbers but yet they still need to be interpreted and understood; therefore, successful business strategists should be “good communicators, comfortable with ambiguity and ready to abandon the quest for certain, single-point answers”.

This should strike a chord. Actuaries are brilliant at dealing with certain classes of risk but such skills did not prevent the financial, banking and Libor crises; nor were they relevant to preventing the United Airlines passenger fiasco, the Volkswagen scandal or corruption at Rolls-Royce. These slipped through the nets of tens of thousands of competent, diligent risk managers, internal auditors and actuaries.

In The Actuary article ‘When culture goes wrong’, Paul Harwood told fellow actuaries that much can be learned from financial scandals; and, in an earlier piece, he described “management risk”, a concept that we have researched for years.

So why do companies led by intelligent and honest leaders fail, despite large and diligent teams of risk professionals? Consider a hypothetical example: a large plc announces that profits have been overstated by £300 million. The board is stunned. Shareholders are furious. Following an inquiry, the cause emerges: the accounts team overstated receivables. They are fired.

Air accident inquiries regularly used to blame accidents on ‘pilot error’. Stanley Roscoe, a leading aviation psychologist of the 1980s, pointed out that such conclusions were “the substitution of one 18 | THE ACTUARY | NOVEMBER 2017

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mystery for another”. He spurred aviation investigators on to do better. They did. And the result is that today we all enjoy a level of flight safety that was unimaginable in the past.

We too should dig deeper, and asking ‘why?’ is the best tool for the job.

...did the accounts team overstate profits? They believed the CEO wanted to maintain steady profit growth even when times were tough.

They thought his self-esteem and bonus depended on it.

He behaved that way and they assumed he wanted a 100% bonus pay-out.

...didn’t the board or audit committee spot the overstatement?

WHY? ...could this happen?

The board didn’t consider consequences of their bonus scheme or the character of the leader they had recruited...

...they didn’t fully understand how the business made its money.

...didn’t the auditors challenge on the issue? The audit partner worried about it but didn’t want to be remembered for losing a prestigious account for his firm.

...because they lacked adequate people skills.

Few, if any, risks such as these appear in any company’s risk register.

In our research, we set out to deal with this lacuna, beginning with a deceptively simple definition of reputational risk: ‘The risk of failure to fulfil the expectations of your stakeholders in terms of performance and behaviour’.

Performance is what you do, behaviour is about how you achieve it. Much performance risk is captured by classical enterprise risk management, but root-cause risks from behaviour are not. Worse still, these risks are double-acting; they increase an organisation’s www.theactuary.com

31/10/2017 09:25

Features F eatures CEO C Risk EO

vulnerability to crises by causing systemic weaknesses; and if a crisis occurs, they tend to tip it into a reputational calamity, especially if they have manifested before.

This is the hole in classical risk management that explains why the financial and banking crises happened despite armies of risk professionals. And it explains the stream of new crises that continues unabated.

These risks and vulnerabilities are difficult for insiders to see in advance, because cognitive biases and other phenomena prevent us seeing ourselves as clearly as equally well informed outsiders can.

Neither do risk professionals have the training to work with these risks, which we name ‘behavioural’, ‘organisational’ and ‘board’ risks.

Power problems

ISTOCK

The range of these risks and their systemic consequences is limited only by the extent of human ingenuity. Other things being equal, their importance as root causes increases with power, so that their manifestation among top leaders matters most. Examples of risk areas include the following, which apply at all levels, including boards.

Character weaknesses such as insufficient self-confidence and humility to welcome challenge and contradiction Ineffective challenge Insufficient diversity of skill, knowledge, experience, background and perspective Ignorance of how heuristics and cognitive biases affect perception and decision-making Inadequate culture Undesirable incentives, behavioural as well as financial Defective communication Inability to learn from errors Complacency.

Risks such as these are hard to discuss internally, because our human ‘tribes’ operate under social conventions that include what anthropologists call ‘social silences’: subjects people won’t discuss because, as FT journalist Gillian Tett put it, they are “dull, taboo, obvious or impolite”. Since many of these risks have their origins in leaders, risk professionals will be reluctant to discuss them if they fear they may put their own career at risk.

When all is going well, people rarely question the role of luck in their success. Meanwhile, systemic risks manifest in multiple minor mishaps that are disguised by luck or fielded by fancy footwork.

Harvested, these would provide valuable intelligence that could be www.theactuary.com

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analysed to find and fix deep vulnerabilities with systemic consequences before they cause harm. Missed, ignored or covered up, these opportunities are lost, increasing complacency and reputational risk.

Thus, unseen or unmentionable, and so unmanaged, these risks fester and incubate. In the meantime, leaders are lulled into complacency, believing all is well. The truth is that they are sitting on a ticking time bomb with a dodgy clock. When something blows up, they are stunned to discover that ‘everyone’ – but them – seemed to know what had been going on under their noses.

A programme to find and fix these risks ideally begins with education tailored for the board and executive team. Case studies are valuable in bringing the subject to life. From here, boards should require risk team training followed by clear authority and incentives to delve into these areas, even if their trail leads back to the board.

And boards must, of course, find and fix their own weaknesses.

Cognitive biases will hide many of these risks from the insider’s view, while social silences and fear may repress reporting what is known. It is therefore ANTHONY essential, in the first instance, to use a FITZSIMMONS trusted outside specialist to help is chairman of overcome these obstacles and ensure Reputability LLP that any uncomfortable truths are both uncovered and explained to leaders in a way that enables them to absorb reality without loss of face.

Society needs a cohort of rigorous, robust risk professionals with the skill and strength of character to tackle these risks. The requisite skills could be DEREK ATKINS developed through training existing risk was a visiting professor professionals (such as risk managers, at Cass Business School internal auditors and actuaries) as to and a partner how people ‘work’; or they could be in Reputability LLP. grown by teaching HR professionals, Sadly, Derek passed who already understand psychology and away while this article other social sciences, about risk. was being prepared While others hesitate there is an opportunity for actuaries to seize the initiative. Success will require a well organised training programme across the profession as well as honest identification of individuals with inherent aptitude.

NOVEMBER 2017 | THE ACTUARY | 19

31/10/2017 09:26

Features Pensions

Mind the gender gap Mark Williams questions the sustainability of gender-based actuarial factors in pension schemes in light of social and actuarial rationale

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andatory gender pay reporting arrived for larger companies in the UK on 6 April, putting further scrutiny on how men and women are treated financially by their employers. Pensions have their own considerations in this area.

Member option terms and actuarial factors based on gender are commonly used by UK pension schemes, particularly with regard to transfer values and lump sum commutation. This means that, in many cases, a woman and man who are the same age and lead identical lives are offered different transfer values or cash sums for the same amount of pension given up.

They have both been given exactly the same benefit promise by the scheme but are, ultimately, paid different amounts because women are on average expected to live longer than men. This can result in a substantial difference to cash lump sums of around 10% – £25,000 on a £10,000 yearly pension. Mostly, it is the men who lose out but, for transfer values where the spouse’s benefit is particularly generous, it can be the other way round.

The importance of gender here is the status quo – in part because gender is observable and the factor differences are easy to assess. However, just because it is practical and legal to continue this practice, does the actuarial and social rationale really stack up?

Are there more significant indicators of an individual’s longevity, such as health, wealth, family history and whether they smoke?

Using gender-specific terms for insurance premiums is already illegal under EU law. Is it right to maintain this inconsistency between the treatment of insurance and pension terms?

Just as the tax avoidance scandal involved the public condemnation of a legal practice, is there a risk of a public perception of discrimination around the continued – albeit legal – use of gender-specific actuarial factors?

20 | THE ACTUARY | NOVEMBER 2017

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NATURE Oestrogen provides protection against heart disease Women’s immune systems age more slowly Testosterone increases cancer risk (there is some evidence that castration increases life expectancy) Women have two X chromosomes, and therefore a ‘spare’ set of genes The ‘jogging female heart’ (increased cardiac output during the second half of menstrual cycle) keeps women more healthy The trend for women living longer is remarkably consistent throughout history and all over the world. It is also observed in chimpanzees, gorillas, orangutans and gibbons Evolution – the health of women is more critical to reproduction.

Men, in contrast, are more disposable

www.theactuary.com

31/10/2017 09:26

Features Pensions

Looking at life expectancy While the difference in male and female life expectancy is well acknowledged – around two years between men and women currently in their 40s – the underlying causes of the difference remain a topic for debate.

Importantly, this includes the extent to which it is due to differences in the genetic make-up of men and women – ie ‘nature’ effects – or down to nurtured behavioural differences.

The table below shows some of the theories and evidence that have been put forward on each side of this debate. It seems most likely that the truth lies in some combination of these factors.

This uncertainty over the cause of the differences between male and female lifespans makes it harder to justify the inconsistency between the treatment of pension member option terms and the treatment of car insurance terms, say.

In addition, does it really satisfy the ‘justified by actuarial data’ requirement to project future differences in life expectancy if we cannot explain the underlying cause – when we cannot ascertain the extent to which differentiation by gender is merely a proxy for other underlying drivers of longevity?

Consider the individual Allowing for observable differences in average life expectancy between groups of people is uncontroversial for accounting or funding purposes, or in other instances where actuarial correctness at the aggregate scheme level is paramount. That said, in theory, applying different assumptions to individuals or groups within the scheme, rather than working with weighted average assumptions applied to all members, should have a broadly neutral financial impact on the scheme.

Whether to differentiate the benefits received by person A and

NURTURE Men often do more physical work Men are more likely to smoke Men are more prone to obesity Men are more likely to have more dangerous hobbies (for example, ride a motorbike) Women tend to make stronger social connections (with which there is a link to longer lifespan) Women take better care of themselves and are more likely to visit the doctor There is some evidence that the gap has closed in recent decades, as male and female lives have become more similar There is evidence that men in professional jobs with higher incomes have approximately the same life expectancy as the average woman www.theactuary.com

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person B (but not between person A and person C) is not neutral to those individuals at all – it has a direct impact on the level of benefits they receive.

This is, ultimately, more a social decision rather than an actuarial one. Is it justifiable and fair to differentiate between people in this way? Should a man get a lower cash sum because historically more men than women have done physical work and smoked more?

If we are allowing for gender differences, what other differences in life expectancy is it justifiable and fair to allow for? Should more wealthy people receive a proportionately higher cash lump sum?

Postcodes give an indication of a person’s wealth, occupation and lifestyle. If you paid different cash sums using the life expectancy implied by members’ home addresses, the difference between the highest and lowest amounts paid might be as much as 25% (around £60,000 on a £10,000 yearly pension). It is not generally considered appropriate to do this in practice, but it remains common practice to allow for (potentially smaller) gender-based differences.

It may be argued that defined benefit pension schemes are inherently unfair, in that everyone pays in proportionately the same amount but you get more out if you happen to live longer. However, that is built into the underlying benefit promise – it is ‘part of the deal’ and members generally understand that.

By deliberately providing different cash lump sums to men and women, we make a conscious decision to crystallise that aspect of ‘unfairness’, based on – as highlighted earlier – somewhat questionable technical rationale.

There may be instances where trustees and pension scheme sponsors deem it appropriate to continue to use different MARK WILLIAMS actuarial factors for men and women, is a senior consulting based on their specific circumstances actuary and London (for example, to avoid a step change in practice leader at historical terms or because of concerns Conduent HR services around selection against the scheme).

However, they should at least ensure they have a thorough discussion and make a conscious and transparent decision based on social and actuarial rationale, in line with the growing public pressure on fair pay and reward.

“Does it really satisfy the ‘justified by actuarial data’ requirement to project differences in life expectancy if we cannot explain the cause?”

NOVEMBER 2017 | THE ACTUARY | 21

31/10/2017 09:26

QA Features The big question

How big is the

gender pay gap in our profession and how do we eliminate it?

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31/10/2017 09:27

QA Features The big question

REENA THAKKAR, FIA Executive investment consultant at Momentum Investment Solutions & Consulting

THENY THIAGARAJAN, FIA LDI portfolio manager, Financial Solutions Group, at Insight Investment

LESLEY-ANN MORGAN, FIA Global head of defined contribution and retirement at Schroders

FLEXIBLE WORKING

TRANSPARENCY

MEASUREMENT

According to data collected by the Office for National Statistics, women are paid 20% less than men in the ‘actuaries, economists and statisticians’ category.

Although it can be tempting to get carried away with headlines, as actuaries we know the devil is often in the detail.

One factor that I believe contributes to this gap is flexible working. Women often end up working part-time or flexibly owing to the competing demands of working and raising children. In my experience, this in itself doesn’t have to be a career-limiting factor. I have come across women in our industry who have navigated the challenges of raising children while building a successful career. However, there are too many cases where the price women pay for flexibility is probably too high, driven largely by the perceptions around flexible working. Often, being visible in the workplace carries more weight than the output that is delivered.

As an industry, we could do more to positively encourage flexible working, rather than accepting it passively.

The vision I have is one similar to the IT industry, where being part-time and working flexibly are embraced by all employees, irrespective of seniority and gender. We have some way to go until we reach this vision, but as an industry we are certainly well on our way.

True transparency in pay levels within individual sectors is needed if we are to move forward in terms of first assessing whether a pay gap truly exists and then addressing it. Unless this is tackled first, we inevitably end up with a culture of corporate complacency.

Certainly within the fund management industry, it is unclear whether such a gap exists, as traditionally there tends to be a gender split by function, with a greater proportion of women working within client-facing sales and relationship management roles. I would definitely like to see greater representation within fund management and trading functions. Unfortunately, most of these roles do not tend to support flexible working practices because of the need to operate under controlled environments.

There would need to be a change in hiring practices. A move away from the ‘cookie-cutter’ approach and an embracing of the value added by having diverse teams is still needed across the industry. In addition, women tend to be more reticent than men in negotiating their salary on entry.

Often the pay gap increases over time because of a lack of further negotiation.

Perceptions would need to change to empower more women to have the confidence in salary negotiation.

As a female actuary working in asset management, I believe that ‘what’s measured is managed’ and ‘leading from the front’ are the key philosophies to successfully improving the gender pay gap.

I have seen firsthand how a chief executive who feels passionately about this issue can make a significant difference to attitudes and driving change in this area. Schroders was one of the first companies to publish pay gap statistics this year.

When we did the analysis, we realised that we reward men and women fairly for similar work, but that the gap reflects the lower representation of women at senior levels within the organisation, so it is this latter area that specifically needs to be improved.

To manage this, Schroders was one of the first signatories in the UK of the Women in Finance Charter (a pledge for gender balance across financial services, driven by the government). We targeted 30% representation by 2019.

Having made significant progress already, we have increased our target to 33% and will review our target if it is reached by 2019.

We also argue that these issues are part of a broader need for diversity and inclusion. But that’s a topic for another day.

www.theactuary.com

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NOVEMBER 2017 | THE ACTUARY | 23

31/10/2017 09:27

Features General insurance

Getting it together Andrew Lowe explains why an industry-wide contributory claims database would be invaluable for commercial property insurance

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n the past year, the UK commercial property market reached its highest value. Yet, it is a sector of the insurance industry that could be exposing itself to increased losses owing to its limited ability to gain a complete picture of risk, both at an accumulated level – to determine risk exposures across a book of business – and at point of quote. A study by LexisNexis Risk Solutions found only a third of insurers have a complete understanding of the location and associated risks of their commercial property portfolios.

