The Actuary October 2015 by Redactive Media Group

OCTOBER 2015 theactuary.com

Interview: Margaret Snowdon

The magazine of the actuarial profession

The pensions landscape and the actuary’s role

Health and care What’s the prognosis after the delay of the cap on care?

Investment Insurance-linked securities are here to stay

Business skills How to present data eﬀectively

SMOKE SIGNALS What can smoking tell us about future mortality improvements? p01_october_cover.indd 1

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People are inherently optimistic. But our job is to keep our eye on the tail of the curve. Our independence drives everything we doâ&#x20AC;&#x201D;without conďŹ&#x201A;icts, we only deliver what the client needs, rather than what they want to hear. Still, if the goals are long-term solutions, there is no other way. uk.milliman.com

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OCTOBER 2015

Contents

24 “Changes in smoking patterns will have a diminishing impact on mortality improvements. E-cigarettes are set to create even more uncertainty.”

UP FRONT

FEATURES

AT THE BACK

10 IFoA news

18 Interview: Margaret Snowdon

34 Puzzles

14 People/society news 16 SIAS events

A prominent ﬁgure in the pensions world talks to Yvonne Wan and Jeremy Lee about her many industry roles

21 Health and care: Mind the cap

OPINION 5

Editorial Kelvin Chamunorwa highlights topics of debate among actuaries, and introduces incoming editor, Richard Purcell

Letters

24 Mortality: A smoke screen What can smoking tell us about future mortality improvements? Mark Paulson reports

27 Agony actuary: Tweet success Witty advice on the problems of tweeting

Actuaries discuss diversity in all its forms, life membership, and a charitable request

28 Modelling: The imitation game

President’s comment

30 Business skills: Data management

Fiona Morrison urges actuaries to help establish a research agenda for the European referendum

With the cap on care put on the backburner, Hamish Wilson looks at what this means for product development

Soapbox Deborah Cooper reports on the Monica Allanach lecture and says women still need more opportunities

MORE CONTENT ONLINE Additional content can be found at www.theactuary.com

COVER: ALAMY

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Alan Chalk provides an introduction to the science of ‘machine learning’

Ed Swires-Hennessy gives advice on how to present data in a way that it will be understood

Try the latest cryptic crossword and Mensa puzzles, plus solutions

37 Student With a review of the actuarial exams underway, Jessica Elkin calls for students to help shape the way forward

38 Actuary of the future Liberty Gordon-Brown of Towers Watson

ONLINE Livery companies: A new joiner’s perspective Edward Johnson talks to Richard Purcell about joining the Worshipful Company of Actuaries. For unabridged article go to bit.ly/1WdDn7l

Newsround For daily news reports from around the world, visit: www.theactuary.com

32 Investment: A marriage made to last Insurance-linked securities are here to stay, argue Leon Beukes and Graham Fulcher

The Actuary e-newsletter To sign up, visit: www.theactuary.com/email-sign-up/

WRITER OF THE MONTH Leon Beukes and Graham Fulcher win a £50 book token for their feature on insurance-linked securities, courtesy of SIAS

October 2015 • THE ACTUARY www.theactuary.com

22/09/2015 11:33

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Opinion Editorial theactuary.com

Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Will Green +44 (0)20 7324 2742 will.green@redactive.co.uk News reporter Cintia Cheong +44 (0)20 7324 2743 cintia.cheong@theactuary.com Digital assistant Tania Forrester tania.forrester@redactive.co.uk Display sales executive Vlad Harmanescu +44 (0)20 7324 2726 vlad@redactive.co.uk Senior recruitment sales executive Emmanuel Nettey +44 (0)20 7880 6234 emmanuel.nettey@redactive.co.uk Senior designer Gene Cornelius Picture editor Akin Falope Production executive Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk

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Print William Gibbons

Circulation 25,331 (July 2013 to June 2014)

Subscriptions For subscriptions from outside the actuarial profession, UK: £95 per annum. Europe: £125 per annum, rest of the world: £150 per annum. Contact: Alison Jiggins, The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E alison.jiggins@actuaries.org. uk. Students on actuarial science courses may join and they will receive The Actuary as part of their membership. Apply to: Membership Department, The Institute and Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325 E membership@actuaries.org.uk Changes of address should inform the membership department as above. For delivery queries, contact: Rachel Young E rachel.young@redactive.co.uk

Guiding the discourse Kelvin Chamunorwa highlights topics of debate among actuaries and introduces the incoming editor of The Actuary In March, Ashok Gupta’s article summarised the findings of a Bank of England study of which he was vice-chair of the working group. The research found that pension funds and life insurers are adopting short-term approaches to investment, amplifying market volatility. The IFoA recently hosted a fascinating panel event with prominent speakers in finance, investment and economics to proffer solutions for these long-term investors to play their rightful role to stabilise markets. At the event, I felt proud that actuaries led this research, and that actuaries are now leading the debate on the way forward. It is clear that long-term investors like pension funds and life insurers have a crucial role in the economy. By mobilising long-term savings, they provide long-term finance – for infrastructure projects, for example – when it is becoming too capital intensive for banks to do so. There needs to be a more conducive framework, and actuaries can contribute here, given our understanding of risk and focus on the long term. Our cover feature is an example of just this competence. Mark Paulson looks at future mortality improvements, and the impact that the reduced prevalence of smoking could have. With e-cigarettes picking up steam, he also points to the additional uncertainty presented by this technology (p24). Elsewhere in this issue, actuaries discuss diversity. Deborah Cooper believes there is still gender bias in the workplace and makes an impassioned case for the need for a significant shift in mindset (p9). Meanwhile, Sameer Keshani argues that our aspirations for equality need to extend beyond just gender (p6). I would be interested in your own view on this complex topic. Finally, changes at The Actuary are afoot. This month we congratulate the incoming editor, Richard Purcell, who will take over from me as of January 2016. We also bid farewell to two members of our editorial team, Helen Lau and Richard Schneider, who have been admirable volunteers over the years. If you would relish interacting with thought leaders to drive the debate in pertinent issues as a volunteer on our editorial team, we would love to hear from you.

“The research found that pension funds and life insurers are adopting short-term approaches to investment”

Kelvin Chamunorwa Editor

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October 2015 • THE ACTUARY 5 www.theactuary.com

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Opinion Letters to the editor editor@theactuary.com

Have your say online

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

Let’s have a wider view I read with some interest the article Sex in the 21st Century (The Actuary, September 2015, bit.ly/1KlsvwE). It has become clear to me in recent times that the issue of diversity and equality has become elevated amongst actuaries, and, while the sentiment should be applauded, I am somewhat disappointed by the narrow focus in which this has been tackled. Having been bombarded with this topic, I have come to a slightly controversial conclusion. For me, gender equality is only one of the many strands of diversity which we should be considering. As a collection of learned people, I feel that the subject of ‘inclusion’ should be approached with much more intelligence and wisdom. Being of Indian descent and having grown up on a council estate in the Midlands, to me diversity includes many issues: ethnicity, social demography, academic ability and age, to name just a few. Could we not spend more time talking about all of these subjects together rather than just pulling out one particular area and making that the topic of the day? It is no coincidence that many people within professional ﬁnancial services come from well educated and often middle-class backgrounds. The question I would like to ask is, what are we doing as actuaries to encourage those from more humble beginnings to rise to the top of their ﬁelds? What are we doing to help those from families who have never had members go to university? What are we doing to help those who talk a bit funny or aren’t connected to the right people to thrive? As far as I can tell, the answer is nothing! Please don’t misunderstand me, I am not rubbishing the importance of female equality, merely trying to highlight the fact that, as actuaries, we should really be using our big brains to think more broadly and help educate everybody about diversity in a wider context. Sameer Keshani 4 September

Response from IFoA Dear Sameer, you are of course right, diversity is much more than gender equality. We will address diversity in its widest meaning. We all have an important role to play in enabling change, and it’s one we take seriously at the IFoA. When we started we asked other similar organisations how they had implemented a broad diversity strategy. They told us we should initially focus our eﬀorts on one issue, and then move onto the next issue. They found this a more eﬀective way of getting the message across. And so that’s why, as part of our broader diversity agenda, understanding and addressing gender diversity is our key objective this year. The IFoA will publish its diversity strategy shortly. It outlines our broader commitments to ensuring equality and diversity in the profession. Building awareness and understanding of the issues faced by our members is one of our main aims. Thank you for helping raise awareness, and we hope your letter prompts contributions from other members. Memoria Lewis IFoA membership director

MORE LETTERS ONLINE More letters are available online at www.theactuary.com/opinion

THE ACTUARY • October 2015 www.theactuary.com

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A ‘Pandora’s box’ ruling The recent ruling that there might be mis-selling of PPI products by banks because they didn’t disclose that they received commission on it opens up a Pandora’s box. I have long believed that if endowment mortgages were mis-sold, and some of the later ones certainly were, the culprit was not the insurance company where the lender was also the intermediary/adviser. The relevant bank or building society must be held to account. Rather than incur additional legal costs, perhaps the life companies should do a deal with them, unless the lenders want to slug it out in the courts. While on that subject, could life companies, on behalf of their with-profits policyholders, sue public-sector pensions schemes? Mineworkers are a prime example because, for example, they quoted a transfer value of X when someone was leaving a scheme and 3X when they were reinstated following a mis-selling award. The basis was actuarially consistent, but they valued leavers’ benefits on opting out and stayers when coming back in. Everyone was so concerned to ‘sort it out’ that no one cared about culpability and accountability. I’m 10 years retired and some distance from the figures, but we’re talking billions. Finally, Paul Klumpes says that the chancellor of the Exchequer talked of inter-temporal equity and wondered whether that was a field for actuaries (The Actuary, September 2015, bit.ly/1FRoXAk). I’d missed the chancellor’s comment, but I previously suggested just such a thing (The Actuary, November 2014, bit.ly/15DKZLK). A longer paper was touted, but there was not much traction. Icki Iqbal 15 September

All out at 80 Being over 80, and so a life member free of subscription, I was surprised to receive an email asking me to renew. Following through the various links, I eventually discovered that existing life members continue without charge, but the concession is withdrawn for everyone reaching age 80 from now. These people will normally stay in the retired category, paying £70 per year provided

The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email editor@theactuary.com. The deadline for receiving letters for the November issue is 19 October 2015.