To gain both an accumulated and granular view of risk, key risk data needs to be aggregated across five data sources: property, place, people, policy history and past claims.

Actuaries are already able to aggregate property, place and people-risk data from multiple sources and intelligently map this data to support risk selection and pricing of exposures. However, the risk profile assessment should be supplemented with past claims data as well as past policy information, such as whether there have been any mid-term cancellations, policy adjustments or gaps in cover.

These data attributes have a direct correlation with loss costs based on analysis of our policy history motor database. This found, for example, that people with a gap in cover in the past year had up to a 50% higher loss cost than those that didn’t, and people with a policy cancelled prematurely had up to a 33% increase to loss cost.

In contrast with the private motor insurance market, which uses CUE – a centralised contributory database of motor insurance claims data – access to commercial property claims data is limited to the experience of the insurer. While claims information is valuable for actuarial risk analysis, it will not be a true picture of all the claims associated with that policyholder or property. An industry-wide view of all commercial property claims related to single properties or a whole property portfolio would bring a new dimension to the 24 | THE ACTUARY | NOVEMBER 2017

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understanding of risk exposure. We’re pushing against an open door – 83% of the commercial property insurers we surveyed would support the development of an industry-wide contributory claims database, believing it would be extremely valuable, and 85% would be willing to share their own claims data. Furthermore, 62% would be willing to contribute to an industry-wide property database.

A centralised claims database is just one example of the explosion in captured data in the insurance sector that will allow new analytics approaches and new ways of understanding risk. Although the commercial property insurance market has been slower to adapt to using data and analytics, owing to the complexity of the risks and manual nature of securing this business on a day-to-day basis, there is strong appetite for change. 86% of the UK commercial property insurers surveyed said they believe data and analytics will transform their business, and leveraging data is a top priority, followed very closely by managing profitability and better understanding the risk profile of their book.

The actuarial profession already has the required skillsets to make a significant contribution, but key to this is gaining a wider appreciation of the datasets that exist or should exist in the future that will be of value for risk assessment.

As well as searching for new data sources, actuaries may also choose to ANDREW LOWE, extend their expertise more fully into business director, predictive analytics in the commercial commercial insurance, at property environment.

LexisNexis Risk Solutions The increasing sophistication of mapping tools overlaid with new datasets – from contributory claims records to data from smart building technology – will provide the insights the actuarial profession needs to fully understand its risk exposures. www.theactuary.com

31/10/2017 12:02

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Conning Asset Management Limited is authorised and regulated by the United Kingdom’s Financial Conduct Authority (FCA#189316).

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p25_ACT.Nov17.indd 25

30/10/2017 12:45

Features Pensions

The decumulation

Simple rules of thumb can help guide people on how to manage their pension drawdown accounts, says Christine Ormrod

A

ctuaries in many countries are trying to find consumerfriendly approaches to decumulation decisions. The baby boomer generation is retiring, and more retirement savings are in defined contribution funds than ever before.

As actuaries, we understand that retirees must navigate inflation, investment and longevity risks. Despite encouragement to seek financial advice, not everyone will.

The Retirement Income Interest Group of the New Zealand Society of Actuaries believes it would be helpful to have an independent, trusted source of information that gives an easy-to-understand, general steer. Little guidance of this kind is available.

However, it could be confusing if there were too much, with contradictory messages on the options and their relative merits. We have addressed this and offer a solution. Our paper was launched in parliament by the commerce and consumer affairs minister, with support from the regulator, the Financial Markets Authority and the Commission for Financial Capability. The key proposals are set out here.

Suitability: A set of Rules of Thumb would be integrated into the different ways people receive information on how to draw income from their retirement fund.

We identified four rules suitable for a range of retirees (see table below). The ‘suitable for’ descriptions cover the risks that people need to consider and their preferences for taking income, such as how keen they might be to leave an inheritance. Our aim was to

RULES OF THUMB

MOST SUITABLE FOR

HOW IT WORKS

6% Rule: Each year, take 6% of the starting value of your retirement savings.

People who want more income at the start of their retirement to ‘front load’ their spending, and are not concerned with inheritance.

You receive the same nominal amount each year – but the length of time you receive it for varies.

Inflated 4% Rule: Take 4% of the starting value of your retirement savings, then increase that amount each year with inflation.

People worried about money running out in retirement or who want to leave an inheritance.

You receive the same real amount (ie inflation adjusted) each year but the length of time you receive it for varies.

Fixed Date Rule: Run your retirement savings down over the period to a set date – each year, take out the current value of your retirement savings divided by the number of years left to that date.

People comfortable with living on other income (for example a state pension) after the set date.

The amount you receive each year varies but the length of time you receive it for is known.

Life Expectancy Rule: Each year, take out the current value of your retirement savings divided by the average remaining life expectancy at that time.

Those wanting to maximise income throughout life and are not concerned with inheritance.

26 | THE ACTUARY | NOVEMBER 2017

p26-27 Actuary Nov17 Pensions•FINAL.indd 26

Those wanting to maximise income throughout life and not concerned with inheritance.

You receive a payment each year until you die but the amount varies.

encourage retirees to think about their risk preferences without making it too complex.

Consistency: A single set of rules would be incorporated into messages from providers, distributors, commentators and others who communicate with people on decumulation matters. The set would be approved as suitable but not mandated by a relevant body, such as the regulator. Our aim was to avoid the confusion caused by multiple messages.

Versatility: The presentation of the rules would vary depending on the situation, to be consumer friendly and encourage them to be used widely. Examples could include: • An information website that simply describes the rules and shows something like the ‘suitable for’ descriptions • Educational literature illustrating potential income profiles for a couple of examples, as an invitation to consider more tailored advice • A robo-advice website with a calculator that generates income profiles from the rules based on information entered by users.

Complementary: These rules need not be a complete solution – they are simple and add to, rather than replace, other sources of advice. Our aim was a useful, reliable steer that engages retirees of modest means.

The four Rules of Thumb are shown in the table, and the charts show examples illustrating two rules. Our full and summary papers provide details and suggested wording for a consumer presentation.

These rules have been tested to be relevant to New Zealanders approaching or in retirement with modest savings. They may not be right for other countries, where retirees are likely to have different priorities, preferences, savings and entitlements to state pensions, while investment returns,

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p26-27 Actuary Nov17 Pensions•FINAL.indd 27

RULE 1: 6% RULE Projected annual income and probability of survival 6% Rule, conservative profile, starting age 65, starting fund $100,000

Annual income (adjusted for inflation)

$12,000 Probability of survival (female)

75%

56%

20%

Probability of survival (male)

64%

42%

11%

$10,000

$8,000

$6,000

$4,000

$2,000

$0 65 70 75 80 Age Income stream that is almost certain Income stream that is probable Income stream that is possible but less likely

85

90

95

100

RULE OF THUMB

MOST SUITABLE FOR

PROS

CONS

INHERITANCE

6% rule: Each year, take 6% of the starting value of your retirement savings.

People who want more income at the start of their retirement, to ‘front load’ their spending and are not concerned with inheritance.

Very simple.

Income will not rise with inflation.

Average inheritance is low if drawdown starts at age 65, larger if it begins at a later age.

Known, regular income.

Risk of retirement savings running out within lifetime.

RULE 3: FIXED DATE RULE – 20 YEARS Projected annual income and probability of survival Fixed Date Rule: 20 years, conservative profile, starting age 65, starting fund $100,000 $12,000 Annual Income (adjusted for inflation)

tax and regulation will also vary. The unique conditions of New Zealand include: The state-provided pension, New Zealand Superannuation, is practically universal and relatively generous at around $NZ450 a week before tax for a single person (about 44% of the average full-time wage) In international terms, publicly funded healthcare is comprehensive, while income- and asset-tested residential care is available for those assessed as being in need Retirement savings levels are relatively low, coming increasingly from the autoenrolment, work-based savings scheme KiwiSaver, which started in 2007. The average KiwiSaver balance for near retirees is around $NZ15,000 and we estimate the median balance of those aged 65 will reach $NZ100,000 in inflation-adjusted terms in 25 years’ time (around £56,000). We focused on the needs of retirees with low levels of savings, as that represents the reality in New Zealand today and for some time to come.

Retirement savings withdrawals can be taken tax free, as lump sums or income.

The annuity market is very limited.

There are no guaranteed annuities and only one variable annuity available on the open market.

Life expectancy and investment returns have both been among the highest in developed countries.

The process we used in New Zealand to derive these rules can be followed to produce a set appropriate for other countries, even those where the level of retirement savings is generally higher. For example, those with an annuity from other retirement plan(s) should find the Rules of Thumb CHRISTINE helpful for a smaller ORMROD savings pot. The is convenor of the Rules of Thumb Retirement Income Interest Group of the appeal as an intuitive, simple New Zealand Society way of solving the of Actuaries and a decumulation director at PwC, puzzle, so have a New Zealand place alongside other tools and sources of advice.

Download the paper at bit.ly/2yZ4dgZ and a summary at bit.ly/2yXuL2j

Probability of survival (female)

75%

Probability of survival (male)

64%

$10,000

$8,000

$6,000

$4,000

$2,000

$0 65 70 75 80 Age Income stream which is almost certain Income stream which is probable Income stream which is possible but less likely

85

90

95

RULE OF THUMB

MOST SUITABLE FOR

PROS

CONS

INHERITANCE

Fixed Date Rule: Run your retirement savings down over the period to a set date – each year, take out the current value of your retirement savings divided by the number of years left to that date.

People comfortable with living on other income (eg NZ Superannuation) after the set date.

Income for a known selected period.

Amount of income varies from year to year.

Lowest average inheritance amounts.

Those wanting to maximise income, not concerned with inheritance.

Annual calculation necessary.

100

High probability of no inheritance, especially if the selected date is at age 85 or earlier; average amounts are greater when the selected date is later.

NOVEMBER 2017 | THE ACTUARY | 27

31/10/2017 09:28

Features Health

What if ...

artificial organs could replace the need for donors?

T

ransplantation to treat organ failure has progressed significantly over recent decades. While early surgeries had very poor survival times, with patients often extending their lives by only a few days or weeks, medical advances since the 1960s mean that organ transplantation has become a viable way of treating patients with organ failure.

Where are we now?

As at the end of September 2016, 6,599 patients were on the NHS organ transplant waiting list. For those lucky enough to receive an 28 | THE ACTUARY | NOVEMBER 2017

p28-30 Actuary Nov17 Organ transplants•FINAL.indd 28

organ, the survival times are the highest they have ever been. For operations taking place between 2008 and 2010, the five-year survival rates were 90% for kidney, 71% for heart and 82% for liver transplants – much higher than the figures 15 years earlier, at 69%, 63% and 64% respectively.

However, the existence of a waiting list is a worry for many patients with end-stage organ failure. In the 2015, 479 patients died while waiting for a transplant. Why does this waiting list exist?

Put simply, the waiting list exists because the demand for organs outstrips the supply. The demand for organs follows organ failure brought about by disease, genetic disorders, lifestyle habits,

GREG MEESON HITANDRUNMEDIA

Artificial organs look likely to play an increasingly important role in transplantation. Nay Wynn considers the implications for insurance

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31/10/2017 09:33

Features Health

accidents and senescence (the ageing process that leads to deterioration of organs). The physical supply could come from human donors, xenotransplantation (using tissue from animals) or artificial organs. The national stance on organ donation consent also affects the supply, as could the overall NHS budget in the UK.

Which organs are in demand?

The vast majority of patients on UK waiting lists require kidney transplants, with fewer people requiring liver, lung and heart transplants.

Disease and lifestyle habits are the underlying cause of this demand. For example, patients could require a kidney transplant as a result of diabetes, an infection or prolonged high blood pressure leading to kidney failure. Alcohol misuse could lead to the need for a liver transplant, and damage caused by smoking or cystic fibrosis would mean someone requires replacement lungs.

The demand for organs is likely to rise in the future. While the demand for organs as a result of accidents (for example, from poisoning or physical trauma) is low, ageing of the population is likely to increase the demand.

Furthermore, even with lower rates of smoking, urban air pollution and migration to cities are a concern as they increase rates of chronic obstructive pulmonary disease.

Obesity trends are also likely to lead to future rises in demand for organs, in particular for kidneys and hearts.

A closer look at organ supply Around 4,600 organ transplants were carried out from April 2015 to March 2016 in the UK, arising from around 2,400 human donors (one donor can save up to eight lives). The majority of these organs – 77% – came from deceased donors, with the remainder, in particular liver and kidney transplants, coming from living donors.

Human donors The key challenge lies in matching organs to patients, by tissue, blood type and other medical criteria, to decrease the chance of organ rejection. The patient’s immune system is suppressed to reduce the risk of organ rejection. However, a weakened immune system increases the risk of viral and bacterial infection, so a careful balance is required in terms of immunosuppressant medication.

Xenotransplantation Transplanting heart valves from pigs is a common procedure. Here, the pig cells are chemically stripped before human cells grow around them after they are implanted.

However, there are known issues with transplanting whole organs, namely the rejection of animal tissue, potential infection from animal viruses and whether they could function in a human body.

Recent advances in gene editing technology have renewed the interest in xenotransplantation; for example, there have been initial attempts to grow human organs in animals such as pigs.

Artificial organs The artificial organ market is expected to grow by 9.1% compound per annum from 2017 to 2022 from $26.8bn (£20.3bn) in 2016 to $45.2bn (£34.2bn) by 2022, according to a study by Zion Market Research. Given they would mean a lower risk of organ rejection and that organs could be mass produced to meet demand, it is a very promising industry that could address the shortage of organs.

Artificial hearts in the US are currently used as a stopgap before patients receive a biological organ; patients are provided with a fully functioning artificial heart. One patient was supported for nearly four years with an artificial heart before receiving a successful human heart transplant.

Human trials of artificial kidneys to tackle end-stage renal disease are about to begin. Another promising area of experimental research is 3D bioprinting technology, which could be used to create replica organs for transplant into humans.

Considerations for the insurance industry Major organ transplant (MOT) is a listed condition under a typical critical illness (CI) product. In 2014, the Association of British Insurers amended the MOT definition in its Statement of Best Practice to include the qualification ‘from another person’.

In the short term – say, over the next five years – we anticipate a limited impact on the CI product. An insured life requiring an organ transplant would be placed on the waiting list. This in itself would be a trigger the CI claim under the existing definition. Thus, it does not matter whether the transplanted organ comes from a human donor, an animal or an artificial source or, indeed, if the operation happens at all.

Human donors

Accidents

Xenotransplantation Lifestyle habits/ disease

Demand

Supply Artificial organs

Senescence

www.theactuary.com

p28-30 Actuary Nov17 Organ transplants•FINAL.indd 29

Chart 1: Potential factors affecting the demand and supply of organs

National organ donation consent stance

NOVEMBER 2017 | THE ACTUARY | 29

31/10/2017 09:29

Features Health

Chart 2: Organs required by patients on the NHS organ As transplant technology Term and longevity transplant waiting list develops, artificial organs are products likely, in my view, to play an For term products, carrying out an Kidney (78%) increasingly important role. artificial organ transplant means The time frame for this will that we have effectively delayed the Liver (9%) depend on the organ; artificial death of a policyholder from organ hearts are already being failure. The SynCardia artificial Lung(s) (6%) transplanted and artificial heart transplant patient who 6,599 Heart (4%) kidney developments are survived for nearly four years before patients looking promising. Being able a human heart transplant is a good Kidney/pancreas (3%) to provide artificial versions of example of this.

Pancreas (1%) these two organs alone could However, the extent of such reduce the current waiting list improvements on mortality would Others (1%) by more than 80%. be small as they would be restricted The key benefits of artificial to the minority of policyholders who Source: NHS Blood and Transplant, September 2016 organs are that they open required an organ transplant in the up the possibility of mass first place. production and patients are less likely to experience organ rejection.

In the longer term, we may start to see further improvements in Depending on technological progress and capacity in the NHS, mortality rates; people with organ failure from cardiovascular transplant waiting lists could significantly be reduced or even diseases or cancer could get their organs replaced and deaths disappear. delayed. Therefore, the overall cost for term assurance could Without the waiting list, it will start to matter much more decrease. The opposite is true for annuities, with mortality whether a policyholder receives an organ from a human donor or an improvements leading to higher costs as people delay their death artificial source. There may be a period of uncertainty here, where from organ failure. the industry questions whether artificial organ transplants warrant a The overall impact will depend on the speed at which the partial or full sum assured payment. However, with much lower technology is incorporated into mainstream medicine; there is often rejection risks, the conclusion may be that artificial transplants are a high degree of uncertainty in projecting medical advances. not as life threatening as human donor transplants.

Another potential grey area for a valid payment is if the Conclusion transplanted organ was a bio-artificial organ or if it were grown in a While recent advances in organ transplant technology have led to laboratory using human cells. Would payment still be declined improved survival times, the current reliance on human donors because the organ did not originate from a human donor? restricts the overall supply and means there is a waiting list. Artificial If we assume that we use only artificial organs for transplants, the organs could be a way to eliminate the waiting list in the future. current CI definition would lead us to having zero incidence rates, The use of artificial organs is unlikely to affect CI products assuming we stick firmly to this definition. Realistically, even with in the short term and give a very small improvement in mortality zero incidence rates for a typical CI product, the overall price would trends. In the long run, artificial organ transplants could become a reduce by only about 1% (assuming the demand for organs remain cost-effective way of treating multiple diseases; someone with fairly stable), since the magnitude of these rates is small compared to cardiovascular disease or localised cancer could have the affected heart attack, stroke and cancer. organ replaced, potentially reducing the effects of heart attack and In the long term – 25 years or more – we could eventually get to a cancers on CI business. The impact on term assurance policies could stage where complex organ transplant procedures became routine be significant; if we can delay the deaths with little risk of organ rejection. Furthermore, transplants could be of several lives by 5-10 years, we could carried out while patients are still relatively healthy. see a wave of mortality improvements.

The potential for moral hazard risk is something to consider Validating and quantifying these in the future; people may have less of an incentive to look after scenarios would require a lot of their health if they are ‘protected’ from the consequences of assumptions about the future and could NAY WYNN organ failure. take considerable time. You would have is senior actuarial analyst Using artificial organs could reduce the incidence rates of CI to look at other medical advances and in the research team at conditions; for example, a person diagnosed with a localised cancer their respective costs – for example, Hannover Re UK where the severity is not high enough for a claim payment could have immunotherapy could be more cost the affected organ replaced, thus avoiding a future claim payment. effective at treating or preventing Similarly, those at risk of heart attacks as a result of problems with diseases than organ transplant. the organ itself could get an artificial heart. This argument still holds However, on the demand side, you could if xenotransplantation becomes the solution for the organ shortage, argue that the need for artificial organs although whether its disadvantages could be overcome remains to be is as high as ever, considering the rising seen. obesity levels and the ageing population.

30 | THE ACTUARY | NOVEMBER 2017

p28-30 Actuary Nov17 Organ transplants•FINAL.indd 30

www.theactuary.com

31/10/2017 10:10

INSIDE A practical reality Jean Eu offers advice on getting your message across and engaging your audience

How to disagree constructively Ally Yates says what you say and do influences your effectiveness in business

Winter of discontent?

Jason Whalley imagines how the UK could work with private healthcare

People and society news A round-up of actuarial social and professional activities

Actuary of the future Sam Wallace of UMACS

People moves New appointments and promotions across the profession

www.theactuary.com

P31 section break•CT•FINAL.indd 31

NOVEMBER 2017 | THE ACTUARY | 31

31/10/2017 09:30

At the back Communication

P R E S E N TAT I O N S K I L LS

A practical reality

“Give a brief one-sentence introduction to the analysis or numbers you are about to present”

Jean Eu gives advice on how to present well, get your message across and ensure your audience engages with it and remembers you

I

t is widely accepted that being able to communicate effectively is a key skill for actuaries. However, I suspect many do not often have the opportunity to put these skills into practice. While actuaries do deliver presentations, I would hazard a guess that most of these presentations are internal, to other actuarial colleagues, or to colleagues/associates with a financial mindset, who are generally familiar with company-specific terminology.

Over the past five years in my current role, I’ve had the incredible opportunity to practise and refine my communication skills to non-actuaries in a live environment. I have also been exposed to a wide range of communication styles and abilities, having previously been lead assessor and exam counsellor for the IFoA’s CA3 communications exam. I would therefore like to share my top tips and some of my thoughts around communications.

While there has been plenty of focus on written communications and presentation skills, not much is often said about verbal communication. In other words, how do you get your point across in a meeting with no visual aids, or on a phone call where you can’t see the other person?

The following points are key Introduce your topic. In a meeting, I have always found it useful to give a brief one-sentence introduction to the analysis or numbers you are about to present. With a packed agenda, most people need reminding as to what you were planning to talk about, and it gives attendees a few seconds to get themselves in the right headspace.

Break it down. What is obvious to you is not obvious to others. In order to get others on the same page, it is sometimes necessary to break down the steps to a particular conclusion, even if it takes longer to say it. For example, rather than saying “Persistency has worsened so premiums are higher,” it may be better to say “Persistency has worsened, in other words more people are lapsing, so we have to allow for the fact that less people are expected to remain on our portfolio. Hence we need to charge higher premiums to achieve the same level of profit on the overall portfolio.”

Use simpler words. It is easy to use long or ‘jargon’ words to get your point across, but they may serve to hinder rather than enhance understanding. For example, rather than “mortality has deteriorated for inforce policies”, it may be better to say “more people are claiming than we had expected in our current portfolio of policyholders”.

32 | THE ACTUARY | NOVEMBER 2017

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Everyone takes in information differently. Expect to have to repeat yourself in a meeting. Often when explaining a technical concept, some people catch on quicker than others. These people may proceed with asking you follow up questions, while others are still trying to fathom your initial explanations. While I try to make my explanations as simple as possible, I accept that I am not completely infallible, so will try different ways of explaining a concept to others. Usually, I manage to get everyone on board within two to three attempts.

What’s the bottom line? Make sure to relate your summary or conclusion to the concepts or numbers that are most important to the people you are speaking to. If they are interested in sales, then make sure you draw the link between your numbers and the impact on sales. If they are interested in the profit and loss accounting, make sure you explain the impact on profitability. This helps the audience to understand why the point you are making is important.

How to present effectively Most people who are asked to give a presentation often create a presentation based on what they think their audience might want to know. It would be better, if you are able, to ask your key audience members what it is they want to know. This allows you to ensure not only that your presentation is generally interesting, but that it also hits the key areas of concern for your audience.

I often find myself refining presentations in order to strike the right balance between keeping things simple and explaining enough of the detail so that the conclusions make sense.

I believe that the following points are particularly relevant in any presentation: Tell a story. Make sure your presentation has a clear beginning, middle and end, and that you can clearly draw the link for the audience between each section. The more you can pull together into a coherent story, the easier it becomes for the audience to understand your key points.

Keep your slides uncluttered. Less is more; slides that are too busy can either distract or confuse the audience. I favour using more slides to explain different aspects of a particular point, than to try and squeeze everything onto one slide.

Use diagrams. Apart from adding variety to your slides, a diagram accompanied by relevant verbal explanation is often a better way to convey a technical point, as it allows the audience to visualise certain concepts more easily. www.theactuary.com

31/10/2017 11:56

At the back Commu Communication

“Make sure your presentation has a clear beginning, middle and end”

“Everyone takes on information differently.

Expect to have to repeat yourself in a meeting”

Check understanding. After each section, particularly any technical sections, check with the audience that they have understood your explanations and/or if they have any questions at that point. Ensuring that everyone is on the same page periodically allows you to get the most out of your presentation, as the audience is better able to engage with your entire presentation to the end.

Speak slowly and pause. For an effective presentation, most people need to speak at a slower pace than normal conversational speed.

If someone is not used to the cadence of your speech it may take them a while to catch on to what you are saying, therefore the first few points you make may get lost. Furthermore, slowing down allows you to enunciate your words better, which makes your presentation much more effective, especially to a larger or international audience.

Do not shy away from pauses during your presentation.

Often these are useful, either to allow the audience to digest a point you have just made, or to digest new information on a slide.

ISTOCK

Are actuaries trained to communicate?

Although communication skills have been recognised as essential for actuaries, I have never been convinced that actuaries receive sufficient training in this regard. Despite having an exam topic on communications, it would appear that many students view passing this exam as having an element of ‘pot luck’. However, if communication skills are only learnt by example, and their only example has been other actuaries within their organisation with potentially less-than-ideal communication skills, then it is no surprise that the effectiveness of these learnt skills contain an element of luck.

Modeling !

Reserving !

∑∫

As with any skill, relevant training needs to be in place in order for the skill to be effectively developed. For communications in particular, I believe that the key to successful training is the creation of a feedback loop; people who receive personalised feedback on their particular communication style will learn much more than those who are simply given generic communication rules.

Unfortunately, this is not how communication skills are taught in the workplace, or for the IFoA communications exam.

While the focus of actuarial communications is usually around communicating technical information to non-actuaries, it may be argued that this particular skill is only applicable to actuaries in a particular type of role. However, there is a wider set of communication skills that are much more relevant to all actuaries in business, such as verbal communications, interpersonal communications, negotiation, active listening and networking. These skills are essential JEAN EU is a senior actuary at for making actuaries marketable as Correlation Risk valuable business people, not Partners. She was also just technicians. lead assessor and exam With globalisation, I believe that it is counsellor for the IFoA becoming much more important to teach CA3 Communications our actuaries of tomorrow how to exam communicate within a wider business setting. If this is combined with a strong technical base and an ability to translate technical actuarial concepts to a nontechnical audience, then we will make actuaries more effective business assets in the workplace.

MARTIN SZTAJMAN

ADDACTIS ® Worldwide, The Alternative!

“Ensuring everyone is on the same page periodically allows you to get the most out of your presentation”

LET’S STAY CONNECTED! @ADDACTIS_WW

Pricing !

Reporting !

The ADDACTIS® Way contact@addactis.com www.addactis.com

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ADDACTISWorldwide

ADDACTIS Worldwide

NOVEMBER 2017 | THE ACTUARY | 33

31/10/2017 09:31

At the back Communication

How to

disagree constructively You can become skilful in stating your opposition without being disagreeable, says Ally Yates

34 | THE ACTUARY | NOVEMBER 2017

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on things that deviate from the norm. Fiona’s brain had detected something was amiss, even though the junior manager had said nothing. Instead of talking, he was ‘leaking’ emotionally, showing clear, non-verbal indications of his discomfort.

Even when not saying something verbally, we are often expressing ourselves in other ways. The downside here is that we can often be accused of being unprofessional, devious or downright rude. Better then, to find ways to communicate our reactions more skilfully.

No is no way to start Where the project manager was silent, others can be unhelpfully vocal. Labelling your disagreements are a surefire way to create further dissent.

A behaviour label announces the behaviour that’s coming next. An example is someone saying: ‘I disagree with that because …’ then going on to give the reasons. It’s a form of expression used by less behaviourally skilful people and it drives up the ante in interactions.

A labelled disagreement can be interpreted as a threat or an attack, triggering an area in the brain called the amygdala – the home of our fight, flight or freeze responses. Once someone has declared their objection, others will typically either be stunned into silence, retreat or react immediately, mustering their counter-arguments. There’s a dearth of listening and an absence of exploring the various arguments. In short, a labelled disagreement can lead to a communications shutdown or a stalemate, and should be avoided wherever possible.

Between these two ends of the spectrum lie four more constructive alternatives: stating reasons before disagreeing; testing understanding; giving feelings; and building.

Sharing your reasons for disagreeing before declaring your position gives people missing information and a context. This can be used as a basis for exploration and deeper understanding. For example, a colleague suggests that Battlestar Galactica is one of the all-time top three great sci-fi TV shows. Rather than label your disagreement you might say: “You can judge greatness in a number of

ISTOCK

T

hese are just a few of the phrases we hear in every day conversation when people express their disagreement: “No, I can’t accept that”; “That won’t work”; “No, no, no…”; and “You’ve got to be kidding”. The impact of these protestations can sometimes be unintentionally negative. Too much disagreement can damage both the relationships and the effectiveness of the interactions. And those who flex their disagreeing muscle more often gain a reputation for being awkward, negative and unconstructive.

When teams and groups are working effectively, they use disagreeing and supporting verbal behaviours in equal amounts.

There’s a balance between the interactions – a yin and a yang.

Here, disagreeing is defined as ‘making a clear statement of disagreement with someone else’s statement, idea or approach, or raising objections’. Supporting, on the other hand is ‘a clear statement of agreement or support for a person or their statement, opinion, idea or approach’.

Working through disagreement is an important part of a working group’s process. It typically leads to greater understanding and better-quality solutions. The best relationships are built on the ability to manage tensions as much as the desire to support one another. And, when disagreement isn’t expressed verbally, it finds other ways of making itself heard.

Fiona, a senior manager in an accountancy business, told me the story of a junior manager in one of her meetings: “We were discussing how to handle a difficult issue and this guy was wriggling in his seat. His face was all screwed up as if he was doing his level best to contain an outburst. It was clear to me that he felt uncomfortable about what was being suggested but he didn’t say anything.”

Our brains are pattern-recognition systems, designed to pick up

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31/10/2017 09:41

At the back Communication

The third option is a verbal behaviour called ‘giving feelings’.

Studies in negotiations and group work have demonstrated the value of this behaviour. Giving feelings is an expression of how you feel about what’s happening in any given interaction. Examples are “I’m delighted we seem to be making such good progress” and “I’m feeling frustrated because we seem to be going round and round in circles.” As an alternative to disagreeing, giving feelings might play out as “I’m feeling uncomfortable that we’re focusing on just one option” as opposed to “I disagree with your idea”.

Finally, we come to building. This verbal behaviour is rare, but is highly correlated with skilled performance. Building is defined as: ‘extending or developing a proposal made by another person’. One reason it’s uncommon is that building requires us to listen to what’s being said. And, if you’re like most other mere mortals, you’ll be focusing on what’s on your mind rather than paying attention to the contributions of other people. Building also demands that we let go of our own sense of ‘rightness’ – the belief that one’s own idea is the best or only way to go.

If you can ditch the self-preoccupation and start to be more focused on others, it pays dividends in many ways. If you disagree with an idea, for example, you can use building to shape the suggestion in a slightly different direction, as in this example: Tara: Can we focus the conference on breaking down silos?

Nick: We could have representatives of each function in every break-out group as a way of addressing that in a practical way, which would allow us to broaden the theme.