SHUTTERSTOCK

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they do no paid actuarial work. I have found no clear reason for the change. However, I remember when the concession was introduced that Council had found that a lot of elderly members were deciding there was no point in continuing to pay. As a result, the profession was losing all contact with actuaries who had been members for the whole of their careers and Council thought this was a matter for regret. Does this reason no longer apply? Does Council no longer care if members drop oﬀ as they age? Surely the profession is not so hard up that it needs £70 from its octogenarians? Roy B Colbran 9 September

Response from IFoA As Mr Colbran helpfully clariﬁes, all existing members within the category of “life” membership will continue to retain their membership free of charge. However, following a detailed and considered review by Council, this category of membership will no longer be available for members reaching 80 years of age on or after 1 October 2014. This change was agreed to align with best practice as regards recent legislation, particularly in relation to age discrimination. Anne Moore, IFoA director of finance and operations

Call to help charity I am a UK trustee of an international social enterprise called Specialisterne, which aims to help those on the autistic spectrum to find meaningful work. Specialisterne will match these individuals to jobs where attention to detail, adherence to structure and greater creativity are considered a competitive advantage. The UK operation is at an early stage, but has already secured contracts with EY, Microsoft and the BBC. Our actuarial contacts have suggested that many of the skills discussed match those required in your industry, and I appeal to your readers to get in touch if they can support our work. Specialisterne can offer a flexible working arrangement and will train and support individuals before and after placement. Many companies are recognising the benefits of being more inclusive and diverse in their recruitment, as well as the social good involved. Earlier this year, The Guardian published an article about one of our consultants (bit.ly/1aJJdKy). I hope that your readers will find this interesting, and I urge them to visit our website (uk.specialisterne.com) for information. Martin Jones 14 September

October 2015 • THE ACTUARY www.theactuary.com

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›

Opinion President’s comment

Fiona Morrison is the president of the Institute and Faculty of Actuaries

FIONA MORRISON

An informed debate It’s amazing what your mind turns to when you are on holiday trying to relax and get away from it all. As I write this, I am enjoying a short break in the Alps before I return to the hustle and bustle of managing the day job, and my presidential responsibilities. I suspect that I’m like many of you, in that even when on holiday, the smartphone is never far away and, despite best endeavours to switch off, I just can’t. Which got me pondering – as I found myself sitting on the lift going up a mountain in Chamonix – just how far technology has developed in such a short space of time. It is amazing to think that the very first handheld phone was demonstrated to the world by Motorola in 1973. It weighed 2kg and needed the user to carry a tractor battery around to power it. Today you have essentially a mobile computer in your pocket, with more power than most home PCs had in the 1970s, with the added bonus of allowing you to make phone calls, although that may be a dying art (but that’s for another month). As well as the advance in technology, it is also quite incredible how the mobile phone market has grown in that time. A quick Google search, as I sit in the lift, reveals that, according to Wikipedia, between 1983 and 2014, worldwide mobile phone subscriptions grew from zero to over 7 billion, penetrating 100% of the global population and reaching the bottom of the economic pyramid. I find that quite staggering. Now I don’t profess to be an expert in mobile technology, despite my daily reliance on it, but a concerted and focused effort within the research and development community would have played a significant role, and still does. I know I talked about research in last month’s column, but I make no apologies, as research is so central to the sustainability of our profession. It not only furthers actuarial science but also provides the evidence base for our voice as a profession as we engage in public policy debates. As many of you will be aware, the IFoA has taken steps recently to reinvigorate its research activities through the creation of the Research and Thought Leadership

IFoA president Fiona Morrison urges actuaries to help establish a research agenda for the European referendum Committee, and the appointment of a lay chair, professor Mark Cross. Ambitions for our research programme are high, and our recent call for research proposals is generating interest around the world: from industry, including the Bank of England and Lloyd’s of London; academia and our accredited universities; and from sister actuarial associations. I am truly excited about the response, and even more excited about the prospect of multi-disciplined teams working together around the globe to produce cutting-edge research that makes a real difference to actuarial science and its business application. With research driving us, identifying areas where we want to have a voice has also been a focus for our practice boards and our Policy and Public Affairs Committee (PPAC). So much great work is being done by our members. The challenge is how to showcase this – to external audiences and to members. Off the back of our successful engagement in the Scottish independence referendum,

which drew public praise from the Secretary of State for Scotland for providing neutral and impartial information, there is real appetite within council for the IFoA to engage in the European referendum. To help drive forward our public aﬀairs work on this, we have asked for volunteers to form a steering committee. Among other things, this will identify what research we should undertake to help inform the European debate. As with the Scottish independence referendum, we will be looking to involve members over the coming months through a series of events, so watch this space. In terms of our call for research, I know that we are a profession of talented individuals. Why not take a look at our website? Perhaps you and your business want to get involved in this exciting opportunity, as I am sure that the output will be of beneﬁt to many of us in our day jobs as well as to actuarial science. a View the call for research at bit.ly/1WovvRs

“I am truly excited about the prospect of multi-disciplined teams working together around the globe to produce cutting-edge research”

THE ACTUARY • October 2015 www.theactuary.com

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Opinion Soapbox

DEBORAH COOPER

Bias busting On 15 July, Kathryn Morgan, director at the Gibraltar Financial Services Commission, gave the first Monica Allanach lecture. Allanach was one of the first women to qualify as a Fellow of the Institute of Actuaries, in 1951. The occasion was used to celebrate her achievement, observe how the profession’s membership has changed, and to ask whether it has further to go to address gender diversity. Currently, 40% of those joining the profession in the UK are women, about the same proportion in recent cohorts of maths graduates, and 40% of those completing actuarial exams are women. Morgan asked whether we should seek to understand why the intake is not 50-50. She also reflected on the low rate of senior women actuaries, and offered tips to help both men and women consider how to make the most of their careers. Some audience members wondered whether there was evidence that having more women in senior positions results in better outcomes for an organisation. There is certainly no evidence that senior women adversely affect results. Even so, diversity groups are often asked to make business cases for providing skilled and talented women with career advancement opportunities, while similar cases are not needed to promote men. It was suggested that men and women were naturally suited for different roles. Of course, there will always be differences, but these should be owing to an individual’s unfettered choices, rather than socially constructed prejudice. Research was quoted where an orchestra, having previously recruited mainly male musicians – arguing that their musicianship was different from women’s – tried ‘blind’ auditions. The proportion of female new hires increased from 10% to 45%, illustrating how people who think there is a genuine distinction between different groups of people may just be expressing an unconscious bias. The issue of flexible working allowing women to balance work and family responsibilities was raised. Men have families too, and, increasingly, are taking advantage of this flexibility. The equality challenge is not only about opportunities for women but also about men balancing their workloads so family responsibilities are not left largely to their partners.

Deborah Cooper reports on the Monica Allanach lecture on sex and equality, and says women still need more opportunities It was suggested by another audience member that the low number of senior women could be a cohort effect. I am a ‘senior’ woman. I first applied for jobs as an actuarial trainee in my third year as a post-graduate student. One consultancy said I was too old for them to interview; at another interview there were pictures of scantily clad women on the walls. Things have changed, but not entirely. More recently, a young woman with work experience wasn’t invited for an interview on graduation. Her lecturer asked why, since similarly experienced and qualified men were invited. She was told there was no point in interviewing women because they have children. I have children, and I have worked full time since leaving university. When I was interviewed for my current job in 2000, Mercer was the only firm not to ask me how I was going to cope working full time. According to research carried out in 2014, businesses tend to view women with children as liable to be distracted and to skimp work, whereas men with children are viewed as stable and committed. So it is no surprise to me that women leave the profession on

average far sooner than men. It is not their biology that leads to this. The women who leave are no less able or motivated than their male colleagues, but they lack role models and are denied opportunities. Allanach and her female peers were remarkable in their achievements. It is shameful that serious people still consider it reasonable to debate whether people should be given equal opportunities, and that a business case is needed before women can be given the same as their male counterparts. Allanach didn’t expect special treatment, but Morgan asked whether positive discrimination or quotas could help speed progress. No woman wants to feel she has been appointed to a job just because she is female, although men have enjoyed the equivalent privilege for years. Unfortunately, behaviours reinforced over many centuries seem unlikely to change overnight. It is not enough just to lead this horse to the water trough: some positive action is needed to make it drink.

“Women who leave work are no less able or motivated than their male colleagues, but they lack role models and are denied opportunities”

Deborah Cooper is risk and professionalism leader at Mercer

October 2015 • THE ACTUARY www.theactuary.com

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News IFoA NEWS UPDATES FROM THE ACTUARIAL PROFESSION

Upfront Opinion CEO’s comment

Nominations sought for Honorary Fellowships and medals

Derek Cribb unveils plans for real-time webcasts to extend the reach of the IFoA’s events programme

The IFoA recognises excellence and achievement via a number of prizes and awards. The Gold and Finlaison Medals and the award of Honorary Fellow are among the highest honours bestowed by the IFoA. The Gold Medal, established in 1919, is awarded to IFoA members in recognition of work “which is of pre-eminent importance, either in originality, content or consequence, in the actuarial field” and is a most prestigious award. Previous recipients include George James Lidstone (1870-1952), the eminent actuary, lawyer and mathematician, who lends his name to the Lidstone series in mathematics; professor David Wilkie, recipient of the Faculty and Institute Gold Medals prior to the merger and the Finlaison Medal; and professor Phelim Paul Boyle, best known for initiating the use of Monte Carlo methods in option pricing. The Finlaison Medal was first awarded in 1985, and recognises services to the actuarial profession, in furtherance of the objectives set out in the IFoA Royal Charter: “…in the public interest, the advance of all matters relevant to actuarial science, and to regulate and promote the actuarial profession”. Recipients include recent Honorary Fellow Andrew D Smith, former government actuary Sir Edward Johnston (1929-1991), renowned academic professor Angus MacDonald and Doreen Hart (posthumously). Honorary Fellows are eminent individuals in business, academia, government and public bodies. The IFoA has over 100 Honorary Fellows worldwide, who contribute to the work of the membership. Notable Honorary Fellows include Sir Philip Mawer and Sir Andrew Dilnot and, back in the mists of time, eminent persons such as Charles Babbage and William Farr. Members are invited to nominate for Honorary Fellowship candidates who have made a significant contribution to the profession and have an ongoing involvement. Nominations received by 23 November 2015 will be considered by the Awards Committee. To nominate a member for a Gold or Finlaison Medal, visit bit.ly/1Ndopen For details regarding IFoA Honorary Fellows and to complete the nomination form, visit bit.ly/15DgPI5

Delivering to our members Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

used to describe the work of the IFoA, with the launch of global firsts such as the Certified Actuarial Analyst qualification and the Quality Assurance Scheme – but there’s more to come that will build on our developing reputation. We are fortunate to have such a strong pool of volunteers, who help us pull together our conferences, producing content that ensures our events are always advancing and pushing boundaries. But, as the IFoA has expanded its geographic reach and as our membership has increased, we have been faced with the challenge of making this high-quality continuing professional development (CPD) and conference material accessible to all members, wherever they are based. This year I was extremely proud to attend our first IFoA Asia conference in Beijing. It was a wonderful opportunity to listen to our guest speakers, such as Nobel Prize winner Myron Scholes, and was hosted with aplomb by David Hare, immediate past-president. The conference was well attended and set new records in feedback scoring for its high quality. However, the benefits of this conference were only garnered by those in the region. Events such as the GIRO, Life and Momentum conferences face a similar challenge in making material accessible to all members who are interested in actuarial science. We currently record our plenary sessions and upload these to the website. In the future, however, we are planning to produce global real-time webcasts from our conferences. This should allow members all over the world to obtain CPD and attend networking events as they come together in groups across the regions to watch live broadcasts. We will be able to make these webcasts interactive through social media, and hope to facilitate discussion at remote gatherings. We are looking to begin a trial of this at our upcoming CPD events. It is my vision that broadcasting our events will give us a greater reach to our actuarial audiences. This will be another benefit available to all members, helping to improve accessibility to CPD and networking globally, encompassing social media and regional societies around the world. If you are interested in the IFoA’s member benefits, please visit bit.ly/1K5aGFt To find out more about future events, please visit www.actuaries.org.uk/events

DEREK CRIBB

Innovation is a word that is increasingly

THE ACTUARY • October 2015 www.theactuary.com

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Understanding the IFoA’s Disciplinary Scheme This is the first in a series of short articles that aim to promote a better understanding of the IFoA’s Disciplinary Scheme All members are bound by the rules of the Disciplinary Scheme and could find themselves subject to a complaint during their careers. This may relate to conduct in the course of their professional duties and/or personal lives, and all members should be aware of and understand the scheme. Why do we have a scheme? The scheme allows us to investigate allegations of misconduct in a fair and rigorous manner. It is vital that the public has confidence in the quality of actuarial work and the professionalism and integrity of all members. What is defined as misconduct? In short: it is a failure to comply with the standards of behaviour, integrity, competence or professional judgement that other members or the public might reasonably expect of a member. You need to know this as all allegations are ultimately determined by a judicial panel with reference to the full definition (see panel). What is an allegation? An allegation is a statement in writing that a named member has or may have been guilty of misconduct. All allegations must be investigated under the scheme. There is no preliminary filter. Members subject to an investigation always have opportunity to comment fully on the allegations. What types of allegations have been considered under the scheme? ● Poor communication with clients or colleagues. ● Criminal convictions (for example, breach of the peace, drink driving convictions). Members have a duty to disclose any conviction or adverse finding by another regulator. ● Breaches of technical and/or ethical standards (including the Actuaries’ Code and the Financial Reporting Council’s Technical Actuarial Standards). Not every individual breach will amount to misconduct. ● Shortcomings in an expert role – for example, in divorce proceedings. ● Non-compliance with continuing professional development (CPD) scheme. ● Exam cheating. How can I minimise the risk of an allegation being made? ● Do not take on a piece of work unless you have the necessary

competence or knowledge. So, if you are a scheme actuary, do not assume

Deﬁnition of misconduct Misconduct is deﬁned as “any conduct by a member, whether committed in the United Kingdom or elsewhere, in the course of carrying out professional duties or otherwise, constituting failure by that member to comply with the standards of behaviour, integrity, competence or professional judgement which other members or the public might reasonably expect of a member having regard to the bye-laws of the Institute and Faculty of Actuaries and/or to any code, standards, advice, guidance, memorandum or statement on professional conduct, practice or duties which may be given and published by the Institute and Faculty of Actuaries and/or, for so long as there is a relevant memorandum of understanding in force, by the Financial Reporting Council (including by the Board for Actuarial Standards) and to all other relevant circumstances”.

you have the necessary knowledge to act in another practice area. ● Keep up to date with regulatory and statutory requirements that apply to your work. Ignorance is no defence. ● Keep files up to date. ● Have clear terms of engagement. ● Manage your client’s expectations at all times. ● Make sure all communication is clear and timely. ● Use file/telephone notes to record all discussions. ● Keep CPD and professionalism training up to date. ● If an allegation is ever made against you, co-operate in any investigation and engage with the investigation team. If you have made a mistake, panels will look for insight into what went wrong and what proactive steps you have taken to improve your knowledge and competence. Overview of process Further information on the Disciplinary Scheme and how we handle allegations, including a flowchart that sets out the various stages under the scheme, can be found on our website, as well as a helpful FAQs document entitled Safeguarding the Public Interest. Next time we will explain the investigation stage, case reports and the adjudication panel. Also, look out for talks at regional societies. Further information: www.actuaries.org.uk If you have any queries on the operation of the scheme, or would like copies of any of our information documents, please email disciplinary.enquiries@actuaries.org.uk

Don’t forget your subscription renewal

Important information for chief actuaries

Twitter campaign #WhatActuariesDo

The subscription notice for 2015/2016 is now available and can be obtained by logging into the members’ area of the website and selecting ‘subscription letter’. Payment can be made online, or by BACS, credit or debit card, cheque (payable to the Institute and Faculty of Actuaries) or direct debit. Please email enquiries to membership@actuaries.org.uk or telephone 0131 240 1325

If you hold or intend to hold a chief actuary role, as described in the Prudential Regulation Authority’s Senior Insurance Managers Regime, you should be aware that you need to hold an IFoA Practising Certiﬁcate. The relevant information, including details on how to apply, can be found on our website, and you are reminded that you should make your application by 14 October 2015 at the latest to maximise the likelihood that your application will be processed in time. View more information at bit.ly/1HDPyQF

The IFoA has launched a Twitter campaign asking people to deﬁne #WhatActuariesDo in 140 characters or less. The purpose of the campaign is to get everyone thinking about #WhatActuariesDo and your responses will be used to help us to promote the profession to employers. The campaign will run until the end of October, and the results will be shared with the IFoA Council, who will be selecting the best entry. Will it be yours? Please join the campaign and start tweeting about #WhatActuariesDo Find us on Twitter at bit.ly/1LeTVUV

October 2015 • THE ACTUARY www.theactuary.com

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News IFoA NEWS UPDATES FROM THE IFOA

QAS: hallmark of quality Senior regulatory lawyer Emma Gilpin explains why organisations employing one or more IFoA members should sign up to the IFoA’s Quality Assurance Scheme The IFoA launched its Quality Assurance Scheme (QAS) on 1 September. The idea behind the accreditation programme is to recognise the important role that the working environment plays in a member’s ability to produce high-quality actuarial work.

submit your application by 1 November 2015.

Q. Emma, why don’t you start by telling us what makes QAS different? Well, firstly, this is an exciting new step as it involves creating a direct relationship with the organisations that employ our members. It is also a bit different to other accreditation schemes in that it is focused on qualitative assessment of whether the organisation meets certain outcomes. This means that the review doesn’t just check whether the right policies and processes are in place but considers whether they are properly embedded into the organisation’s culture.

Q. What has the feedback been like so far? Feedback from a pilot scheme last year was very positive, and you can read about the experiences of the organisations that took part in the case studies we have prepared. In addition, the Financial Reporting Council has been very supportive of the scheme and in June issued a statement encouraging organisations to sign up to the QAS.

Q. When will the first batch of accreditations be announced? The first batch of accreditations will be announced in late spring 2016. To ensure that you are part of that first batch, you need to

Q. Will applications be accepted after that? Yes, applications will be accepted at any time. Submitting by 1 November will ensure you are part of the ﬁrst group of accreditations.

Q. How can organisations ﬁnd out more? There is a lot of information on our website, including the application form and core documents. There are also three short ﬁlms, which explain the process and help you get ready for your review. Alternatively, we can come and talk to your organisation. More details at www.actuaries.org.uk/qas Email QAS@actuaries.org.uk

Disciplinary Tribunal Panel hearing: Mr William John Hudson FIA and Mr Norman William Head FIA The hearing took place on 6-9 July. The Disciplinary Tribunal Panel considered charges of misconduct respectively against Mr William John Hudson and Mr Norman William Head (the respondents), relating to alleged breaches of the professional and technical standards in advice given to pensions trustees. A ﬁnding of misconduct was made against both Mr Hudson and Mr Head and the following sanction was imposed in respect of each respondent: ● expulsion from membership. The panel also determined that the respondents should make a contribution of £15,000 each towards the IFoA’s costs. The full determination can be viewed online, including the panel’s reasoning of Mr Hudson and Mr Head (www.actuaries.org.uk )

Independent examiners: who are they and what do they do? The IFoA’s independent examiners are professional development and responsibility volunteers (PDRs). Coming from both professional and academic backgrounds, they are at the heart of the IFoA’s Accredited Programme process. What is the Accredited Programme process? The principle of students claiming exemptions against individual degree programmes has been in place for many years. Accreditation was put in place to account for the volume of exemption requests coming in from students studying the same degrees at the same universities. It ensures that accredited degree

Help shape the environmental agenda for the IFoA

programmes meet the same criteria as the IFoA exams and students meet our requirements. Following the Morris Review, the IFoA acknowledged there were alternative routes to reach qualiﬁcation. We broadened the scope of accreditation with a requirement on universities to include innovative aspects to actuarial science, in addition to covering the majority of the IFoA syllabus. This gave universities greater scope to develop programmes that not only oﬀered exemptions but also attracted a wider variety of students.

accredited programmes are delivering content, and setting exams, at an appropriate level for students to claim exemptions. Working closely with our university partners, IEs are involved all the way through from initial programme design to ﬁnal recommendations for student exemptions. At the end of each academic year, the IEs send in a summary report which, combined with an annual meeting of all IEs, will help the IFoA advise universities on the best way forward for their programmes and students.

What is the role of the independent examiner? Independent examiners (IEs) ensure that

If you are interested in becoming an IE, please contact debbie.atkins@actuaries.org.uk

Applicants are invited to apply for the key role of deputy chair of the Resource and Environment (R and E) Board. This role will be instrumental in shaping the future direction of the R and E agenda in the actuarial arena.

This exciting opportunity will involve cross-practice liaison to support the current chair and board in building consensus and showcasing the benefits of shared actuarial development.