Practise a variety

“Practising and honing each of the options for disagreeing will give you greater versatility” ways, for example innovation, iconic characters or influence on later programmes. I don’t think Battlestar Galactica matches up on all those counts, compared with Lost, Firefly or Star Trek.” This allows others to understand the basis for your position, and a more fruitful discussion can follow.

Ask and understand Testing understanding is a verbal behaviour that seeks to test an assumption or check whether a contribution has been understood.

Imagine a meeting where managers are assessing staff performance. Manager One says: “Nick has been a consistently high performer across all aspects of his work.” Rather than directly disagree, Manager Two might say: “Does that include safety?” or “High across all three categories – core work, projects and safety?”

His questioning invites all those present to reflect and consider the answer. It also increases the level of clarity in the meeting, ensuring everyone is on the same page. www.theactuary.com

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Of the four alternatives to disagreeing, building is the most skilled approach and the one likely to have the most positive impact.

People who master building are described as ‘collaborative’, ‘helpful’ and ‘positive’. In meetings, building contributes to creating a productive climate.

Any artisan, from whatever walk of life, builds their craft by drawing on a multitude of skills, playing jazz with them as they become more confident. Practising and honing each of these options for disagreeing will give ALLY YATES you greater versatility. is author of Utter So, rather than be fearful of Confidence: How What disagreeing, or risk being seen as You Say and Do Influences objectionable, build variety into your Your Effectiveness in behavioural repertoire.

Business and an expert on And remember, the most skilled behaviour analysis and the performers disagree and react in equal interactions that define us measure. This means that for every time you show your dissent, however skilfully, you will also be positively recognising other people for their contributions. Just like the yin and yang, the two halves together create wholeness.

NOVEMBER 2017 | THE ACTUARY | 35

31/10/2017 12:50

Follow the dots Mensa puzzle 701

At the back Puzzles

Which diagram is the odd one out?

iQ

Number cruncher Mensa puzzle 699

What number should replace the question mark?

A

B

C

D

Pattern maker Mensa puzzle 702

What’s in a word?

Mensa puzzle 700

is to

as

B

C

is to...

Pair the sectors to give four associated words.

What are they?

R O

E U

R E

O T J A

Y R R A

O I H J

www.mensa.org.uk 36 | THE ACTUARY | NOVEMBER 2017

p036_Actuary_November_Puzzles•CT•FINAL.indd 36

F K

M C E N

A

D www.theactuary.com

31/10/2017 09:34

At the back School of thought

Student Winter of discontent?

Student editor Jason Whalley imagines how the UK would work if private healthcare took over

ILLUSTRATION: SIMON SCARSBROOK

T

The NHS has received additional funding to prepare for a surge in the expected number of patients this winter.

Health chiefs warned that demand would put significant strain on both staff and finances, which further emphasises the need for support.

Our nation prides itself on the ability to provide treatment to all its citizens – an obligation unmatched by a great many other countries. However, questions are increasingly being raised regarding the stability and sustainability of the service, and how long it will be able to exist in its current form. Costs already represent a significant portion of the national budget, staff are working longer hours, and an ageing population might be the iceberg the NHS is unable to steer away from.

People may complain about long waiting times – but such mechanisms are necessary to provide healthcare benefits for everyone.

Reforms to the health treatment service are, more often than not, mostly bark and little bite. But, let us suppose that the model changes overnight. A switch is flipped. Private healthcare takes over. Treatment costs money. People pay for insurance premiums – and insurance companies pay for healthcare.

Immediately, ethical issues spring to mind.

What happens to those who cannot afford the insurance premiums? Leaving them to suffer and die represents the polar opposite approach to current practice. Alarm bells.

People who desperately need treatment are abruptly denied it. A very visible forcefield lies between life and death. Suddenly money and health are forcibly intertwined.

What happens to the mentally ill who are unable to fully care for themselves? To those www.theactuary.com

p37 november student 2•FINAL.indd 37

that have trouble sticking to an administration for a breadth of reasons?

Without support, the future for these people would be stark indeed.

To play devil’s advocate – the flip side of the coin is the primary method of care in other countries. Private healthcare is a multi-billion dollar industry in the USA. It is built on the foundation that treatment is there for those who have insurance, and those who work hard will have insurance. A self-supporting, sustainable system – one that compares costs against the value of a human life. Saving most – but not all.

Still, the US system is widely criticised for the excessive costs that can bankrupt hard-working families, and the price of even historically cheap treatment has recently been

“An ageing population might be the definitive iceberg the NHS is unable to steer away from” spiralling out of control. In a pseudoregulated capitalist market, it is just too easy for sharks to swim to the top of the food chain.

By 2016, the price of EpiPens increased by around 500% over a seven-year period in the US. The entity responsible was chastised by the US government and public for adopting such an irresponsible pricing strategy, since the product itself was so cheap to manufacture. This not only highlights the dangers posed by sole suppliers controlling the industry, it encapsulates how those in

need of treatment are very much at the mercy of these corporations.

The fortunes of those unable to afford insurance premiums would be directly opposite to actuarial students. Actuaries seeking a change may be rubbing their hands together in delight; with the market set to explode, opportunities would be rife.

Innovators would be at each other’s throats – competing to be pioneers in the emerging market. And with models from the US to emulate, already the data is there for competitors to sink their teeth into.

Middle-market providers could spring up to offer insurance to the masses, and the absence of scarcity would mean competition pushes the price of insurance firmly down relatively quickly at the behest of the consumer. Then when the government has awoken from the bureaucratic nightmare, regulation and legislation should give consumers confidence that they are being treated fairly in a nascent market.

Nevertheless, the healthcare regime in the UK does not appear to be fundamentally changing any time soon. And though the system has its critics, the overwhelming majority are thankful to be cared for when interrupted by an unhealthy dose of fate.

JASON WHALLEY is joint student editor NOVEMBER 2017 | THE ACTUARY | 37

31/10/2017 09:34

At the back Studentnews Society TA N C TA L K

SUMMER BBQ

Making wellness and insurance rewarding

Roast to raffle

BY DR IOANNIS KYRIAKOU

The Irish Student Society of Actuaries held its annual summer BBQ in Everleigh Gardens in Dublin in June.

We had a great turnout again, with the student actuaries coming from a diverse range of companies and different types of careers, including specialists in life, pensions and general insurance, which made it an excellent opportunity for people to get to know others from different walks of actuarial life. We would like to thank everyone who came and made it such a great evening.

A raffle on the night had some great prizes up for grabs. Congratulations to Daniel Mulholland who took our first prize which was a hotel voucher for a weekend away in Ireland. Congratulations also to the other prize winners, Sean Loughran, Elaine O’Mahony and Karen O’Riordan. We would also like to say a big thank you to Acumen Resources again for sponsoring the prizes.

Keep an eye on our Facebook page for updates on our next event. We hope to see you all again soon.

The Actuarial Network at Cass (TANC) had the pleasure of welcoming Richard Purcell from Hymans Robertson – who is also editor of The Actuary magazine – to speak on ‘Disrupting the life insurance market: What part can behavioural science and technology play?’ in September.

In his presentation, Richard referred to the relative disruption that life and critical illness markets have seen to date.

In particular, he talked about the challenges traditional insurance models face, including the suboptimality of current underwriting and product pricing due to changing risk, and the fact that customers do not value wellness and insurance.

He then discussed new solutions,

using case studies to demonstrate early successes where behavioural science and technology have been applied. Related challenges such as tech reliability, customer appetite, regulation, and operational and reputational risks were also described.

The event concluded with a networking session.

At TANC’s next event on 9 November, Otto Beyer from Guy Carpenter will talk about cyber risk. For details, visit www.tanc-cass.co.uk

BY THE IRISH STUDENT SOCIETY OF ACTUARIES COMMITTEE

CHARITY IN NEPAL

Ups and downs on a Himalayan hike

BY ANDREW O’BRIEN

Just one of the many things I had the pleasure of experiencing while trekking across Nepal’s Himalayas throughout September was seeing the charitable work of Adara.

Together with a group of passionate Adara supporters, I visited the project sites, trekked through lush vegetation and walked up more steps than I could possibly count, with the sole purpose of raising funds for their work on the ground in Nepal.

It was a monumental journey of

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discovery, full of ups and downs – both topographically and emotionally. And one I found more physically and mentally demanding than I could ever have believed possible beforehand.

In fact, had I not met some of the women and children that your donations are helping to support, I would have struggled to keep going.

When my mind and body begged me to stop, it was the memory of their smiles and beautiful greetings of “namaste” that spurred me on and reminded me why I was

trekking in the first place.

Huge thanks to everyone who has sponsored me. It was an incredible adventure and I continue to be humbled by your ongoing generosity in supporting Adara’s programmes.

To find out more about the trek and Adara’s projects in Nepal, you can read our blog at: www.adaragroup.org/general/ adara-treks-nepal-part-1/ You can also find an easy way to donate at https://adarapoonhilltrek.raisely.com/ andrewobrienwww

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10/11/2017 10:11

At the back Society Student news LIVERY COMPANY

WEDDINGS

New master installed

BY ROGER DIX

Saddlers’ Hall in the City of London was the venue for the summer livery dinner of the Worshipful Company of Actuaries.

New master Nick Dumbreck was installed by his predecessor Sally Bridgeland, along with the new senior and junior wardens, Nick Salter and Fiona Morrison.

Pre-dinner drinks were taken in the courtyard, thanks to the warm evening.

After dinner, guests were welcomed by court assistant Keith Jones. Clive Bannister, Phoenix Group chief executive and Museum of London chair, gave the response on behalf of the guests. He talked about the museum,

including plans for its new home in Smithfield. Our senior livery guests were the Goldsmiths’ Company who were giving the museum £10m.

Nick Dumbreck gave Clive a cheque for the Air Ambulance, a charity that Phoenix Group supports. He thanked Sally and her consort Michael for their work. He announced that the WCA was to be affiliated to RAF 601 (City of London) Squadron, with Sally as honorary group captain.

Finally, he said he had supported many charitable activities and, as master, was seeking sponsorship to abseil down the 225m Cheesegrater building in the City.

S I A S S U M M E R B O AT PA RT Y

Best dressed on board

BY ANIQUE BUDDHDEV

Over 200 actuaries boarded the Golden Jubilee Boat at Temple Pier for the annual SIAS summer boat party in July. With help from Rola Oyebolu from Zurich, we spent a few hours decorating the boat for our ‘London Underground Stations’ themed evening.

The array of costumes was phenomenal. We had many ‘Angels’, ‘Bakers’ and even two sets of ‘Seven Sisters’. Awards for the best costume went to an Amy Winehouse outfit for ‘High Barnet’ and an astronaut for ‘Euston’. Best Dressed Group went to Barbie & Ken for ‘Barbican’. Prizes were sponsored by Star Actuarial.

The upper sun deck was popular, and a casino was appreciated by the statisticians. Thanks to Capital Pleasure Boats for being so accommodating and everyone who came and made the night such a success.

N M G C O N S U LT I N G P R I Z E F O R A C T U A R I A L S C I E N C E

Actuarial risk winners Cass Business School has announced the winners of the NMG Consulting prize for Actuarial Science in 2016-17.

Nitish Suresh and Abhinav Gakhar, who both scored the highest marks in the actuarial risk management modules in the past academic year, will share the £2,000 NMG Consulting prize. The award, judged by Cass academics and www.theactuary.com

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sponsored by NMG Consulting, is open to students studying the MSc in Actuarial Management.

Speaking at the prize-giving breakfast, Andrew Baker, director, NMG Group said: “We’d like to congratulate the two winners on their outstanding success.”

Professor Ben Rickayzen of Cass and said: “This is a highly sought-after honour.”

Congratulations to William Platt (investment consultant at LCP) and Rachel Green (pensions actuary at Xafinity) who were married on Saturday 2 September 2017.

D E AT H S James Bambury Died on 11 September aged 41 after a short illness. He gained Fellowship in 2004.

Mrs Susan Alexis Jackson Based in the UK gaining Fellowship in 2008.

Passed away aged 37.

Mr Francis Patrick Strain Phillips Was a student based in the UK, passed away aged 82.

Mr Colin MacDonald Stewart Based in the UK, and became an Affiliate in 1970. Passed away aged 95.

Mr Ian Lawton Rushton Based in the UK and gained Fellowship in 1959.

Passed away aged 86.

Mr John Keith William Davies Based in the UK gaining Fellowship in 1962.

Passed away aged 78.

Mr Simon Field Based in the UK and became a student in 2008.

Passed away aged 39.

Mr Hugo Boyes Johnson Based in the UK gaining Fellowship in 1955.

Passed away aged 92.

Mr Anthony Beckett Bamford Based in the UK gaining Fellowship in 1963.

Passed away aged 83.

Call for your news…

We would be delighted to hear from you if you have any newsworthy items for these pages. Please contact Yvonne Wan at: social@theactuary.com NOVEMBER 2017 | THE ACTUARY | 39

10/11/2017 10:11

At the back Actuary of the future

On the record

UMACS, General Insurance.

What motivates you?

rocket for escape. Mary Berry, for quality cooking and general delightfulness. Brian Blessed, for bawdy jokes and calling for help. Tom Hanks – he’s had practice and may like a more social experience.

Self-respect and the admiration of my peers. Also, a shock collar around my ankle.

What’s your most ‘actuarial’ habit?

What is your personal motto?

Using the Ogden tables to calculate how long my friends and loved ones have left to live.

In a way that is best not committed to print.

Dream as if you’ll live forever, live vicariously and mainly through social media.

Name five dream companions to be stuck on a desert island with?

Favourite Excel function?

The ultimate tag team: VLOOKUP and HLOOKUP. No matter the array, these heroes have you covered.

How do you relax away from the office?

David Attenborough, to know which species of wildlife are beautiful and delicious. Elon Musk, for good conversation and maybe a driftwood

Nothing says ultimate relaxation like a delicious meal and a heaving stack of Core Technicals.

Alternative career?

Amateur taxidermist.

What is the funniest thing that has happened to you recently?

I googled ‘Bad taxidermy’.

If you could visit the past, who would you like to meet?

The guy who invented sliced bread. He has to know it’s his thing that’s still the best thing, apart from the other things which are the best thing since his thing.

Who would play you in a movie?

Tom Hanks. Not that he’s particularly similar to me, but he’s extremely charming and we bonded on the desert island.

If you could be anyone else, who would it be?

Any astronaut. Mentally fulfilling, unique opportunities, the whole package.

Do you know an actuary destined for greatness? You can nominate an Actuary of the Future by emailing aotf@theactuary.com

Moves JLT Employee Benefits has appointed Ian Burns, who will step into the new position of director and head of defined benefit investment solutions.

He will be responsible for the strategic direction and growth of JLT’s DB investment business in the UK. He has been a director at JLT since 2014.

Boal & Co is strengthening its insurance actuarial

consulting team with the appointment of Neil Taverner as senior consulting actuary.

For the past five years, Taverner has been senior actuary at the Isle of Man Financial Services Authority.

Steve Bale has joined Aon. He spent the past seven years with Legal & General, latterly as a prudential risk actuary covering large UK and US

40 | THE ACTUARY | NOVEMBER 2017

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SPONSORED BY

pension risk transfer deals.

Since 2014, he has chaired the Continuous Mortality Investigation’s High Age Mortality Working Party.

Aon has promoted Kate Charsley and Alison Murray to partner.

Charsley is a senior investment consultant who chairs the firm’s UK investment committee and is a member of the investment practice

leadership team.