The inﬂuential and strategic nature of this key role will oﬀer the applicant an opportunity to create broad networks. Find out more about the role on our volunteer vacancies page: bit.ly/1oaKuJZ

THE ACTUARY • October 2015 www.theactuary.com

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EVENTS AND CONFERENCES SESSIONAL RESEARCH BUSINESS DEVELOPMENT EVENT: EXPERT JUDGMENT WORKSHOP 3 November 26 October London The challenges of developing practical solutions under Solvency II are well known, and common approaches have emerged to tackle some of these. One area where there appears to be little consensus is the approach to expert judgement. The IFoAâ&#x20AC;&#x2122;s life solvency and capital management working party will present its expert judgement research paper, which aims to provide some clarity of thinking and practical suggestions on how companies could tackle this diďŹ&#x192;cult concept. Book your place: bit.ly/1gbPdyH

London Discover new business opportunities, develop your existing business and win clients in todayâ&#x20AC;&#x2122;s busy market. You will leave the half-day workshop with a variety of tailored ideas and strategies to help you develop your business. bit.ly/1Kmxu3W

30 YEARS OF LIFE 18-20 November Convention Centre, Dublin Join the 30th celebrations, view the event programme and speaker line up at bit.ly/1eJ2H59

merging three large practice area events. With three days of knowledge exchange and continuing professional Edinburgh development alongside a selection The structure and delivery of a of plenaries, workshops and good pitch is essential in everyday technical skills boosters, delegates business. Learn the vital can attend a variety of crosstechniques and apply your winning ideas to colleagues, partners and practice sessions, get involved in a prospective clients. number of topical discussions and bit.ly/1K7vKgu network with others with diďŹ&#x20AC;erent specialisms. The Actuarial Approach for THE PENSIONS CONFERENCE (ALONGSIDE Financial Risks/Enterprise Risk THE RISK AND INVESTMENT Management (AFIR/ERM) section of the International Actuarial CONFERENCE 2016) Association (IAA) will be joining this 31 May â&#x20AC;&#x201C; 2 June 2016 conference. Register your interest Edinburgh Convention Centre at hannah.watson@actuaries. Join us at the ďŹ rst Pensions, Risk and Investment Conference, org.uk

ENJOY PITCHING WORKSHOP 10 December

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Are you a newly or nearly qualiďŹ ed actuary? If yes, then the Momentum Conference 2015 is an excellent opportunity for you to meet new people and industry professionals from different specialisms and companies. 7KH WZR GD\ SURJUDPPH FRYHUV D ZLGH UDQJH RI FXUUHQW DQG LQ GHSWK WRSLFDO HFRQRPLF PDWWHUV WHFKQLFDO VHVVLRQV EXVLQHVV VNLOOV PDVWHUFODVVHV HQHUJHWLF GHEDWHV DQG PRUH 8VH \RXU SUDFWLFDO DQG DQDO\WLFDO VNLOOV WR LGHQWLI\ NH\ RSSRUWXQLWLHV DQG FRQVLGHU LQQRYDWLRQ VROXWLRQV $WWHQG SOHQDU\ VHVVLRQV ZRUNVKRSV DQG SURIHVVLRQDO VNLOOV VHPLQDUV (QJDJH ZLWK IHOORZ SHHUV DQG WDNH DGYDQWDJH RI WKH PXOWLWXGH RI QHWZRUNLQJ RSSRUWXQLWLHV

,WÂˇV QRW DOO ZRUN DW WKH 0RPHQWXP &RQIHUHQFH 2YHU WKH WZR HYHQLQJV \RX ZLOO EH LQYLWHG WR D EXIIHW DQG QHWZRUNLQJ UHFHSWLRQ DERDUG WKH 66 *UHDW %ULWDLQ DQG D WKUHH FRXUVH GLQQHU ZLWK GDQFLQJ DW WKH $W %ULVWRO 6FLHQFH &HQWUH. 0DNH VXUH \RX JUDE WKH HDUO\ ELUG IHH EHIRUH 2FWREHU ZH ORRN IRUZDUG WR PHHWLQJ \RX DW 0RPHQWXP

For sponsorship and exhibition opportunities, please contact petrina.parnell@actuaries.org.uk To register for Momentum 2015 please visit: http://bit.ly/1EYGohS

October 2015 â&#x20AC;˘ THE ACTUARY www.theactuary.com

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If you have any newsworthy items for these pages please email social@theactuary.com

News People & Society

Quizzical pursuits By Catherine Johnston The third event of the year for the Student Society of Actuaries in Ireland was held on 18 June at Dicey’s on Harcourt Street, Dublin. Over 120 students attended the annual table able quiz to compete against each other for the winning prize of €50 One-4-All vouchers per team member, kindly donated by Acumen Resources. The teams placing second and third were rewarded with €20 One-4-All vouchers and bottles of wine respectively. The 30 teams competing were required to test their knowledge across eight rounds covering geography, history, sport, entertainment, art and literature, science, current aﬀairs and lyrics and quotations.

Windermere whizz Earlier this summer, JLT’s Charles Cowling returned to the scene of his 10in10 marathon achievement for another lap in the 2015 Windermere Marathon, raising money for the Brathay Trust. We caught up with him and asked how it felt to return to the scene of the pain and triumph of last year’s epic race: “It was hard work and a painful reminder but at the same time it was glorious, not just to meet up with some great friends made during last year’s event, but also to run the beautiful Windermere course again. It is tough and hilly, but it rewards you with some of the most beautiful scenery in Britain. On race day, the course is full of well-wishers, holidaymakers who’ve stumbled across the event, others are family and friends – but all were cheering the runners on with great support and much appreciated enthusiasm. Many of the runners were raising important funds for needy charities and many were novices. I was proud this year to be joined by two of my sons, Tom and Toby, for their first marathon. Tom, who is an actuarial student at Grant Thornton, ran off at the start and completed the race in just over 3 hours, finishing an impressive 21st out of over 700 runners. Toby was more considerate and ran with me for the first half of the race at least. It was great to run this

lovely course without the burden of having to save yourself for the next day’s race, or trying to recover from the previous day’s. Foolishly, with all the encouragement from the crowd, I began to push it, thinking I may be able to break four hours for the first time ever. But there are some serious climbs on that road back up Windermere and they took their toll. Cruelly, the steepest climb is saved for the last few hundred yards up to the finish line at Brathay. The fantastic crowds at the finish encouraged me to one last effort. I collapsed at the line having given my all, and while missing out on the magical four-hour target, was delighted to have raised over £15,000 for a fabulous charity, which does so much to help disadvantaged kids.” Not content with his efforts at London and Windermere this year, Charles is running the New York Marathon in November to raise funds for Get Kids Going.

Additionally, there was a symbols and brainteaser round. In a very close competition with only one point separating the top three teams, the winning team, ‘The Product Governators’, ﬁnished with 77 Go points. They are pictured with po Paul Walsh from Acumen (on the P left) le who presented the prizes. There was a separate prize for T best b team name, which was awarded to ‘Pain in the ORSA’. The strong turnout contributed to a s tremendous atmosphere. Thanks to Dicey’s for running the event, Acumen Resources for their sponsorship, and to all who attended. The student committee would also like to wish good luck to those sitting exams in October.

Boxing clever By Cian O’Criodain On 3 August, the London Market Student Group (LMSG) was host to Scott Eason, partner and head of insurance consulting at Barnett Waddingham LLP. The title of Scott’s presentation was ‘Thinking outside the box’; in the context of investment strategies for general insurance companies. Scott began by highlighting the importance of investment returns and how they have been at an all-time low for several years, and far lower than expected. He described how companies have various considerations that may inform their investment strategy, such as: business objectives, risk appetite, capital requirements and asset-liability management. Investment portfolios of general insurers have traditionally been quite boring, and Scott suggested some “more sexy” investments that general insurers might consider. These included: illiquid loans; absolute return funds; and volatility controlled equity. Scott also questioned why general insurance companies are not investing in these products. It was suggested that lack of internal knowledge was a prime driver behind investing highly in cash and gilts only. Capital requirements under Solvency II are also still unclear. To ﬁnish, Scott stated that there are a number of non-traditional assets available, but companies need to identify which aspect of investment performance they want to optimise. Considering the portfolio as a whole is key, rather than looking at individual assets in isolation. If you would be interested in learning more about the LMSG or attending our events, please email Cian at ocriodac@tcd.ie

THE ACTUARY • October 2015 www.theactuary.com

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Time with the other half By Jacky Pendleton The actuarial profession is a very demanding one, both business-wise and socially. The ‘Other Half Club’ provides a little social independence for the partners of actuaries to oﬀset all those professional seminars, dinners and events. The club has 73 members, and this year we’ve participated in a variety of diﬀerent events. These included a number of dinners at the Café du Marché, lunch at Brixton prison’s The Clink restaurant, the Bank of England, and a walk around Chelsea with a professional guide including Chelsea Physic Garden and Hospital. There was also a visit to one of the monthly planned openings of the Thames Barrier, followed by a riverboat trip down the Thames

via Greenwich to Westminster and an afternoon production of Guys and Dolls at the Guildhall School of Music & Drama’s Silk Street Theatre. Our next event is a tour of the Chislehurst Caves, now a museum laid out as it was in its Second World War function of a hospital. Our new year will begin with our annual dinner at the Café du Marché on Monday 16 November, planned on the same evening as the Gallio Club dinner so that there is an opportunity to be escorted home by our ‘other halves’. We welcome new members, so do get in touch if you are interested in joining us. Email theotherhalfclub@gmail.com or phone Jacky Pendleton (chair) on 07768 200539 or Lesley Birse (secretary) on 01689 836392

Livery companies as a new joiner Edward Johnson talks to Richard Purcell about joining the Worshipful Company of Actuaries How would you describe the livery companies and what do they do? There are 110 livery companies in the City of London, each representing a diﬀerent trade or profession ranging from bakers to pilots, and of course actuaries. They would traditionally regulate the activities of their

respective freemen (or members) in the city. Today, the livery companies are a way to meet other members of your profession and support charitable activities.

What attracted you to becoming a member of the Worshipful Company of Actuaries (WCA)?

part of the City of London’s ancient history was exciting. Read the full Q&A online at bit.ly/1WdDn7l or contact

clerk@actuariescompany.co.uk to ﬁnd out about the WCA’s new members evening on Tuesday 24 November.

It was the history and style of London Livery Companies in general that attracted me to join. The WCA has built up its reputation and standing since its formation in 1979, but other companies such as the Mercers’ Company and Goldsmiths’ Company claim over 700 years of history. To have the opportunity to be

Wedding Congratulations to Sarah Lossin (LCP) and Peter Norman (First Actuarial) who got married on 15 August 2015 at St Saviour’s Church in Brockenhurst, Hampshire.

A massive move forward for many By Adam Butt Massive Open Online Courses (MOOCs) are a recent development in higher education that provide free, or low-cost, education online to millions of students. The Australian National University (ANU) is a Charter Member of edX, one of the providers of these MOOCs. This model is a perfect fit for people who are considering actuarial science as a career option, but know little about what an actuary is. ‘Introduction to Actuarial Science’ will run live for eight weeks from 19 October 2015; after which we expect to make the course available in an asynchronous mode from early 2016. As at the time of writing (24 August 2015), the course already has a total of 2,839 enrolments, with a target of 10,000 students looking achievable. Enrolments come from 139 different countries, with the most represented countries being the US (22%), India (14%), Australia (5%) and the UK (5%). The reach of MOOCs is huge. Students will start from the very basics of cashflow valuation, and by the end of the course they will be performing simulation analysis of a (much simplified) life insurance company. Students engage in the course through a series of short, three- to eightminute videos, interspersed with questions that examine what has been learned during the videos. The majority of student-student and student-teacher interaction occurs in discussion forums, along with other social media elements. I see this MOOC as a great opportunity to ‘capture’ the best and the brightest into the profession, so please spread the word. For details of the ANU MOOC, see bit.ly/1fpQTww

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

October 2015 • THE ACTUARY 15 www.theactuary.com

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MONDAY 19 OCTOBER

Annual General Meeting and Jubilee Lecture Staple Inn Hall High Holborn London WC1V 7QJ 5.30pm

THURSDAY 22 OCTOBER

SIAS pool tournament Venue: TBC

PROGRAMME

We are delighted to announce that, following our Annual General Meeting, professor Jagjit Chadha will be our Jubilee Lecture guest speaker. Chadha holds the position of professor and chair in money and banking at the department of economics at the University of Kent. He is an adviser to the Treasury Select Committee, Bank of England and other policy-making institutions. Chadha’s interests lie in macroeconomics with a focus on monetary issues. We look forward to hearing his views, and hope you can join us.

SOCIAL

Time to take your cue and show us your skills. Could you be a SIAS pool champion? This year’s competition looks set to be better than ever. Teams of two enter for the chance to be crowned SIAS pool champions. Please visit www.sias.org.uk for further details.

THURSDAY 29 OCTOBER

Welcome drinks Staple Inn Hall High Holborn London WC1V 7QJ 5.30pm

SOCIAL

SIAS would like to welcome new members of the Institute and Faculty of Actuaries to a cheese and wine evening at Staple Inn Hall. This event is a great way to meet fellow new joiners and learn more about the profession, the qualiﬁcation process and SIAS, while enjoying a selection of ﬁne wines and delicious cheeses. The tasting will begin at 5.30pm with a series of brief talks covering the education process, SIAS and business skills. For those of you not so new to the profession, please encourage any new joiners from your company to attend. There is no need to register in advance for this event.

TUESDAY 10 NOVEMBER

The elephant in the ground: managing oil and sovereign wealth Staple Inn Hall High Holborn London WC1V 7QJ 5.30pm

MORE EVENTS ONLINE For details of events, visit www.sias.org.uk

PROGRAMME

Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASNov15 during the talk – please do get involved with any comments and questions for the speakers.

SIAS IS ON TWITTER! Follow us on @SIAScommittee for latest news on meetings, socials and more!

SIAS IS ON FACEBOOK! Check out the SIAS Facebook page for photos from the latest social events

THE ACTUARY • October 2015 www.theactuary.com

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On my agenda features@theactuary.com

A woman of

influence Margaret Snowdon OBE, a prominent figure in the pensions world, talks to Yvonne Wan and Jeremy Lee about her many industry roles, her thoughts on the pensions landscape and the future for actuaries Margaret Snowdon has been named as one of the top 50 most influential people in pensions for the past five years, and was awarded an OBE in the 2010 New Year’s Honours List for Services to Pensioners. Despite all the awards and accolades she has received during her career, Snowdon is quietly modest and unassuming about her achievements. It is evident from speaking with her that she has a genuine passion to help people achieve better outcomes in retirement, and that this is what truly motivates her. Snowdon initially pursued a career in psychology, but made the change to pensions at the age of 24. She started as a retirement counsellor, and from there entered the world of pensions administration as a scheme administrator, before progressing into management and then consulting. Having previously worked for Mercer and Towers Perrin at partner level, she joined JLT two-and-a-half years ago. She describes her role there as “minister without portfolio”, which means she is able to play in a wide space. She admits that she loves interfering in order to make a difference. Snowdon has been heavily involved in research on pension policy and chairs a number of industry groups, including the Incentive Exercises Monitoring Board, which evaluates how employers run incentive exercises. These involve invitation or inducement for defined pension scheme members to make changes to their benefits. She also works with the Pensions Administration Standards Association (PASA) – an independent body that sets standards for pensions administration, and is a member of Phoenix Group’s independent governance committee (IGC), set up to improve the governance of workplace pensions and provide greater protection to scheme members.

THE ACTUARY • October 2015 www.theactuary.com

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Can you identify any key choices or decisions that you made during your career? I ran my own business for a while, during which time I decided to help set up an insurance company. I’d worked alongside insurance companies before but never actually been in one. It was a scary choice when I made it several years ago, but it gave me new skills and I learned a lot about the ﬁnancial services industry.

How successful has the PASA kitemark accreditation scheme been and what can we expect to see from PASA in the future? I think the accreditation scheme is one of the best and it sorts out the sheep from the goats. But it’s taking time to get the word out and encourage administrators to spend a few thousand pounds to become accredited and stand up for what they say they believe in. We currently have half a dozen providers that have been brave enough to become early adopters and come forward to be accredited. But we need the industry to recognise that administrators that are being tested are actually worthwhile, and we need trustees to see the value in having an administrator that has proven it is ﬁt for purpose. Administration may not be sexy, but it is the window through to scheme members – and it is so important to the wellbeing of the pension scheme. PASA is currently working on some guidance on administrative errors. Administrators have diﬀerent ways of reporting on errors and we are looking for some consistency and broad rules. We’re also about to relaunch our website, so watch out for this.

PETER SEARLE

22/09/2015 09:45

How do you think the code of good practice on incentive exercises has been received? Very well, actually. The incentive exercises code was published in 2012, which was the ﬁrst time something like that had been done in the industry. We think we’ve improved the way that incentive exercises are run and have quite a lot of evidence to show that the code is being followed. We’ve recently reviewed the code. Recommendations will go before the pensions minister, and the revised code should be in place before the end of the year. However, it won’t be hugely diﬀerent, as we believe there’s no point re-inventing something that is already working well.

We’ve also produced a code on pension scams, which is very practical. It gets mentioned a lot around the pensions industry, and we are encouraged that people dealing with transfer values are taking it into account.

How much of this is saving people from scammers and how much is saving people from themselves? It’s a bit of both actually, but if had to choose, I would protect people from scammers ﬁrst. The code and the Pensions Regulator’s ‘Scorpion’ campaign are there to protect people, but if only we could stop phantom websites and cold calling, we would end an

October 2015 • THE ACTUARY www.theactuary.com

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On my agenda features@theactuary.com

people to get involved. I’ve always been someone who is very much at the sharp end, so I do get stuck in. I think people like the fact that I take on chairing roles, but it doesn’t mean that I swan into a meeting, ask everybody else what they’ve done, and then swan back out again. I believe very passionately in everything I take on, and I think that rubs oﬀ a little bit on other people. I’ve also been lucky that I’ve had the capacity to do it, and fortunate that my employers have allowed me the ﬂexibility to do these things.

How do you ﬁnd working with the actuarial profession and what does the future hold for actuaries?

“I believe very passionately in everything I take on, and I think that rubs oﬀ a little bit on other people” awful lot of scamming. It is too easy for people to get in touch with members and persuade them that what they have to sell is the very thing for them. I think we can protect people from themselves through information and education. People should be free to make mistakes, but they have to be able to recognise they could be in danger or at risk. Pension Wise is great but it is limited, and I think the government was wrong not to allow immediate commercial solutions.

How can we engage people before retirement? The earlier we start, the better. Pension Wise is available to provide guidance to people from the age of 55, but I think that is far too late. People should be looking in their 30s at what they want to do in later life. We need to help people understand what saving looks like, and how much they need to have in the pot when they reach retirement to aﬀord a basket of groceries. If we could have a picture of pensioner poverty, it would soon make people think about saving for retirement. We could hijack the ﬁve-a-day fruit message and change it to: ‘£5 a day helps you work less and retire’.

Can you tell us more about IGCs? Independent governance committees (IGCs) were only formed in April this year to provide some independent governance of insurance companies. Their focus is on member rights and outcomes. One of the challenges facing IGCs is determining what is value for money – that is, what is important to a member. It’s not all about how much money members will get, but the way in which they are treated and consulted too. It is early days for IGCs and there are mixed views. But the reality I’ve seen is that they really are focused on doing the right thing, and I think they will prove their worth over the next few years.

What skills and experiences do you think have helped you become one of the most inﬂuential people in pensions? I couldn’t do what I do on my own. One thing that has helped a lot is that I seem to have an ability to persuade

THE ACTUARY • October 2015 www.theactuary.com

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I like working with actuaries. It’s stimulating and I admire their skills and professionalism. Even though defined benefit schemes are in decline, there is still a lot of actuarial work to be done. There are also opportunities for actuaries, especially with pensions flexibility. They will be needed to do modelling and research. There is a big study coming up around the secondary annuity market to make sure it runs fairly. Risk is the biggest area for actuaries. It runs across all parts of retirement and beyond. It doesn’t just cover pensions but also morbidity, mortality and elderly care. I think there are lots of things actuaries can do, as they have the very necessary numeracy and logic skills, and can be good communicators too.

Can you tell us some more about how your OBE came about and how that felt? It was a surprise. You have to be nominated by somebody and then you go through a process of investigation by a government committee in the Cabinet Oﬃce to check that what is claimed on your behalf is actually true. I received the letter in November 2009 and remember thinking, ‘Why would the Cabinet Oﬃce be writing to me?’. It was lovely to be recognised, and it meant a lot to me because it was for services to pensioners. I was thrilled, and it was lovely to get to the palace with all the family there and have all those smiling photos – and an opportunity for a hat!

Did you have a chance to speak to the Queen about her retirement? It was actually Prince Charles who presented me with the OBE. He did speak to me for quite some time. I recall he asked me about my involvement in the Pensions Advisory Service, but other than that I honestly don’t remember what he said.

Do you have much spare time? No, but I used to. I work very long hours. I usually start work at 7.30am and don’t ﬁnish until about 11pm. It’s rare for me to have a private life. It gives me a buzz though, and I enjoy it. I would probably go mad if I didn’t have lots of things to do. My other interests have had to take a bit of a back seat in favour of all the other things I do right now. I’m a master diver so I enjoy diving. I’m also very interested in ecology and marine conservation.

Do you think you will you go back to psychology one day? I think I probably will. I’m very interested in what happens in older life, and as I get closer to it I suppose I’ll become even more interested. a

PETER SEARLE

22/09/2015 09:45

Health and care Product development features@theactuary.com

With the cap on care put on the back-burner by the UK government, Hamish Wilson looks at what this might mean for individuals and the future of product development

Mind the cap

IKON/MATT KENYON

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October 2015 • THE ACTUARY www.theactuary.com

22/09/2015 09:46

Health and care Product development features@theactuary.com

In July this year, care and support minister Alistair Burt announced that the implementation of the £72,000 cap on care costs in England will be delayed from April 2016 until April 2020. “A time of consolidation is not the right moment to be implementing expensive new commitments such as this,” he said, “especially when there are no indications the private insurance market will develop as expected.” The announcement conﬁrmed that the higher means-testing threshold was also being delayed. Despite Burt further clarifying that the government was ﬁrmly committed to implementing the cap on care costs in 2020, many market and political commentators have taken this to mean the cap on care has been hung up at the back of the cupboard for good.