Murray heads Aon’s public sector actuarial services business in UK retirement.

Willis Towers Watson has made two senior appointments to its insurance consulting and technology business.

In London, Neil Bruce joins the UK P&C insurance consulting and technology team from Travelers Syndicate

Management, where he was chief actuary.

Bruce has held advisory and committee appointments in the IFoA. Tim Rourke joins the insurance consulting and technology team from LV=, where he held senior roles including head of personal lines underwriting.

If you have recently moved jobs, please let us know at peoplemoves@ theactuary.com

ISTOCK/ALAMY

How would your best friend describe you?

SAM WALLACE

www.theactuary.com

31/10/2017 09:37

At the back Appointments

Jobs

To advertise your vacancies in the magazine and online please contact: Shamil Bhoyroo +44 (0) 20 7880 6234 or shamil.bhoyroo@redactive.co.uk

Actuarial Vacancies HFG’s consultants specialise in matching you to the right role at the right …‘Â?’ƒÂ?›Ǥ ƒŽŽ —• –‘†ƒ› –‘ Šƒ˜‡ ƒ …Šƒ– ƒ„‘—– ›‘—” ”‡“—‹”‡Â?‡Â?–• ƒÂ?† –‘ ƤÂ?† ‘—– what opportunities are available.

Please see a snapshot of our actuarial vacancies below. www.hfg.co.uk

hfginsurancerec

HFG Insurance Recruitment

General Insurance Vacancies Underwriter

Strategy Manager

A growing reinsurer seeks a strong actuary who is looking to move into an underwriting position. This will suit someone who is analytical and enjoys interacting with underwriters and senior management.

This is working across one of their leading lines of business, and there ™‹ŽŽ „‡ ‹Â?†‡’–Š –”ƒ‹Â?‹Â?‰ ƒÂ?† †‡˜‡Ž‘’Â?‡Â?– –Š”‘—‰Š‘—– –Š‡ Ƥ”•– ›‡ƒ”Ǥ

A boutique consultancy team is in growth mode and seeking ambitious self starters to join their market leading strategy team. This ™‹ŽŽ •—‹– …‘Â?Ƥ†‡Â?– ’‡‘’Ž‡ ™Š‘ ™ƒÂ?– –‘ ™‘”Â? ™‹–Š ƒÂ? ‹Â?Â?‘˜ƒ–‹˜‡ –‡ƒÂ? on unique projects. Working with FS clients, the right people will have an analytical and entrepreneurial approach.

ÂŁ100k - ÂŁ130k basic, London

ÂŁ70k - ÂŁ100k basic, London

William Gallimore

William Gallimore

Leading Consultancy - London

Motor Pricing Actuary

A leading consulting based in Central London are looking to hire a number of consultant level actuaries to join a successful team. You will be a natural communicator and be keen to gain broader experience from the leading client base. The work will span all three disciplines including pricing, reserving and capital.

A niche insurance client based in the South West are looking to Š‹”‡ ƒ ‘–‘” ”‹…‹Â?‰ …–—ƒ”›Ǥ ‘…ƒ–‹‘Â? ‹• ƪ‡š‹„Ž‡ǥ Š‘™‡˜‡” ƒ •–”‘Â?‰ understanding of motor pricing is essential. Due to the nature of the role, you will assist in the development of the pricing strategy.

Excellent academics and strong interpersonal skills are desired.

ÂŁ50k - ÂŁ70k basic, London

ÂŁ40k - ÂŁ65k, Bristol, South West

Paul Fox

Paul Fox

Underwriting Actuary - Lloyd's

Pricing and Reserving Analyst

A growing Lloyd’s Syndicate are looking to hire a nearly or Â?‡™Ž› Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† ‹Â? Š‘—•‡ ’”‹…‹Â?‰ ƒ…–—ƒ”› –‘ ™‘”Â? †‹”‡…–Ž› ™‹–Š –Š‡ —Â?†‡”™”‹–‡”•Ǥ ‘— ™‹ŽŽ „‡ ƒ …‘Â?Ƥ†‡Â?– …‘Â?Â?—Â?‹…ƒ–‘” ƒÂ?† Šƒ˜‡ experience of pricing within the Lloyd’s or the London market. This opportunity covers a broad variety of business lines.

A composite insurance client are looking to hire a Reserving Actuary to work in a mixed reserving and pricing role. The ideal candidate will have 1 or 2 years reserving experience, be a good communicator and be keen to move from a reserving heavy role into one with broader exposure and the opportunity to gain pricing experience.

ÂŁ60k - ÂŁ85k, London

ÂŁ35k - ÂŁ50k, London

Paul Fox

Paul Fox

Capital Modellers

Actuarial Contractor

We are currently representing a number of clients that are looking for capital actuaries to help with validation, ORSA and overall IMAP support to deliver submissions. For more information please get in touch.

This LMKT player is looking for a contractor to help with additional in house assistance. Experience of working in a change environment implementing new processes and models is highly desirable. You must „‡ ‡‹–Š‡” ’ƒ”– Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† ‘” ƒÂ?† Â?—•– Šƒ˜‡ ”‡•‡”˜‹Â?‰ ‡š’‡”‹‡Â?…‡ǥ ideally in ResQ.

up to ÂŁ1000 per day, Various

up to ÂŁ1000 per day, London

William Gallimore UK Managing Director +44 (0) 207 337 8826 william@hfg.co.uk

+44 (0) 207 337 8800

Rupa Pithiya

Paul Fox GI Perm +44 (0) 207 220 1103 paul.fox@hfg.co.uk

Rupa Pithiya

Rupa Pithiya GI S2/Interim +44 (0) 207 337 1200 rupa@hfg.co.uk

Making moves in insurance recruitment

NOVEMBER 2017 | THE ACTUARY | 41

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At the back Appointments

We believe that our biggest strength is our people – and client feedback tells us the same. We are home to talented, well-recognised industry experts, and we are committed to ensuring a bright and interesting future for our gifted group of graduates, analysts, consultants and principals, to join our growing partnership.

Join us on our journey

A number of exciting, and rewarding career opportunities, both full-time and part-time, are available across our offices in London and Winchester for likeminded individuals to join us on our journey.

N

W

Pensions Actuarial Analyst

S

Winchester & London

For further details about our open positions:

E

Pensions Actuarial Associate Consultant Winchester

www.lcp.uk.com/careers

Nearly Qualified Pensions Actuarial Associate Consultant London

recruitment@lcp.uk.com

Investment Consulting Associate Consultant Winchester

@LCP_Actuaries linkedin.com/company/ lane-clark-&-peacock-llp

Pensions Actuarial Consultant Winchester & London

2nd Floor, 32 Cornhill, London, EC3V 3SG | 0207 332 5870 | ActuarialGroup@mansionhouse.co.uk www.mansionhouse.co.uk

RESERVING MANAGER West of London Up to 85K + bonus + beneƂts

PRICING MANAGER London Up to £95 + bonus + beneƂts

An actuary to join an award winning General insurance company as an Actuarial Manager. You will perform technical provisions, capital modelling, SCR independently. You will assist the Head of Actuarial, have regular interaction with key stakeholders, work with internal and external actuaries and conduct capital reviews. You must have a good grasp of ResQ or Igloo, a good amount of experience within reserving and be able to manipulate data. The ideal candidate will be nearly qualiƂed, have previous managerial experience and be a great communicator. Ref: TT26507

A 6 month contract has come about within a Lloyds syndicate looking for a Manager to provide technical pricing for the actuarial and underwriting function. You will be an essential part of development and production of pricing, analysing pricing model data, documentation as well as supporting the Head of Pricing. Must have knowledge of Lloyd’s, at least 5 years of experience and the ability to build actuarial pricing models conƂdently.

Ref: TT26533

LIFE ACTUARY France - Paris €50-65 + bonus + beneƂts

INVESTMENT MANAGER France - Paris €60-80 + bonus + beneƂts

Actuary with expertise in Life required for a consulting Ƃrm.

You will be in charge of the pricing, the product development, modelling, ALM, as well as Solvency II projects (3 pillars).

You will take part of several trainings and will be able to develop your technical skills. You will be able to grow in a Ƃrst rate working environment. You must be autonomous, curious, have good communication and interpersonal skills.

Ref: ehth26496

Individual with strong expertise in investment and ALM required for a leading international Ƃrm. You will work on various projects such as ALM, strategic asset allocation, pension funds structuration, regulations as well as Ƃnancial accounting, reporting and asset data. You will manage a dynamic and growing team. You must have a strong knowledge of ALM and regulations. ProƂciency in English is required as you will evolve in an international environment.

Ref: ehth25980

For more information please call 0207 3325870 or e-mail ActuarialGroup@mansionhouse.co.uk.

We very much look forward to hearing from you.

42 | THE ACTUARY | NOVEMBER 2017

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London : Chicago : Hong Kong : Singapore : Shanghai : Zurich At the back Appointments

Head of Capital- Lloyd’s syndicate hƉ ƚŽ άϭϯϬ͕ ϬϬϬ ĂƐĞ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

ʹ ŝƚLJ ŽĨ >ŽŶĚŽŶ

ŐƌŽǁŝŶŐ >ůŽLJĚ͛Ɛ ƐLJŶĚŝĐĂƚĞ ŝƐ ƐĞĞŬŝŶŐ Ă ƋƵĂůŝĮĞĚ ĐĂƉŝƚĂů ĂĐƚƵĂƌLJ ƚŽ ůĞĂĚ ƚŚĞŝƌ ĐĂƉŝƚĂů ŵŽĚĞůůŝŶŐ ĨƵŶĐƟŽŶ͘ dŚŝƐ ƉŽƐŝƟŽŶ ĐŽŵĞƐ ǁŝƚŚ ŵƵůƟƉůĞ ĚŝƌĞĐƚ ƌĞƉŽƌƚƐ ƐŽ ŵĂŶĂŐĞŵĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ŝƐ ĞƐƐĞŶƟĂů͘ dŚĞ ĐůŝĞŶƚ ŝƐ ǀĞƌLJ ŽƉĞŶ ƚŽ ŵƵůƟƉůĞ ĐĂƉŝƚĂů ŵŽĚĞůůŝŶŐ ďĂĐŬŐƌŽƵŶĚƐ ŝŶĐůƵĚŝŶŐ /ŐůŽŽ͕ ZĞŵĞƚƌŝĐĂ ĂŶĚ DĞƚĂƌŝƐŬ͕ ďƵƚ ůŽŽŬŝŶŐ ĨŽƌ ĂŶ ŝŶĚŝǀŝĚƵĂů ǁŚŽ ŝƐ ƐƚƌĂƚĞŐŝĐ ĂŶĚ ĐĂŶ ĨŽƌŐĞ ƌĞůĂƟŽŶƐŚŝƉƐ ǁŝƚŚ ƚŚĞ ǁŝĚĞƌ ŐůŽďĂů ďƵƐŝŶĞƐƐ ĂƌĞĂƐ͕ ŝŶĐůƵĚŝŶŐ ƐĞŶŝŽƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ Contact: Adam.Bellis@ipsgroup.co.uk Tel: +44 207 481 8686

ĂƉŝƚĂů ĐƚƵĂƌLJ Ͳ /ŶƚĞƌŶĂƟŽŶĂů /ŶƐƵƌĞƌ͘ hƉ ƚŽ άϭϭϬ͕ϬϬϬ ĂƐĞ ƐĂůĂƌLJ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

ʹ ŝƚLJ ŽĨ >ŽŶĚŽŶ

Ŷ /ŶƚĞƌŶĂƟŽŶĂů /ŶƐƵƌĞƌ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƐĞĂƌĐŚŝŶŐ ĨŽƌ Ă ƋƵĂůŝĮĞĚ ĂƉŝƚĂů DŽĚĞůůŝŶŐ ĐƚƵĂƌLJ ƚŽ ũŽŝŶ ƚŚĞŝƌ ŚŝŐŚůLJ ƚĞĐŚŶŝĐĂů ĂŶĚ ĨƌŽŶƚ ĨĂĐŝŶŐ ĂƉŝƚĂů ƚĞĂŵ͘ dŚŝƐ ŝƐ Ă 'ƌŽƵƉ ůĞǀĞů ƌŽůĞ ĂŶĚ LJŽƵ ǁŝůů ďĞ ǁŽƌŬŝŶŐ ĂĐƌŽƐƐ h<͕ h ĂŶĚ ƐŝĂ ďƵƐŝŶĞƐƐ ůŝŶĞƐ͘ zŽƵ ǁŝůů ďĞ ƌĞƉŽƌƟŶŐ ĚŝƌĞĐƚůLJ ŝŶƚŽ ƚŚĞ ,ĞĂĚ ŽĨ ĂƉŝƚĂů ĂŶĚ ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĚŽĐƵŵĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ĂƉŝƚĂů DŽĚĞůƐ͘ dŚĞ ŝĚĞĂů ĐĂŶĚŝĚĂƚĞ ǁŝůů ŶĞĞĚ ƚŽ ŚĂǀĞ Ăƚ ůĞĂƐƚ ϰ LJĞĂƌƐ͛ ǁŽƌƚŚ ŽĨ ĂƉŝƚĂů DŽĚĞůůŝŶŐ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ LJŽƵ ǁŝůů ŶĞĞĚ ƚŽ ŚĂǀĞ ƵƐĞĚ ĞŝƚŚĞƌ /ŐůŽŽ͕ ZĞDĞƚƌŝĐĂ Žƌ ĂŶLJ ŽƚŚĞƌ ĂƉŝƚĂů DŽĚĞůůŝŶŐ ƚŽŽů ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ƵƐŝŶŐ ZĞƐY ŝƐ ŝĚĞĂů͘ Contact: Gary.Ahern@ipsgroup.co.uk Tel: +44 207 481 8686

Lead reserving/technical provisions FIA hƉ ƚŽ άϭϬϬ͕ ϬϬϬ ĂƐĞ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

ʹ ŝƚLJ ŽĨ >ŽŶĚŽŶ

ůĞĂĚŝŶŐ >ŽŶĚŽŶ DĂƌŬĞƚ /ŶƐƵƌĞƌ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ Ă ůĞĂĚ ƌĞƐĞƌǀŝŶŐͬ dĞĐŚŶŝĐĂů WƌŽǀŝƐŝŽŶƐ ĂĐƚƵĂƌLJ ƚŽ ŵĂŶĂŐĞ Ă ƚĞĂŵ ŽĨ ϯ ƌĞƉŽƌƟŶŐ ĚŝƌĞĐƚůLJ ƚŽ ƚŚĞ ŚŝĞĨ ĐƚƵĂƌLJ͘ dŚĞ ƌŽůĞ ǁŝůů ďĞ ĂĐƌŽƐƐ Ă ŐƌŽǁŝŶŐ ĂŶĚ ĚŝǀĞƌƐĞ ƉŽƌƞŽůŝŽ ŽĨ ǁŽƌŬ ĂůŽŶŐƐŝĚĞ ƚŚĞ ƚƌĂĚŝƟŽŶĂů ĂĐƚƵĂƌŝĂů ŽīĞƌŝŶŐ͘ tŽƌŬ ǁŝůů ŝŶĐůƵĚĞ ĂƐ ĞdžƉĞĐƚĞĚ ƚƌĂĚŝƟŽŶĂů ƌĞƐĞƌǀŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ;ƌĞƐĞƌǀĞ ƌĞǀŝĞǁƐ͕ ƉƌŽĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƌĞƐĞƌǀĞ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ͕ ^ŽůǀĞŶĐLJ // dW͛ƐͿ͕ ďƵƚ ǁŝůů ĂůƐŽ ĂůůŽǁ ƚŚĞ ƐƵĐĐĞƐƐĨƵů ĂƉƉůŝĐĂŶƚ ƚŽ ƉůĂLJ ĂŶ ŝŶŇƵĞŶƟĂů ƌŽůĞ ŝŶ ƚŚĞ ďƵŝůĚŝŶŐͬĚĞǀĞůŽƉŝŶŐͬƌĞǀŝĞǁŝŶŐ ĐĂƉŝƚĂů ĂŶĚ ŝŶƚĞƌŶĂů ŵŽĚĞůƐ͘ Contact: Adam.Bellis@ipsgroup.co.uk Tel: +44 207 481 8686