What does this mean for individuals? The proposed cap on care costs was aimed at protecting individuals from the “catastrophic

Care funding regimes in the rest of the UK Wales: Cost of care at home is capped at £60 per week. Care home or nursing home costs are paid for fully by individuals. Help on both if assets are below £24,000.

care costs” of living for a long time in care. Under the current system in England, there is no cap on the costs an individual may have to pay above the means-test threshold of owning assets over £23,250 – including the value of property if they, or a close relative, do not live in their own home. This leads to a risk that the wealth, including housing wealth, could be almost fully eroded for those with the longest care needs. In eﬀect, the proposed cap meant the state would have provided insurance against this catastrophic tail risk. Crucially, and often missed by press commentators, the proposed cap excluded daily living costs and only covered the amount that the local authority would pay for, at a rate set by them. Under the Care Act 2014, these living costs, or hotel costs, to be met by individuals was set at £12,000 a year. The proposed cap of £72,000 in 2016 was also higher than the range initially proposed by the Dilnot Commission (£35,000 in 2010 prices). Research by the products research group of the IFoA’s pensions and long-term care working party found that for those who are aged 85 today going into care, just 10% of them would be likely to reach the cap at all, and they were likely to spend £140,000 on average before reaching it. The research also highlighted huge regional diﬀerences in the

time it takes to reach the cap. The far bigger impact on individuals will be the delay in the introduction of the higher means-test threshold, which was moving from £23,250 to £123,000, and, possibly even more important, the delay in individuals receiving information or advice on providing help for care. Starting the meter ticking on the cap was seen as a great incentive for individuals to contact their local authority and receive a gateway into information and advice. Individuals in Northern Ireland, Scotland and Wales are not directly aﬀected by these changes as the devolved nations have their own care funding regimes (see box below).

What does this mean for new product developments? The Dilnot commission had hoped that the introduction of the cap would “stimulate both supply and demand” for new ﬁnancial products that integrate with the cap. To date this has not been the case, as recognised in Burt’s statement above. As well as low demand owing to a general lack of awareness of the need from consumers, there are several other possible reasons for this. ● Incentive to insure The Dilnot Commission believed that the state providing the insurance against the tail risk would give the insurance industry more conﬁdence to develop products to cover the

Northern Ireland: Cost of care at home is free for over-75s. Remainder at discretion of Trust. Care home or nursing home costs paid for fully by individuals. Help on both if assets below £23,250.

Scotland: Cost of nursing care at home is free for all with eligible needs. Cost of personal care is free for all over-65s. If an individual is in a care or nursing home, they will get £169 towards personal care and £77 towards their nursing care. The individual is then liable for the rest. Further help on home and residential care if assets below £26,000. The asset test works in the same way as is described for England.

THE ACTUARY • October 2015 www.theactuary.com

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HAMISH WILSON is a

partner and senior insurance consultant at Hymans Robertson. He also chairs the IFoA’s Long-Term Care working party

amount up to the cap. But wouldn’t the prospect of individuals facing catastrophic long-term costs make them more likely to seek insurance protection? The most popular current insurance product in the market, disability linked annuities, does exactly this. ● Political risk Fear that the state funding regime would change in the future may also have led to a lack of product developments integrating with the cap. Indeed, Hannover Re confirmed that, in recent developments they have worked on, political risk was one of the factors considered in the design of these long-term products – in particular, choosing claims triggers that do not directly follow those used by local authorities and also setting a fixed sum assured level. The fact that the proposed new regime did not make the intended start date may vindicate this. There are still many reasons to be positive. ● New whole-of-life products New long-term products – like the one described by Hannover Re above – are emerging. These link cover to the incidence of long-term conditions, such as dementia, Alzheimer’s or Parkinson’s, or the inability to care for oneself as measured by ‘instrumental activities of daily living’. ● An open door for innovation The introduction of pension freedoms in April this year was also expected to lead to a flurry of products using pension funds to pay for care. This could arise naturally through more individuals being in drawdown-style products, giving them individual flexibility to direct more funds to pay for care if they have sufficient funds remaining, or perhaps through the pooling of risk by making a fixed or regular contribution out of drawdown funds to purchase care protection. ● Equity release coming of age? The often downcast lifetime mortgage products are slowly seeing an upturn in volumes, and with a fair wind and more consumer champion advocacy, these products could further help fill the funding gap. Indeed, equity release to fund, at least in part, the purchase of a disability-linked annuity can help protect individuals from the catastrophic tail risk.

Could the profession do more? In our day jobs working for providers, consultants or reinsurers, we can carry on doing the right thing by developing innovative new products, as described above, which meet the needs of individuals but also help

IKON/MATT KENYON

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History of discussion of the introduction of a care cap July 2011

Dilnot Commission reports back

July 2012

Government backs the principles of Dilnot’s recommendations

February 2013

Government announces introduction of care cost cap of £75,000 in April 2017, with a higher means-test threshold of £123,000 and £12,000 limit on hotel costs

March 2013

Budget announcement that cap will be brought forward to 2016 at £72,000

May 2013

Care bill introduced, covering all above

April 2015

Deferred payment scheme introduced, allowing individual to borrow money from the local authority to pay for care, to be recouped on the sale of their home after they die

May 2015

Conservatives win outright majority. Alistair Burt replaces Norman Lamb as care and support minister

July 2015

Alistair Burt announces delay in care cap and means test changes until 2020

“Who are better placed than actuaries to look at long-term projections on the demand and costs of care and shape a model that minimises the uncertainties in both?” stimulate demand. The industry has been amazing in coming together in the current 7Families campaign to promote the lifechanging beneﬁts of income protection insurance, and a similar initiative could really drive up public awareness of the need for care protection. New guidance tools to help individuals understand the likelihood of care needs and the possible funding options in place would be desirable. There is also a wider public interest role that the profession should continue to meet to help the UK and devolved governments shape a sustainable funding model in each of the four nations.

Who are better placed than actuaries to look at long-term projections on the demand and costs of care and to help shape a model that minimises the uncertainties in both? The development of a sustainable model that recognises the ongoing pressures on public finances at its core may also reduce political risk and give providers confidence to develop products that integrate more closely with the public funding regime. The LongTerm Care working party is ready to engage with government to fulfil this role. If you are interested in joining this working party, please visit the Volunteer section of the IFoA website. a

October 2015 • THE ACTUARY www.theactuary.com

22/09/2015 10:48

Mortality Smoking features@theactuary.com

THE ACTUARY • October 2015 www.theactuary.com

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MARK PAULSON is a longevity actuary at Barnett Waddingham

A simple projection of recent mortality improvements in the UK population would suggest that we should expect higher improvements in future than many longevity actuaries are allowing for in their assumptions. How can that be justified? An important constituent of past UK mortality improvements is that caused by the reduced prevalence of smoking, which arises both from people quitting and from increasing numbers not taking up the habit. The relatively low current levels of smoking mean it is not possible for the magnitude of past reductions to be repeated in future. Additionally, new technologies like e-cigarettes look set to affect future changes in mortality improvements. We can derive an estimate of how much recent mortality improvements have been driven by reductions in smoking, using information on the effect smoking has on the risk of death from specific causes combined with data segregated by cause of death.

E-cigarettes: a step into the unknown?

A smoke screen What can smoking tell us about future mortality improvements? Mark Paulson reports

ALAMY

p24_26_oct_smoking•CT.indd 25

The effect of e-cigarettes on future mortality rates is currently not certain. It will depend both on their impact on health, and on whether they lead current smokers to reduce their consumption of conventional tobaccos, or whether they entice a new generation to develop a nicotine habit. A recent Public Health England report concluded that e-cigarettes are “95% less harmful” than smoking and, according to one of the authors, “may well be much, much lower than that”. If borne out, this would suggest that the mortality of e-cigarette users with no history of tobacco smoking would be only marginally higher than that of lifelong non-smokers. Whether existing smokers use e-cigarettes instead of, or alongside, conventional tobaccos would therefore become the key question. Surveys commissioned by the public health charity Action on Smoking and Health (ASH) suggest that nearly 40% of e-cigarette users in Great Britain are ex-smokers, while the remaining 60% continue to smoke cigarettes alongside (the number of e-cigarette users who have never smoked is negligible). ASH figures suggest that, after a few years of rapid growth, e-cigarette usage in Great Britain levelled off in 2015. But with the Public Health England report suggesting that e-cigarettes should be prescribed by the NHS in future to help smokers quit, usage could soon rise once more. The implications of e-cigarettes for future mortality improvements are clearly uncertain. However, if the NHS were to roll out such a

October 2015 • THE ACTUARY www.theactuary.com

22/09/2015 09:47

Mortality Smoking features@theactuary.com

Figure 1: Crude annual rate of mortality improvement, 1982-2012, by smoking status (males) each had lower improvements than the Ex-smoker Smoker All Never-smoked male population as a 3.0% whole, which were Smoking-specific improvements boosted by just over 2.5% 0.5% a year by the The most credible datasets for analysing reducing prevalence of mortality improvements, such as UK population 2.0% smoking over the and death data published by the Office for period. People often National Statistics (ONS), are not categorised by 1.5% query this concept, smoking status. However, ONS does publish 1.0% asking how aggregate cause-of-death data. improvements can Relative mortality risks by smoking and 0.5% exceed those of each cause-of-death status can be sourced from the category. But as lifelong US Cancer Prevention Study II (CPS-II), the 0.0% non-smokers and results of which the NHS considers to be 60-64 65-69 70-74 75-79 80-84 ex-smokers have lower transferable to the UK. Combining these two Age band rates of mortality than data sources with information on smoking incidence rates among females, whereas rates current smokers, a fall in smoking prevalence in prevalence, also published by ONS, allows us to for males continue to decline. The lag between the general population produces a mortality derive smoking-specific rates of mortality male and female smoking prevalence peaks ‘dividend’, and is reflected in the higher improvement. could give us an insight into future mortality improvements for the “all” group in CPS-II provides relative mortality risks for improvements for females. Figure 1. three smoking categories – current smokers, Lung cancer now reflects an improvement in ex-smokers and those who have never smoked. mortality for males, as members of the largest The ratio of smoker to ‘never-smoked’ mortality Gender gap group of lifelong smokers have died. Incidence ranges from around 200%, for pneumonia and Figure 2, based on Cancer Research UK data, rates began to decline about 40 years after the influenza among males, to more than 2,000% for shows smoking prevalence among adults in peak in prevalence for males, especially at the cancer of the trachea, lung and bronchus. Great Britain since 1948. Figures are not available oldest ages. In total, smoking-related diseases covered within for earlier years; however, cigarette smoking A similar period of time since peak-prevalence CPS-II account for just over half of all deaths among UK males is known to have rapidly has now passed for females, and the cohorts with among annuitant/pensioner ages in recent increased during the First World War and peaked the largest proportion of female lifelong smokers years, and a slightly larger proportion for males at the end of the Second World War. This pattern are now at the critical ages for pension schemes than females. of prevalence suggests it can be assumed that by and annuity books, so we can expect lung cancer The prevalence rates provide ‘exposures’ in the 1980s and 1990s, most male smokers among incidence for females to level off and begin to each category, while deaths are apportioned annuitant/pensioner age groups in the UK had decrease in the coming years. according to the CPS-II relative risk ratios. From been smoking for the majority of their adult life these, we can calculate smoking-specific central and hence the mortality risk ratios remain rates of mortality, and the rates of improvement constant. Prior to this, each successive cohort of Clear improvements over time, for each smoking category. smokers was likely to have begun smoking at a Mortality improvements for specific smoking younger age, on average, leading to increasing statuses have been lower than those at an ratios over time. aggregate level. Given the current level of The impact of changing habits The assumption may be less valid for females smoking prevalence, it is not possible for past Figure 1 shows crude annual rates of mortality as we understand that smoking increased reductions to be repeated to the same extent. improvement in five-year age-bands for males significantly in the 1940s and did not start to This suggests that changes in smoking patterns aged 60 to 84 over a 30-year period ending in decline until the 1970s. The observed differential will have a diminishing impact on mortality 2012. It indicates that these were generally very between the mortality of female smokers and improvements in future, particularly for males. similar for all three smoking categories and that those who never E-cigarettes are set to create even more smoked, especially at uncertainty around the speed of this change. Figure 2: Cigarette smoking prevalence in Great Britain, 1948-2012, males and females aged 16+ older ages, may not yet However, in the absence of changes in other Males Females have peaked in the factors, future mortality improvements will be 70% years underlying the lower than recent trends suggest. This could CPS-II study. provide supporting evidence for actuaries 60% This was illustrated selecting an assumption for long-term rates of 50% by a recent BBC News improvement that is lower than recent rates. story, which For females, we can expect the past trend of 40% highlighted that the deteriorating lung cancer mortality to switch to 30% number of new female an improvement, having a positive impact at an lung cancer cases – the aggregate level. 20% vast majority linked to The effect may be smaller than it was for 10% smoking – increased to males, as female smoking prevalence peaked at a over 20,000 in 2012. much lower level, but is an argument as to why 0% That continued the future female mortality improvements could be 1948 1956 1964 1972 1980 1988 1996 2004 2012 trend of increasing higher than those for males. a Year Cigarette smoking prevalence

Annual rate of mortality improvement

policy, (conventional) smoking prevalence could reduce signiﬁcantly again – providing a boost to the pace of improvements in mortality.

THE ACTUARY • October 2015 www.theactuary.com

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22/09/2015 09:47

Advice Of a sort features@theactuary.com

actuary Dear Agony actuary This morning I awoke from troubled dreams to ﬁnd that at Ye Annual Dinner Of Ye Rosie-Nosed Actuaries last night, I foolishly bet Sir Wilkin Gimble £500,000 that I would win the Institute and Faculty of Actuaries tweeting competition. It closes end October (prize determined by the IFoA Council) and the task is to tweet an answer to “What does an actuary do?” I do not have £500,000, and I do not have a Twitter account! Please help. Yours Name and address supplied P.S. I feel like I have an angry woodpecker inside my head.

Oh dear, you are in a pickle. And the woodpecker is the least of your troubles. On reading your letter, my first thought was that there was one obvious solution open to you – bribe the Institute and Faculty of Actuaries Council. On further investigation, however, I have concluded this to be a no-go option, as that august body (it’s October now, surely? - Ed) comprises upright citizens of the utmost incorruptibility. They might have FIFA after their name, but there the similarity ends. With the exception of one particularly dodgy character, one Mr Chumanorwa, who is not only well known to the police but is on first-name terms with most of them. He has a crime list as long as Richard Osman’s arm, and you could bribe the man to accept any old nonsense, but the rest of them, no. And so, unless you are prepared to extend yourself to kidnapping, that is not an option. I would say don’t kidnap the Council, as that is fraught with professional as well as personal danger. I happen to know that Colin Wilson is a seventh Dan black belt in karate, and once threw a mugger off London Bridge and onto a

“I would say don’t kidnap the Council, as that is fraught with professional as well as personal danger”

passing barge. So, on balance, you’re basically p going to have to write a really good tweet. And g that can be hard, I know. Not everyone has my t own ability to stay focused upon the matter in o hand, and not get distracted by irrelevancies. h So here are four top tips for how to write a good tweet. g 1. 1 Quit your jibber-jabber! You Y are not writing to the letters page of The T Times or giving an address at Prime Minister’s Questions, so drop superfluous M throat-clearing and get straight to the point. t You Y are not Geoff Boycott scoring a meditative 23 undefeated before lunch on the m opening day of the Test Match; you are Alex o Hales trying to score 1.4 runs per ball in a H Twenty20. Get straight to the point. T 2. 2 Hashtag Nope, this isn’t the day on which Germans N celebrate cannabis, a ‘hashtag’ is denoted – # c – and you plonk it on the end of your message to t show what you’ve just tweeted about. So if this article were a tweet I would probably end t it with #litigious #ColinWilson #ManyApologiesKelvin. # 3. 3 A single solitary snappy home truth Your tweet must contain one true thing, which hasn’t been expressed in that way before. Otherwise you are like those dreadful people who post inspirational quotes on Facebook. Most of which seem to be blatant contradictions: “The only thing I know is that I know nothing”, “Only superficial people don’t judge things on their appearance”, “Once you accept that nothing makes sense, everything begins to make sense”. These people are your enemies. 4. An appreciation of the language Looking at the bullet point above, did you read “A single solitary snappy home truth” and its awkward jerky attempt at alliteration and think “Ewwwwww!” or “Oooooooh!” or “Jeeeeeeeeeez, them actuaries”? Are you alert to the rhythms of the language? Or where to put a punctuation mark? Basically, it doesn’t matter, just get yourself on The Twitter, Name and address supplied, and use your instincts to win the £500,000. Feel free to bounce ideas off me in the runup to the deadline – my Twitter name is @agonyactuary. Best wishes Agony actuary

October 2015 • THE ACTUARY www.theactuary.com

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Modelling Machine learning features@theactuary.com

The

imitation game Alan Chalk provides an introduction to the science of ‘machine learning’, and believes it has a place in the actuarial skillset of the future

Figure 1: An apple and a ‘not apple’

Figure 3: The test image contains green leaves. The result of the function is shown below (white parts representing predicted apple pixels) and it can be seen that the leaves have been misclassiﬁed

Figure 2: Estimated ‘apple’ pixels

THE ACTUARY • October 2015 www.theactuary.com

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22/09/2015 10:49

ALAN CHALK is an actuary studying

machine learning at University College London. He has held senior industry roles, including global aerospace actuary at AIG, and chief actuary roles at Groupama and Allianz Marine and Aviation

Figure 4: Training reduces with increasing model complexity based on the chosen measure of complexity

Machine learning involves using a variety of

Validation error

0.68

0.67

0.66

0.65 0.64 0

25 50 75 Models of increasing complexity

Validation error reduces with increasing sample size, and is still reducing when approaching the total data-set

What is ‘learning’?

0.3925 Validation error

Consider training a computer to recognise apples. In this instance, it means finding a function that can predict, based on the colouring of pixels, those that are likely to belong to an apple. Various images are used to find such a function. This process is called training, and the images used in this process are called training images (or training data). One of the training images is shown in Figure 1, and the result of the function, when run over the pixels in that image, is shown in Figure 2. It seems that the computer has ‘learned’ to identify the apple pixels. However, we might ask ‘Did the computer really learn to understand the difference between apples and other things, or did the model only work for the few images it was trained on?’. The top panel of Figure 3 shows a more complicated image and the bottom panel shows the result of applying the function. Most of the leaves have been classified as ‘apple’ (there were green and red apples in the training set). Clearly, the algorithm does not generalise well to new images. It is important to be sure of the ability of a computer vision to generalise to the population at large. We need to know that a driverless car can tell the difference between a green traffic light and a green leaf. In the insurance setting, there is little point in a pricing model that fits well to historic claims experience but does not accurately estimate the claims experience of future new business. In a reserving exercise, it is not useful to find a set of loss development factors that accurately fits the data in the triangles but does not correctly predict ultimate claims.

Training error

0.69

Model error

skills to extract knowledge from data. These skills include software engineering, mathematical and statistical knowledge, domain expertise and dealing with ‘big data’. Exact deﬁnitions vary. Andrew Ng of Stanford University states that: “Machine learning is the science of getting computers to act without being explicitly programmed.” Seen in this way, the link between machine learning and actuarial work is not instantly obvious, yet the techniques used by data scientists to solve problems in image recognition, social networking and elsewhere are directly applicable. Although some of the statistical methods are already in use within certain areas of actuarial modelling, there is much that can be learnt from the machine learning community.

0.3900

0.3875

0.3850 2,000

4,000 6,000 Number of observations

8,000

Understanding the errors There are various reasons why a model may not generalise well. ● Models may be too complex – their complexity allows them to fit the vagaries of training data and gives a false impression that something useful has been learnt. However, what has been learnt is very specific to the training data and does not generalise well to new examples. ● Models may be too simple – they do not reflect all the important features of the real world and will be consistently wrong in certain situations. This is, indeed, the situation for the ‘apples’ model above, which does not allow for the shape of objects. ● We may not have enough data – one method to deal with these issues is as follows. 1. Split the data into two or three parts – training, validation and possibly test sets. 2. Fit and fine-tune models and avoid over-fitting by using the training and validation data-sets.

3. Assess the performance of different models based on test data. Once this has been done, useful analytic graphs can be produced. Two such graphs are shown in Figure 4. The top panel shows a fairly typical situation, where the model fits training data increasingly well as complexity increases – for example, with the addition of more rating factors or more interactions between rating factors – but that beyond a certain complexity, validation error gets worse. This graph and related measures can help in making sure the best model is chosen. The bottom panel reflects a situation in which an analysis is being done with only 8,000 experience records, raising concerns that the number of records is too small for accurate learning. The graph is created by taking samples of the training data, that is experience records, of increasing size, and repeatedly finding the best-fitting model. The graph shows clearly that while some learning has been achieved, more data would still be helpful. In a competitive situation, such graphs can help us to understand whether lack of data might be leading to poor models and therefore possible anti-selection. In the machine learning community, there is a significant and formal emphasis in understanding the generalisation error of models. Empirical methods known as ‘k-fold cross-validation’ are popular. As Wikipedia states: “In k-fold crossvalidation, the original sample is randomly partitioned into k equal sized subsamples. Of the k subsamples, a single subsample is retained as the validation data for testing the model, and the remaining k − 1 subsamples are used as training data. The cross-validation process is then repeated k times (the folds), with each of the k subsamples used exactly once as the validation data. The k results from the folds can then be averaged (or otherwise combined) to produce a single estimation.” Some models used actually come with theoretical guarantees on the generalisation error. The same emphasis is not always present in work carried out by actuaries at present, and this can be attributed to a number of factors. ● The often automated application of machine learning algorithms may require these checks and guarantees more than the mixture of statistics and expert judgment present in much actuarial work. ● In terms of the over-fitting risk, historically, the type of model and data used by actuaries has meant that this risk was small – although growing in importance, for example, where proxy models for assets and liabilities are used within Solvency II internal capital models. Those not currently using these techniques may find a fresh review beneficial. a

October 2015 • THE ACTUARY www.theactuary.com

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Business skills Data management features@theactuary.com

Data, data everywhere The public, organisations and government are bombarded with facts on a daily basis. Ed Swires-Hennessy gives advice on how to present information that will be understood