Reserving Actuarial Analyst - Lloyd’s Syndicate. hƉ ƚŽ άϱϱ͕ϬϬϬ ĂƐĞ ^ĂůĂƌLJ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

ʹ ŝƚLJ ŽĨ >ŽŶĚŽŶ

/ Ăŵ ĐƵƌƌĞŶƚůLJ ǁŽƌŬŝŶŐ ǁŝƚŚ Ă ůĞĂĚŝŶŐ >ůŽLJĚ͛Ɛ ^LJŶĚŝĐĂƚĞ ǁŚŽ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ ĂŶ ĐƚƵĂƌŝĂů ŶĂůLJƐƚ ƚŽ ǁŽƌŬ ǁŝƚŚŝŶ ZĞƐĞƌǀŝŶŐ ĂĐƌŽƐƐ ŵƵůƟƉůĞ ůŝŶĞƐ ŽĨ ďƵƐŝŶĞƐƐ͘ dŚĞ ƌŽůĞ ǁŝůů ƌĞƉŽƌƚ ĚŝƌĞĐƚůLJ ŝŶƚŽ ƚŚĞ ŚŝĞĨ ĐƚƵĂƌLJ ĂŶĚ ǁŝůů ƉƌŽǀŝĚĞ Ă ŚƵŐĞ ĂŵŽƵŶƚ ŽĨ ĞdžƉŽƐƵƌĞ ƚŽ ŬĞLJ ĚĞĐŝƐŝŽŶ ŵĂŬĞƌƐ͘ dŚĞ ĐĂŶĚŝĚĂƚĞ ǁŝůů ŶĞĞĚ Ăƚ ůĞĂƐƚ Ϯ LJĞĂƌƐ͛ ǁŽƌƚŚ ŽĨ '/ ĂĐƚƵĂƌŝĂů ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚŝŶ ƚŚĞ >ůŽLJĚ͛Ɛͬ >ŽŶĚŽŶ ŵĂƌŬĞƚ͕ ZĞŝŶƐƵƌĂŶĐĞ Žƌ ŽŶƐƵůƚĂŶĐŝĞƐ ĂŶĚ ĂůƐŽ ŚĂǀĞ ĞdžĐĞůůĞŶƚ͘ dŚĞLJ ǁŝůů ŶĞĞĚ ƚŽ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ƵƐŝŶŐ ZĞƐY ĂŶĚ džĐĞů ĂŶĚ ƐŚŽƵůĚ ŚĂǀĞ Ăƚ ůĞĂƐƚ ƉĂƐƐĞĚ Ăůů ŽĨ ƚŚĞŝƌ d͛Ɛ͘ Contact: Gary.Ahern@ipsgroup.co.uk Tel: +44 207 481 8686

Lead Exposure Management Analyst hƉ ƚŽ άϳϱ͕ ϬϬϬ ĂƐĞ ^ĂůĂƌLJ н ŽŶƵƐ Θ ĞŶĞĮƚƐ ʹ ŝƚLJ ŽĨ >ŽŶĚŽŶ tĞ ŚĂǀĞ Ă >ĞĂĚ džƉŽƐƵƌĞ DĂŶĂŐĞŵĞŶƚ ƉŽƐŝƟŽŶ ŽŶ ĂŶ ĞdžĐůƵƐŝǀĞ ďĂƐŝƐ͘ dŚŝƐ ŝƐ ĨŽƌ Ă ƌĂƉŝĚůLJ ŐƌŽǁŝŶŐ >ůŽLJĚ͛Ɛ ƐLJŶĚŝĐĂƚĞ ƚŚĂƚ ƉƵƚƐ Ă ŚƵŐĞ ĞŵƉŚĂƐŝƐ ŽŶ ƚŚĞŝƌ ĂŶĂůLJƟĐƐ ĨƵŶĐƟŽŶ ŽĨ ǁŚŝĐŚ ŝƐ ǁĞůůͲĞŵďĞĚĚĞĚ ŝŶƚŽ ƚŚĞ ǁŝĚĞƌ ďƵƐŝŶĞƐƐ͘ dŚŝƐ ƌŽůĞ ǁŝůů ƌĞƉŽƌƚ ĚŝƌĞĐƚůLJ ƚŽ ƚŚĞ ,ĞĂĚ ŽĨ ŶĂůLJƟĐƐ ĂŶĚ ůŽŽŬŝŶŐ ĨŽƌ ĂŶ ŝŶĚŝǀŝĚƵĂů ǁŝƚŚ Ăƚ ůĞĂƐƚ ϯ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŝŶ d ŵŽĚĞůůŝŶŐ Žƌ džƉŽƐƵƌĞ DĂŶĂŐĞŵĞŶƚ͘ ZĞƐƉŽŶƐŝďŝůŝƟĞƐ͗ <ŶŽǁůĞĚŐĞ ŽĨ >ůŽLJĚ͛Ɛ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƌĞƉŽƌƟŶŐ ĨŽƌ ĐĂƚĂƐƚƌŽƉŚĞ ĞdžƉŽƐƵƌĞ ĂůƐŽ ŚĞůƉĨƵů͘ dŚĞ ĐĂŶĚŝĚĂƚĞ ŵƵƐƚ ďĞ ĐŽŵŵĞƌĐŝĂůůLJ ĂǁĂƌĞ ĂŶĚ ĂďůĞ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ĞīĞĐƟǀĞůLJ ǁŝƚŚ ĚŝīĞƌĞŶƚ ĂƵĚŝĞŶĐĞƐ͘ ^ƚƌŽŶŐ /d ͬ ĚĂƚĂďĂƐĞ ĚĞǀĞůŽƉŵĞŶƚ ƐŬŝůůƐ͕ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ^Y> ŝŵƉůĞŵĞŶƚĂƟŽŶƐ ƉĂƌƟĐƵůĂƌůLJ ǁĞůĐŽŵĞ͘ ,ŝŐŚ ůĞǀĞů džĐĞů ƐŬŝůůƐ͘ džƉĞƌŝĞŶĐĞ ŽĨ YůŝŬǀŝĞǁ Žƌ ƐŝŵŝůĂƌ D/ ƐLJƐƚĞŵƐ ǁŽƵůĚ ďĞ ĂŶ ĂĚǀĂŶƚĂŐĞ͘ Contact: Adam.Bellis@ipsgroup.co.uk Tel: +44 207 481 8686

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: Telephone: нϰϰ ;ϬͿ ϮϬϳ ϰϴϭ ϴϭϭϭ ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬ​ͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< >ŝŶŬĞĚŝŶ͗ /W^ 'ƌŽƵƉ ACT recr Nov17.indd 43

NOVEMBER 2017 | THE ACTUARY | 43

30/10/2017 12:47

At the back Appointments

Want to be part of the engine room of a life QĘ&#x203A;EG [GV YCPV VJG XCTKGV[ QH C EQPUWNVCPE[!

Who we are

9JCV YGoTG QĘ&#x2DC;GTKPI

There are more than 200 actuaries employed by the HSBC Group and the Actuarial and Risk Analytics Team is home to 40 of us. We provide actuarial services to multiple insurance territories across the globe.

Our work is diverse spanning such areas as IFRS reporting, economic capital, modelling, pricing and broader risk analytics. Due to continued demand for our services and the upcoming implementation of IFRS17, we are looking to grow our talent pool.

Our geographical reach means youâ&#x20AC;&#x2122;ll get the opportunity to work for a Group with insurance businesses that have diverse needs. Regular knowledge sharing sessions and support for external events ensures ongoing professional development. An active social committee and frequent charitable events help us have fun along the way. In addition to the traditional opportunities associated with actuarial work, being part of a wider banking group means that longer term career development opportunities are diverse. And, because we want to ensure youâ&#x20AC;&#x2122;re valued, thereâ&#x20AC;&#x2122;s a EQORGVKVKXG RCEMCIG QP QĘ&#x2DC;GT KPENWFKPI RTKXCVG OGFKECN insurance and a market-leading pensions component.

Who weâ&#x20AC;&#x2122;re looking for We are looking to bring in actuarial talent at various NGXGNU KPENWFKPI RCTV SWCNKĘ&#x2122;GFU YJQ CTG PQ NQPIGT doing the exams. Youâ&#x20AC;&#x2122;ll enjoy working on fresh challenges in a dynamic and friendly environment that respects work-life balance. For those that like to travel, there are opportunities to spend time in our businesses in Asia, Latin America and Europe.

Locations 9KVJ PGY QĘ&#x203A;EGU KP 9JKVGNG[ PGCT 5QWVJCORVQP CPF 'FKPDWTIJ QWT OQFGTP YQTMKPI GPXKTQPOGPVU QĘ&#x2DC;GT Ę&#x2122;TUV ENCUU QRRQTVWPKVKGU HQT [QW VQ VJTKXG

Interested?

If you are interested in working with us, drop us a note with your CV to actuaries@hsbc.com.

44 | THE ACTUARY | SEPTEMBER 2017

ACT recr Nov17.indd 44

30/10/2017 12:47

Life, Investment & Pensions Consulting Actuary

Pensions / Investment Analyst

Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2022; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; upwards to assist them in a range of projects. They require individuals with stellar academic backgrounds who are making fast progress through the exams Č&#x20AC; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Í? Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022;Ǥ Â? Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D; Â&#x2122;Â&#x160;Â&#x2018; Â&#x2039;Â&#x2022; Â&#x2026;Â&#x2018;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x192;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; a range of external stakeholders is essential.

Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; ƤÂ&#x201D;Â? Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2019;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? their investment arm. The role sits in the liabilities team and key tasks are around performing liability valuations, using a range of modelling techniques. Â&#x2014;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; ƤÂ&#x201D;Â? Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2013;ÇĄ Â&#x17D;Â&#x2039;Â&#x192;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; and risk teams to aid with a range of tasks.

ÂŁ45k - ÂŁ85k, London / Edinburgh / Manchester

ÂŁ35k - ÂŁ45k basic, London

Abby Tempest

Abby Tempest

Health / Protection Actuary

ALM Actuary

Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x160;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2013;Â&#x160; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013;Â&#x2022; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x192; Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â?Â&#x2021;Â&#x203A; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â?Â&#x2021;Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;ÇĄ group risk, life and disability programs. This is a rare opportunity to join a team as it enters an exciting period of development and growth whilst working directly alongside the senior actuary of the function.

Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; ƤÂ&#x201D;Â? Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2018;Â&#x201D; Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; be reporting to the head of investment and provide support in all aspects of Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x192;Â?Â&#x203A; Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â&#x2039;Â?Â&#x2013;Â&#x192;Â&#x2039;Â? Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x201E;Â&#x2018;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022;Ǥ

ÂŁ60k - ÂŁ80k, London

ÂŁ65k - ÂŁ85k, Birmingham

Abby Tempest

Abby Tempest

Risk Enterprise Risk Manager

Risk Manager

Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x160;Â&#x2039;Â&#x201D;Â&#x2021; Â&#x192;Â? Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x201C;Â&#x2014;Â&#x192;Â?Â&#x2013;Â&#x2039;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x192;Â?Â&#x2020; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D; Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x192;Â&#x2019;Â&#x192;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022;Ǥ Â&#x160;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019; Â&#x2021;Â&#x161;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x2030; and new models to identify, measure and mitigate risk across the business. They Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â?Â&#x2021;Â?Â&#x2013; Â&#x192;Â?Â&#x2020; Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2022;ÇĄÂ&#x2026;Â&#x192;Â&#x201D;Â&#x201D;Â&#x203A; Â&#x2018;Â&#x2014;Â&#x2013; reporting and monitor risk metrics and capital requirements.

Â&#x192;Â&#x201D;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x2018; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2039;Â&#x2013; Â&#x192; Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; Â&#x192;Â?Â&#x2020; Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2122;Â&#x2018;Â&#x201D;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; manage the production of risk reporting and documentation whilst developing, Â&#x2021;Â?Â&#x201E;Â&#x2021;Â&#x2020;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â&#x2039;Â?Â&#x2013;Â&#x192;Â&#x2039;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2022;Â&#x2014;ĆĽÂ&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2026;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; business.

ÂŁ65k - ÂŁ80k, London

ÂŁ80k - ÂŁ90k basic, London

Antony Williams

Antony Williams

Investment Risk Manager

Investment Analyst

Â? Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2022; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2039;Â&#x2022;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x203A; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x192;Â?Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2013;Â&#x2018; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x2020; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x192;Â&#x17D;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Â&#x192;Â?Â&#x2020; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022; ƤÂ&#x2013; Â&#x2039;Â? Â&#x17D;Â&#x2039;Â?Â&#x2021; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ǥ

This is an exciting opportunity for an Investment Analyst working within a Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2018;Â? Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x203A;ÇĄ Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2C6;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2018; Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2039;Â&#x2022;ÇĄ Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; work closely with both internal and external clients presenting detailed analysis and investment solutions. Working towards actuarial and CFA preferable.

ÂŁ60k - ÂŁ90k, London

ÂŁ50k - ÂŁ60k basic, Manchester

Antony Williams

Antony Williams

Catastrophe Risk Manager

Catastrophe Risk Analyst

Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x203A;Â?Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x192;Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x160;Â&#x2021; Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x192;Â?Â&#x2021; Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x201D;Â&#x2022;Â&#x160;Â&#x2039;Â&#x2019; Â&#x2018;Â&#x2C6; Â&#x192;Â&#x17D;Â&#x17D; Â&#x2026;Â&#x192;Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2013;Â&#x203A;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; responsible for supporting underwriters on pricing and making underwriting decisions on CAT exposed accounts. This will involve developing, streamlining and automating catastrophe risk models and processes.

Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2039;Â&#x2022;Â? Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2013; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x192; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; insurer working within a well-regarded CAT risk team, supporting CAT modelling and pricing. With the use of CAT models and methodologies, you will support the underwriters in understanding complex risks in order to make underwriting decisions on catastrophe-exposed risks.

ÂŁ60k - ÂŁ75k basic, London

ÂŁ30k - ÂŁ40k basic, London

Angus Mackie

Angus Mackie

Data Science & Analytics Head of Business Intelligence & Analytics

Data Scientist

An opportunity for a commercial leader to step sideways and spear-head the Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x192; Â?Â&#x2021;Â&#x2122; Â&#x2020;Â&#x192;Â&#x2013;Â&#x192; Â&#x2022;Â&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â&#x201D;Â&#x2030;Â&#x192;Â?Â&#x2039;Â&#x2022;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; services sector. This is not a â&#x20AC;&#x153;hands-onâ&#x20AC;? position; our client is seeking someone Â&#x2122;Â&#x160;Â&#x2018; Â&#x2026;Â&#x192;Â? Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021; Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â&#x2019;Â&#x17D;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2039;Â&#x2022; Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2019;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2022; within the business.

A FinTech is now seeking to add an experienced Data Scientist to their recently established Centre of Excellence based in the West-End. To be considered, you need at least 3 years of commercial experience working with unstructured and noisy data-sets, and have experience of applying cutting-edge machine learning techniques.

Circa ÂŁ90k, London

Circa ÂŁ75k + bonus, London

Ahad Shadab

Abby Tempest Life +44 (0) 207 337 8810 abby@hfg.co.uk

Antony Williams Risk +44 (0) 207 220 1106 antony.williams@hfg.co.uk

+44 (0) 207 337 8800 ACT recr Nov17.indd 45

Angus Mackie Risk +44 (0) 207 337 8808 angus.mackie@hfg.co.uk

Ahad Shadab

Ahad Shadab Data Science & Analytics +44 (0) 207 337 1203 ahad.shadab@hfg.co.uk

www.hfg.co.uk 30/10/2017 12:47

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Ziyang Wang Life Actuarial EA Reg: R1546910 +65 6829 7160 ziyang@hfg.com.sg

Ely Chan Principal Consultant Hong Kong +852 2159 9627 ely.chan@hfgasia.hk

Shuyu Lim GI Actuarial EA Reg: R1433780 +65 6829 7153 shuyu@hfg.com.sg

Ƭ EA Reg: R1764687 +65 6829 7166 tong@hfg.com.sg

APAC Actuarial Assignments Health Actuary

Reinsurance Actuary

Want to be in a fast-growing business with a global reinsurer in the happening ǫ Ƥ Ǧ ǡ Ǥ

ƥ Ǥ Ǧ Ǧ Ƥ Ƥ ǡ Ƥ ǡ Ǥ

circa HKD $900k - $1.2m + bonus, Hong Kong

$Competitive package, Singapore

Ely Chan

Ziyang Wang

ȋ Ȍ Ǧ

Ǥ

Ǧ ǡ ǡ Ǥ Ƥ Ǥ

Ǧ ͞ Ǥ ǡ Ƥ ǡ Ǥ

$Competitive package, Malaysia

$Competitive package, Malaysia

Shuyu Lim

Shuyu Lim

̹ ƥ Ǧ Ǧ

Life Actuarial Consultant

Ȁ Ƥ ͞ ǯ Ǧ ͙͟ ǡ

ǡ Ǧ Ǥ

ǫ Ǧ Ƥ Ȁ Ȁ Ƥ Ƭ ǡ ǡ Ǥ

HKD $720k - $840k, Hong Kong

SGD $80k - $150k + bonus, Singapore

EA Licence Number: 14C7034

Tong Yu

Tong Yu

www.hfg.com.sg | +65 6829 7153

46 | THE ACTUARY | NOVEMBER 2017

ACT recr Nov17.indd 46

30/10/2017 12:48

PENSIONS & INVESTMENTS NON-LIFE LIFE & HEALTH

At the back Appointments

QUALIFIED PRICING ACTUARY - GLOBAL CONSULTANCY

DEPUTY HEAD OF RESERVING - REINSURER

London, up to £140K + bonus + benefits

London, up to £120k + bonus + benefits A growing international reinsurer are currently seeking a qualified actuary to join them as their Deputy Head of Reserving. The role will report into the Head of Reserving/Chief Actuary and be the lead actuary in London. You will be responsible for managing BAU reserving, as well as developing new processes in order to support the company with it's future growth plans. Candidates will need to have a wealth of London market reserving experience.

A global consultancy is seeking a qualified actuary to join their growing practice and report directly into the Senior Partner. This will focus on a range of personal lines projects that need coverage, specifically around areas such as predictive analytics and machine learning. You will be qualified and have extensive experience of personal lines pricing/analytics. The role will require a highly developed technical understanding around pricing models and emerging methods so exposure to this in a previous position is vital.

Contact: james.rydon@eamesconsulting.com | 0207 092 3239

NON-LIFE

Contact: james.rydon@eamesconsulting.com | 0207 092 3239

LEAD RESERVING ACTUARY - UK MOTOR INSURER

CAPITAL ACTUARIAL ANALYST - LLOYD’S SYNDICATE

London, up to £120K + bonus + benefits A UK motor insurer are currently seeking a qualified actuary to lead their reserving function. The role will report directly into the Chief Actuary, and will be responsible for the development and implementation of new reserving processes in order to support the company’s growth plans. Candidates will need to be fully qualified and have strong reserving experience, ideally along with expert knowledge of the UK motor market. Previous management experience is essential.

Contact: james.rydon@eamesconsulting.com | 0207 092 3239

London, up to £55k + bonus + benefits A Lloyd’s syndicate are currently seeking a part-qualified actuary to join their capital modelling function. The role will support the ongoing development of their internal capital model, whilst enhancing its use across the wider business.

Candidates will have completed their CT series exams and have strong capital modelling experience, ideally from within the London market. Remetrica or Igloo coding skills will be seen as highly advantageous.

INVESTMENT ANALYST, Manchester & Edinburgh, £40k + benefits A multinational consulting firm is looking to grow their DB Investment team and are looking for an analyst for be a part of their growing wealth business.

You will act as lead project manager on a range of DB Pension Fund clients and be involved with the investment strategies and structures for clients. There is also opportunity to support in valuation and accounting processes e.g. project management and liaising with the internal stakeholders. The desired candidate should have a broad understanding of the UK pensions &

ASSOCIATE INVESTMENT CONSULTANT, London, up to £50k

Contact: dylan.walters-bale@eamesconsulting.com | 0207 092 3227

PQ PENSIONS ACTUARY, UK-wide, up to £55k A leading global professional services firm is seeking talented and ambitious part/newly qualified pensions actuaries to join their health, retirement and investment teams. Opportunities available nationwide. You’ll help deliver and design best-in-class strategies for key clients, rotating into both the Corporate & Trustee consulting groups. Fixed rotations into their Investment & International teams are offered to candidates that are interested in getting more exposure to this area of the business. You should be making good progress within the actuarial exams, or have recently qualified, ideally with previous pensions/actuarial consulting experience.

The investment arm of a leading employee benefit provider is seeking an Associate Consultant to join their high profile team in London. You will work in conjunction with other team members, to support the investment consultants in meeting the needs of their clients throughout the full range of investment consulting services. Suitable candidates will have relevant industry experience: insurance, pensions and related benefits, ideally with a consulting background.

Alongside strong academics, you will also be studying towards a professional qualification (i.e. Actuarial, PMI, or CFA).

Contact: joanne.gilbert@eamesconsulting.com | 0207 092 3244

SENIOR WEALTH CONSULTANT

LIFE ACTUARIAL CONSULTANT

LIFE PRICING ACTUARY

London, & Edinburgh, up to £55k + benefits One of the UK’s leading actuarial consultancies is looking for a PQ/NQ actuary to join their dedicated team of life insurance consultants to work on a variety of assignments from Risk and Capital Management to M&A Transactions. You will be required to develop and maintain client relationships, identify and develop further consultancy opportunities and collaborate across the business to deliver on cross-practice projects. A good knowledge of requirements of Solvency II and strong IT skills are necessary, along with an excellent understanding of the life insurance industry.

London/SE England, up to £78k + benefits A leading multinational financial services company are seeking a Pricing Actuary for a highly successful and growing area of their business. You will play a key role in pricing and the supporting processes, such as assumption setting, reinsurance, product maintenance and development. Successful applicants will be offered excellent career prospects and support. A Pricing and/or Life background would be highly desirable but they'd also be interested in hearing from you if you come from a wider Actuarial background with the drive and ambition to pursue a commercially focused career in pricing.

Contact: dylan.walters-bale@eamesconsulting.com | 0207 092 3227

Contact: dylan.walters-bale@eamesconsulting.com | 0207 092 3227

SENIOR LIFE INSURANCE & PENSIONS RISK ACTUARY

SENIOR REINSURANCE CONSULTANT - L&H

London, up to £110k + benefits A global consultancy is seeking an actuary to be responsible for identifying, developing and marketing RM proposition/services to secure new revenue lines for the business, as well as leading the delivery of client engagements on Risk Management services. Service areas include: Risk Transformation, Risk Function Effectiveness & Efficiency, Embedding Risk Appetite, Development of Risk Reporting, Stress Testing and Scenario Analysis, Operational Risk, and Model Validation. Strong subject matter expertise in risk management within the insurance market, particularly risk oversight, as well as project and people management skills are essential.

Contact: joanne.gilbert@eamesconsulting.com | 0207 092 3244

London, £competitive + benefits A global reinsurer is seeking an enthusiastic and driven individual to join a high-performing team responsible for shaping and implementing strategic initiatives across the business’ L&H offering through project, change and transformation management. You will identify, structure, support and lead both global and local initiatives and formal projects across divisions, regions and segments. This will be an exciting role for anyone who enjoys the variety and challenge of a dynamic environment, with autonomy and high level visibility.

Competency in key project management processes with certifications like PMP, PRINCE2 would be an advantage.

Contact: joanne.gilbert@eamesconsulting.com | 0207 092 3244

LIFE & HEALTH

Contact: dylan.walters-bale@eamesconsulting.com | 0207 092 3227

London/Surrey, up to £75k (will consider agile working) A global leader in health, retirements and investments is seeking a consultant for their funding and benefits team in London. You will be responsible for leading the delivery of strategic and day to day consulting advice, researching new business prospects to support future business development opportunities, project management, as well as carrying out non-standard scheme benefit calculations and, depending on your experience, actuarial work e.g. scheme design, funding and accounting. Successful candidates will be qualified actuaries (or equivalent) and possess relevant work experience.

Contact: joanne.gilbert@eamesconsulting.com | 0207 092 3244

PENSIONS & INVESTMENTS

investment market as well as studying towards a professional qualification.

Contact: james.rydon@eamesconsulting.com | 0207 092 3239

If you are looking for your next career move or to discuss other opportunities, get in touch with us today for a confidential discussion.

Contact: actuarial@eamesconsulting.com | 0207 092 3200

NOVEMBER 2017 | THE ACTUARY | 47

London | Zurich | Singapore | Hong

ACT recr Nov17.indd 47

eamesconsulting.com

31/10/2017 11:54

At the back Appointments

NON-LIFE

PRICING, CAPITAL AND RESERVING

SPECIALTY PRICING ACTUARY

Qualified

Qualified

Leading Specialty Insurer

NON-LIFE MIDLANDS

STAR4265

CATASTROPHE RISK LEADER

Major Insurance Group

NON-LIFE LONDON

STAR4307

Catastrophe Risk Specialist

Market Leader

NON-LIFE LONDON

STAR4255

Seeking an actuary with strong stakeholder management skills to support the delivery of the statutory Actuarial Function requirements covering the Opinion on Underwriting and Reinsurance.

An exciting opportunity to lead a marine pricing function, working closely with management to develop pricing and underwriting strategies in order to identify profitable new business and growth opportunities.

Provide technical insight and thought leadership in a highly-visible role requiring the ability to collaborate with numerous stakeholders in the development of future strategy.

SPECIALTY INSURER

LONDON MARKET VALIDATION

LEAD A VARIED NON-LIFE

Part-Qualified / Qualified

Part-Qualified / Qualified

Part-Qualified / Qualified

Specialty Insurer

NON-LIFE OSLO

STAR4322

Lloyd’s Syndicate

NON-LIFE LONDON

STAR4209

Global Consultancy

NON-LIFE LONDON

STAR4344

Work as part of a highly-skilled team within a leading firm, calculating technical provisions, assisting the regulatory reporting function, assessing data quality, and providing support for the production of the ORSA.

Our client has an exciting opportunity for an actuary with capital modelling experience to manage the annual internal model validation process for all syndicates, engaging with stakeholders from across the business.

Seeking a number of consultants from a range of non-life backgrounds to join a high-quality team. You will possess experience of market consistent techniques around financial modelling, Solvency II and risk.

CAPITAL EXCELLENCE

INTERNATIONAL INSURER

PRICING ANALYST

Part-Qualified / Qualified

Market Leader

NON-LIFE LONDON

STAR4236

Part-Qualified / Qualified

International Insurer

NON-LIFE SOUTH EAST

STAR4235

Part-Qualified / Data Scientist

Specialist Insurer

NON-LIFE LONDON

STAR4300

Make a real impact, providing creative solutions across all areas of capital modelling. Strong communication skills are necessary for interaction with senior stakeholders and preparing high-quality reports.

Use your technical and communication skills to calculate the Solvency II Technical Provisions, implement an effective risk management system and produce annual reports on the underwriting and reinsurance policies.

Play a key role in the development of pricing models for different products, introducing and maintaining advanced modelling and data science techniques.

CAPITAL MODELLING ANALYST

LONDON MARKET ANALYTICS

TECHNICAL PRICING MANAGER

Part-Qualified

Part-Qualified

Part-Qualified

Major Insurer

NON-LIFE SOUTH EAST

STAR4309

International Insurance Group

NON-LIFE LONDON

STAR4318

Specialty Insurer

NON-LIFE LONDON

STAR4289

We are seeking a technically-astute analyst to support all aspects of the capital model.

The successful candidate will ideally possess the ability to communicate technical aspects of the capital model to a non-technical audience.

Looking for a strong all-rounder for a great role covering multiple specialty lines of business.

The successful candidate will demonstrate a strong understanding of risk, together with superb modelling and analysis skills.

Support the development of new pricing models whilst maintaining and enhancing existing models. You will also provide input to the Capital Modelling team in the capital model calibration and parameterisation process.

PRICING OPTIMISATION ANALYST

PRICING ANALYST

SENIOR RESERVING ANALYST

Part-Qualified

Part-Qualified

Rapidly-Growing Business

NON-LIFE SOUTH WEST

STAR4226

Looking for a creative analyst to contribute ideas within the pricing optimisation function.

Experience in personal lines pricing is ideal, together with strong Excel, SAS, Radar and Emblem knowledge.

STAR4164

Be responsible for the delivery of technical rates, utilising a variety of software tools and data sources to analyse the underwriting performance whilst advising on the underwriting and pricing of current products.

Part-Qualified

Leading Insurer

NON-LIFE SOUTH EAST

STAR4272

Develop and improve the actuarial reserve assessment, analysis and reporting capabilities. You will also support the reserve projections, Solvency II technical provision work, and the risk management framework.

Lance Randles MBA

Paul Cook

Jo Frankham

Satpal Johri

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

A ASSOCIATE DIRECTOR +44 7740 285 139 + paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7808 507 600 satpal.johri@staractuarial.com

Clare Roberts

Diane Lockley

David Ellis

SENIOR CONSULTANT +44 7714 490 922 clare.roberts@staractuarial.com

S SENIOR CONSULTANT +44 7492 060 219 + ddiane.lockley@staractuarial.com

SENIOR CONSULTANT +44 7432 791 061 david.ellis@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

MANAGING DIRECTOR 48 | THE ACTUARY | NOVEMBER 2017 +44 7766 414 560 antony.buxton@staractuarial.com

ACT recr Nov17.indd 48

NON-LIFE LONDON / SOUTH EAST

Large Insurer

MEET THE TEAM

30/10/2017 12:48

S IE GE FE IT A LI UN K P RT A C PO E B OP TH ON

ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . At 2016 the back

Appointments

PENSIONS

INVESTMENT IN-HOUSE PENSIONS REPORTING

Qualified

Qualified

FTSE 100 Company

PENSIONS RISK LONDON

STAR4286

PENSIONS MANAGER

FTSE 100 Company

PENSIONS NORTH

STAR4258

Qualified

Leading-Edge Consultancy

PENSIONS MIDLANDS

STAR4249

Apply and develop your strong analytical skills in this in-house pensions role. You will assess the impact of the pension scheme on the balance sheet and produce modelling tools for stress-testing purposes.

Provide quantitative outputs and analysis to support the management of the staff pension scheme, reporting on the impact of the scheme on the Group’s Solvency II balance sheet.

Lead the client service team, taking account management responsibility, and delivering professional pensions consulting advice on a wide range of trustee and corporate pension issues.

BUSINESS DEVELOPMENT ACTUARIES

PENSIONS & REWARD COMMUNICATIONS

LEAD ACTUARIAL CONSULTANT

Qualified

Qualified

Scheme Actuary

Leading Consultancy

PENSIONS LONDON / SOUTH EAST / NORTH

STAR4266

Global Consultancy

PENSIONS LONDON

STAR4311

Market-leading Consultancy

PENSIONS MIDLANDS

STAR4173

Multiple vacancies for scheme actuaries to provide advice to trustees (and employers) on a wide range of pensions issues including de-risking, liability management, pension scheme accounting and mergers.

Join a highly engaged, innovative and growing team of communications specialists and work with HR, pensions and reward leaders in some of the world’s most iconic organisations.

You will provide consulting advice relating to clients’ DB pension schemes, involving both trustee and corporate work, alongside developing existing client business and tendering and pitching for new business.

NICHE PENSIONS

ASSISTANT PENSIONS MANAGER

SENIOR PENSIONS ASSOCIATE

Part-Qualified

Small Consultancy

PENSIONS MIDLANDS

STAR4299

Part-Qualified

Global Professional Services Firm

PENSIONS LEEDS

STAR4224

Part-Qualified

Worldwide Consultancy

PENSIONS SCOTLAND

STAR4341

We have a number of opportunities for part-qualified actuaries with excellent technical skills and knowledge of DB and DC pension schemes to join a growing team and work on a wide range of exciting projects.

Provide consulting advice on a wide range of corporate and trustee pension issues, whilst supporting a number of broad projects, that could include benefit change, scheme design, de-risking and M&A arrangements.

An exciting opportunity to provide cutting-edge advice to a wide range of corporate clients in relation to their defined benefit arrangements, managing the ongoing client relationships.

FINANCIAL WELLBEING SOLUTIONS

SENIOR MANAGER - PENSIONS INVESTMENT

SENIOR INVESTMENT CONSULTANT

Part-Qualified

Qualified

Qualified

Employee Benefits Firm

PENSIONS HOME / FIELD-BASED WORKING

STAR4269

Global Professional Services Firm

PENSIONS INVESTMENT LONDON

STAR4332

Leading Consultancy

INVESTMENT LONDON

STAR4315

Expert provider of employee benefit solutions seeks a talented individual to join its growing team. You will support the financial wellbeing offering, developing the engagement of its product with client workforces.

Use your excellent communication skills to build strong relationships as you take a lead role within a multi-disciplinary team in the provision of investment advice to a wide range of clients.

An exciting opportunity to provide advice to a portfolio of clients, whilst building and managing client relationships. You will also develop new investment offerings for clients and the practice.

MARKETING LEADERSHIP

SENIOR INVESTMENT MANAGER

INVESTMENT, WEALTH AND INSURANCE

Qualified

Qualified

Financial Services Business

LIFE INVESTMENT LONDON

STAR4330

Take up a strategic role within a fast-growing firm. You will have a passion for research and an understanding of the retail investment market, as well as an appreciation of how to create a sustainable marketing function.

LIFE INVESTMENT SOUTH WEST

Leading Consultancy STAR4264

A diverse role, providing assistance to clients on the implications of changes in regulation and advising on actuarial aspects of M&As, reinsurance and capital management alongside Economic Value management.

Part-Qualified

Global Consultancy

LIFE INVESTMENT LONDON

STAR4205

Use your creative and quantitative skills in a unique project-based role within a high-profile team, developing new and innovative ideas and techniques and working at the cutting edge of insurance-related investment.

Irene Paterson FFA

Adam Goodwin

Margaret de Valois FIA M

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

A ASSOCIATE DIRECTOR +44 7786 992 802 + margaret.devalois@staractuarial.com m

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

Star Actuarial Futures Ltd is an employment agency and employment business

IN-HOUSE PENSIONS RISK MANAGER

PLEASE CONTACT US AT ANY TIME TO DISCUSS YOUR RECRUITMENT NEEDS

+44 20 7868 1900

FOR MORE THAN 250 VACANCIES VISIT

staractuarial.com

We are looking forward to meeting with clients and candidates at the upcoming Life Conference.

Please contact us by phone or email if you will be in attendance and would like to arrange to meet with NOVEMBER 2017 | THE ACTUARY | 49 one of our consultants.

ACT recr Nov17.indd 49

30/10/2017 12:49

We’re heading to the Life Conference 2017

At the back Appointments

;OL 3PML *VUMLYLUJL PZ ZL[ [V VɈLY some illuminating insights on the many facets of today’s ever-changing actuarial landscape.

Will you be joining us?

Oliver James Associates is pleased to return to the Life Conference, feel free to stop by our stand and say hello. It’s great to see familiar faces and new contacts too. As usual, our experienced consultants will be happy to discuss all aspects of the market with you, whether that be candidate supply, demand for ZWLJPÄJ ZRPSSZ ZHSHY` [YLUKZ VY J\YYLU[ opportunities for actuaries in the UK, Europe, US or Asia.

Your invite to Oliver James Associates after-party!

Thursday 23rd November Pitcher and Piano Birmingham B1 2HP Following the huge success of last year’s event at Tigerlily in Edinburgh, we are delighted to announce that we will be hosting another event on Thursday 23rd November to thank you for your ongoing custom.

As with last year, the bar bill will be picked up by OJ, so come down to enjoy some fantastic Oliver James hospitality, and the opportunity to network with industry peers in an informal setting. We look forward to seeing you in Birmingham!

Richard Howard: +44 (0) 203 861 9191

Oliver James Associates Delivering with Excellence

50 | THE ACTUARY | NOVEMBER 2017

ACT recr Nov17.indd 50

30/10/2017 12:49

Snapshot of Live Actuarial Vacancies

284

609

LIVE UK JOBS

LIVE GLOBAL JOBS At the back

Appointments

Life, Pensions & Investments Senior Internal Model Risk Actuary Greater London £80,000 - £95,000 + Package

Investment & Pensions Actuarial Analyst London Up to £45,000 + Package

Pricing Actuary London £500 - £850/ day

,_JLSSLU[ VWWVY[\UP[` MVY H :LUPVY 8\HSPÄLK Actuary to join this reputable leader in the Retirement Income market. The role will work closely with the CRO, and lead on the delivery of the internal model validation for the company.

/PNOS` JV]L[LK VWWVY[\UP[` MVY H WHY[ X\HSPÄLK Pensions Actuary to join a leading global insurance business in an in-house role looking at investment strategy, de-risking, economic capital and capital optimisation.

Our client is keen to secure a Pricing and Product Development Actuary with at least three years’ of experience as soon as possible.

Experience with Excel and VBA is desirable.

Investment Consultant West Midlands Up to £60,000

Exclusive: Head of Capital Management City of London £90,000 - £120,000 + Package

IFRS 17 Project Actuary London £700 - £900/ day

Seeking to diversify into investment consultancy? This is a fantastic opportunity MVY LP[OLY H ULHYS` VY UL^S` X\HSPÄLK Pensions Actuary to join a prestigious practice, and to work with UK pension schemes, charities and insurers.

My city-based client, seeks to appoint a Head of Capital Management. Working with the direct investment team, candidates will be identifying risk and capital implications for the balance sheet.

Our client is keen to secure a Life Actuary with consultancy experience (ideally Big 4) required for an IFRS project. Background in ÄUHUJPHS YLWVY[PUN HUK WYVJLZZ PTWYV]LTLU[ ^V\SK IL ILULÄJPHS

Pricing Actuary London £75,000 + Package

8\HSPÄLK 7YPJPUN (J[\HY` London £80,000 - £110,000

Validation Actuary London £1,000/ day

A leading Lloyd’s syndicate is recruiting for a Pricing Actuary to interact with underwriters and develop the Pricing models across multiple business classes. This is an outstanding opportunity to cultivate Pricing skills in a collegiate environment.

My client is looking for an accomplished London Market Pricing Actuary to join an expanding team. The ideal candidate will IL X\HSPÄLK ^P[O KPYLJ[ 3VUKVU 4HYRL[ experience. A background in working with underwriters would also be an advantage.

A London Market client is seeking a Validation Actuary for a six month period. Validating risk as well as capital models. Igloo or ReMetrica experience useful but not essential.

Pricing Actuary South West £80,000 + Package

London Market – Head of Capital London £120,000 - £140,000 + Package

Data Scientist UK-wide £500 - £1,000/ day

Reporting to the Head of Actuarial, this candidate will play a lead role in the design, analysis and implementation of a sophisticated Pricing approach within a new 0; Z`Z[LT @V\ T\Z[ IL H X\HSPÄLK (J[\HY` with general insurance pricing experience.

We are working with a mid-sized managing agent to secure a new Head of Capital. You will IL H X\HSPÄLK (J[\HY` ^P[O 0NSVV L_WLYPLUJL You will manage a small team in a great environment. Excellent role to step up into a management position.

We have seen an increase in demand for actuaries to assist with data analysis work. If you have an actuarial background with Python or R Modelling experience please get in touch.

General Insurance

Contact Us Ani Pannell - Contract +44 203 861 9163 ani.pannell@ojassociates.com

Richard Howard - Life +44 203 861 9191 richard.howard@ojassociates.com

www.ojassociates.com @OJAssociates oliver-james-associates

John Bleasdale - GI +44 203 861 9186 john.bleasdale@ojassociates.com NOVEMBER 2017 | THE ACTUARY | 51

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PO

E IF DE -L NS T SI ON IO EN IN N NS TM S E PE ES ITI V N IN TU R

OP

Experts in back Actuarial Recruitment At the

LIFE AUDIT MANAGER

SENIOR FINANCIAL RISK ACTUARY Qualified

Major Reinsurer

LIFE MIDLANDS

STAR4337

Qualified

HEAD OF ACTUARIAL REPORTING Major Insurer

LIFE FLEXIBLE LOCATION

STAR4320

Qualified

Global Reinsurer

LIFE LONDON

STAR4228

Lead the development and maintenance of the methodology for the internal model. You will use your analytical and communication skills to provide quantitative and qualitative support to risk management activities and reporting.

Motivate, develop and collaborate across the firm as you undertake audits to provide reliable, independent assurance to the business, and agree management actions to enhance the control framework.

Take responsibility for the delivery of the regular and annual reporting processes. In this leadership role, you will work closely with the Risk team to gain an understanding of the risks and opportunities facing the business.

INTERACTIVE RISK

REINSURANCE CAPITAL

SENIOR HEALTH ACTUARY

Qualified

Market Leader

LIFE LONDON

STAR4260

Qualified

Major Insurer

LIFE NON-LIFE NORTH

STAR4238

Qualified

Global Reinsurance Firm

LIFE HEALTH LONDON (OR SOUTH AFRICA)

STAR4275

An ideal role for an actuary with strong technical experience looking to gain a broader perspective and enjoy extensive stakeholder interaction. An understanding of market and longevity risk would be beneficial.

Multiple economic capital roles within a reinsurance environment. Utilising your technical and stakeholder management skills, you will work on a range of complex risks, seeking to maintain capital flexibility globally.

A fantastic opportunity to develop and maintain international pricing bases, procedures and guidelines. You will investigate any developments in health insurance to ensure our client remains at the leading edge of the market.

ALM MANAGEMENT

RISK AMBASSADOR

FINANCIAL REPORTING ACTUARY

Qualified

Global Insurance Group

INVESTMENT FLEXIBLE LOCATION

STAR4270

Risk Specialist

Growing Business

LIFE RISK SOUTH WEST

STAR4129

Part-Qualified / Qualified

Major Insurer

LIFE LONDON

STAR4340

Use your ALM skills and knowledge of annuity products to support a leading IFRS and Solvency II reporting function, whilst building and maintaining effective relationships with a range of stakeholders.

Senior Managers or Managers needed to lead and perform Strategic Asset Allocation analysis, review management information, and identify and analyse capital management optimisation opportunities.

Seeking a risk expert to deliver, maintain and implement an effective risk management framework. This role offers management responsibility and broad stakeholder interaction across the organisation.

SENIOR ACTUARIAL MODELLER

ACTUARIAL SYSTEMS DEVELOPER

CUTTING EDGE REINSURANCE

Part-Qualified / Qualified

Part-Qualified / Systems Analyst

Part-Qualified / Qualified

Global Reinsurer

LIFE LONDON

STAR3973

LIFE SOUTH EAST

Insurance Group STAR4287

Leading Insurer

LIFE LONDON

STAR4329

An excellent opportunity to take a varied role in a leading-edge actuarial modelling team, assisting in the redevelopment and maintenance of a robust modelling suite across multiple business areas.

Develop and maintain the systems, models and tools used by the actuarial department. Good technical and IT skills with expert knowledge of development lifecycle and governance are required.

Seeking a talented reinsurance manager with strong communication skills to take up an exciting and broad role with responsibility for team management, external reinsurance relationships, and FinRe treaties.

ACTUARIAL REPORTING ANALYST

SENIOR ANALYST

PRICING CONSULTANT

Part-Qualified

Global Insurance Group

Part-Qualified

Large Reinsurer

LIFE LONDON

STAR4339

LIFE LONDON

STAR4069

A great career-development opportunity for you to assist in the production and analysis of regular actuarial reports including IFRS, EV and US GAAP. Experience of modelling tools, e.g. MoSes, is required.

Insurance Group STAR4323

Use your thorough understanding of the UK Retirement Market to implement pricing strategies to achieve our client’s business plans, optimising people, systems and processes.

Irene Paterson FFA

Lance Randles MBA

Peter Baker

Jan Sparks FIA

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

PARTNER +44 7477 757 151 jan.sparks@staractuarial.com

Jo Frankham

Adam Goodwin

Clare Roberts

Diane Lockley

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

SENIOR CONSULTANT +44 7714 490 922 clare.roberts@staractuarial.com

S SENIOR CONSULTANT + +44 7492 060 219 ddiane.lockley@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

Sarah O’Brien

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com m

SENIOR CONSULTANT +44 7841 025 393 sarah.obrien@staractuarial.com

52 | THE ACTUARY | NOVEMBER 2017

PLEASE CONTACT US AT ANY TIME TO DISCUSS YOUR RECRUITMENT NEEDS

ACT recr Nov17.indd 52

Use your protection pricing background to build and maintain specialist tools for pricing, reporting and data management, and support the development of valuation models within a pricing and product development environment.

Part-Qualified LIFE PENSIONS SOUTH EAST

+44 20 7868 1900

FOR MORE THAN 250 VACANCIES VISIT

Star Actuarial Futures Ltd is an employment agency and employment business

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staractuarial.com 30/10/2017 12:49