THE ACTUARY â&#x20AC;˘ October 2015 www.theactuary.com

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PATRICK GEORGE / IKON

22/09/2015 09:49

ED SWIRES-HENNESSY

is a chartered statistician. He is author of the book Presenting Data: How to Communicate Your Message Eﬀectively

Data is everywhere. Some people are challenged by performance indicators and some are driving data dashboards to show the latest state of performance in different contexts. The providers of the information are usually well versed in the origin, pitfalls and meaning of the particular data items, but these are rarely in the main summary of the information, can sometimes be in footnotes and sometimes missing altogether. The latest tool for information provision is the infogram. The issue with these is that the basic rules of information provision are forgotten and the design and colour of many charts become more important than the message. Another assumption made is that the data’s recipients will be sufficiently numerate to understand their message. In the UK, almost 80% of 16- to 64-year-olds do not have a GCSE-standard understanding of maths. So knowing the audience is crucial in determining how much and in which way data is provided. It is essential it is as concise as possible, and portrayed in a form and format to enable the recipient to understand it. Basically, authors seek information in tables or charts before writing about it. Within the Civil Service, the request from policy colleagues was often: “Can we have a table of x by y for a brief we are writing for the minister?” The table would be prepared and forwarded. Words would be drafted and the brief sent through the chain of command. The text would be altered many times to add a nuance or clarify something of policy. However, the table or chart would stay the same. Nobody considered whether it was the best for the final piece of text, too many figures were included or the message still matched the accompanying text. Too often, a written aim for a table or chart is not given, so no measure of how well it meets the final requirement can be made. Most of the time, too many numbers are included. Some numbers should have been deleted, others rounded and still others summarised. The message is clearer in a well crafted summary table, and a reference table can always be included in an annex. Table 1: Motor vehicles currently licensed United Kingdom Type of vehicle Private cars and private vans Motorcycles, scooters, and mopeds Public transport vehicles Goods Agricultural tractors, etc Other vehicles All Vehicles

One policymaker, when challenged as to why he had included two decimal places in a male/female split, indicated that Excel had told him the answer in that way. So 43.47% of a group were female and 56.53% were male. The additional digits beyond the decimal point in this instance are irrelevant and the figures should just have been 43 and 57. An ordinary human can quickly assimilate the differences in numbers up to base 100. Percentage differences are thus effective if appropriately rounded. This does not mean all the numbers promulgated should comprise only two digits.

column rather than across a row. Could the table be sorted to highlight the message? Concise. One of the issues for all people who produce data – researchers, analysers, statisticians or actuaries – is the amount of data to be presented or charted. All want to show how much they have, but often that leads to tables and charts that do not present a clear message. Surplus numbers obfuscate the real messages. Does the table as presented have numbers in it that are not referred to in the message? What about rounding? The best person to do the work necessary to show the message clearly and concisely is the producer. Which one, of Table 1 or 2 (below), gives the clearer message? By the rule book Correct. Many people believe what is written in Many presentations of data ignore the basic newspapers or other documents as coming principles taught in school: digits right-aligned in from informed sources. One example, published a typeface that is fixed for each number (that is, in a UK national newspaper in 2012, suggested not proportional to the digit shown). Remember the world record for a woman athlete writing ‘h t u’ in mathematics books? That was to pentathlon in the long jump was 64.64 metres: ensure digits of each magnitude were in line with this figure is a world record – but for the javelin! each other. Another obvious error suggested that 90% of The facility in Excel for putting all of the the working-age population of the Borough of numbers in a column centred should be Richmond in London were removed. Looking at a Table 2: Motor vehicles currently licensed disabled. Some of the data column of numbers, the published is not effectively teaching was that the United Kingdom Millions checked before number furthest to the Year Private cars Other and vans publication. left was the largest but vehicles Consistent. This relates that depends on right1961 6 4 to the design of tables and justification of numbers 1981 16 4 charts as well as to the and the right typeface. Source: Plain Figures presentation of numbers. One investment house Asking the reader to compare a number in recently sent a summary of funds that broke millions with one in billions does not make these two rules as well as showing poorly sense, but this often occurs. rounded numbers. For those who publish information on the Many reference tables are produced and put internet, a fifth word is also applicable. into reports without observing some simple Current. The information provided should checks. Many could be summarised to show a not refer to a event that has already passed. particular message. In all of our presentations Most of this article has been about tabular of data, four words are key. material. However, basic principles for the Clear. What was the aim of the table? Is it production of charts also need to be followed to obvious from the data presented, or would the portray the correct message. reader have to work hard to get the message? Just as for tables, a written aim should be Sometimes, inverting a table can make the the starting point. It should be written for two message significantly clearer: again, another reasons. First, we can easily convince ourselves principle often ignored is that, when that the chart produced is the right one when comparing numbers, it is easier if they are in a in fact it is not. Second, for those who produce a particular chart on a regular basis – a monthly report, management dashboard, or Thousands annual summary – it is very easy to continue to 1961 1966 1977 1976 1981 produce a chart, suitably updated, because it was there last time. The rationale for its 6,114 9,747 12,361 14,373 15,632 inclusion may not now be right. Too many communications today lose the 1,842 1,430 1,033 1,235 1,386 message because it has been hidden in a large 94 96 108 115 112 table of data, or the wrong type of chart has 1,490 1,611 1,660 1,796 1,771 been used, or has been badly drawn. Clear and 481 478 450 414 373 concise communication takes more time for the 206 260 247 300 510 originator, but will deliver the message much 10,227 13,621 15,859 18,233 19,784 more effectively to the audience. a

Source: Plain Figures

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Investment Insurance-linked securities features@theactuary.com

A marriage made to last The reinsurance industry is still coming to terms with the influx of financial investors into the industry via insurance-linked securities – but it needs to do so quickly, as they are here to stay, argue Leon Beukes and Graham Fulcher The rise in popularity over recent years of insurance-linked securities (ILS), such as catastrophe bonds, collateralised reinsurance and sidecars, among institutional investors has created one of the biggest shake-ups ever of the insurance industry’s capital structure, with billions of dollars of new capital flowing into the industry. The fallout from institutional investors – such as pension funds – becoming increasingly important risk capital providers to the reinsurance industry has been felt most keenly in traditional catastrophe reinsurance premiums, with consistent annual renewal reductions of 10% plus. Nevertheless, some within the reinsurance stakeholder community have consoled themselves with the belief that two main factors will eventually cause the ILS bubble to burst and, as a result, insurance rates to recover. The first such factor would be a significant level of natural catastrophe insurance losses. It is, indeed, true that the growth of the ILS market has coincided with a remarkably benign period of natural catastrophe insurance losses, particularly in respect of

THE ACTUARY • October 2015 www.theactuary.com

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major US catastrophes, such as hurricanes and earthquakes, which still dominate the exposures underlying ILS. The second factor is that many in the reinsurance market anticipate that a return of interest rates, from their current historical lows to conventional levels, will cause financial investors to lose interest in the ILS market and concentrate their investment into traditional assets such as government bonds. Two key questions, therefore, have arisen. ● Will pension and other financial investors move away from the insurance industry when impacted by a major natural catastrophe? ● What will happen if interest rates increase and make conventional asset classes relatively more attractive to investors? In considering these questions, the reinsurance industry, not unnaturally, tends to look at these questions with a reinsurer’s perspective and rationale. However, their business and financial model, motivations and cost of capital are typically vastly different from those of the financial investors in ILS.

Investor perspective For the investor’s perspective, one has to start by revisiting the key reason why organisations like pension funds started to invest in insurance strategies in the first place. For most financial investors, ILS are a diversification play and satisfy their need to balance the investment in equity and credit markets that tends to dominate most pension fund asset portfolios.

GETTY

22/09/2015 09:50

LEON BEUKES FIA (left) is director of

hedge fund research in Towers Watson’s investment practice GRAHAM FULCHER FIA (right) is UK and Ireland managing director of Towers Watson’s insurance practice

Accessibility

Catastrophe insurance, if done correctly via vehicles that provide a pure exposure to the insurance premium and insurance risk, provides excellent diversification as returns are expected to be largely independent from traditional asset classes such as major equity and credit markets. As the global financial crisis showed, diversification between traditional asset classes can be very limited in an extreme event, and this only increases the attractiveness of assets such as ILS that are immune to a major and simultaneous worldwide credit crisis and stock market sell-off. Secondly, it is worth focusing on the cost of capital point and recognise that returns from ILS instruments are consistent with the needs of financial investors. While reinsurance companies have a high cost of capital, which means they require high levels of return for accepting catastrophe risk, this is not the case for institutional investors such as pension funds. Pension funds that hedge their liabilities typically have their return-seeking portfolios referenced against LIBOR and would generally be satisfied with investment returns of around LIBOR plus 3%. While reinsurance premiums may have contracted in recent years, current levels of implied returns remain attractive for pension funds even if not to the reinsurance industry which, due to its tail concentration of catastrophe risk, requires much higher risk adjusted returns. This attractiveness will not reduce if LIBOR increases, as many ILS are referenced or linked to LIBOR, so that securities that are collateralised would have an interest-earning component that would rise alongside any relevant interest rate increases. Even though real returns on other asset classes may go up further in the event of a rise in interest rates, the diversification and real return objectives of pension fund investors in ILS would not change, making it unlikely that there would be a significant shift out of ILS.

Another draw for ﬁnancial investors is that the reinsurance asset class has become more accessible and ‘institutionally friendly’. Initially the asset class was seen as a niche hedge fund strategy, with ILS providers not directly targeting high-quality institutional investors and products generally not being suitable as a result. However, in recent years, investment consultants have engaged with various asset managers specialising in running portfolios of ILS instruments in order to set up new funds with characteristics that are more in line with what institutions like pension funds require. ● Lower risk/return products charging much lower fees – often a ﬂat fee rather than typical expensive hedge fund fees. ● Products that are more scalable – for example, given the large size of pension fund investments, the funds need to have enough capacity to absorb larger allocations without negatively impacting returns. ● A quality infrastructure to service and support demands of institutional investors. For example, being able to set up managed accounts and accommodate reporting and regulatory requirements from clients such as the Employee Retirement Income Security Act in the US.

Growing acceptance Alongside the growing ease of access, in countries like the UK we have also seen greater acceptance of reinsurance investments among the community of pension fund trustees of medium-to-large schemes. Many of these trustees have received training on reinsurance investments from consultants and ILS managers to gain a better understanding of what drives returns, and more importantly of the (left-tail) risks involved when making these investments. This is an important factor in the potential ‘stickiness’ of ILS investments, ensuring that trustees will not be shocked – to the extent that they feel it is not what they signed up for and would look to immediately disinvest as a result – by negative returns in the event of a large natural catastrophe triggering losses. Furthermore, reinsurance investments are

typically a small part, around 2%-5%, of the assets of a pension scheme, thereby limiting the overall impact on the scheme of a large catastrophe loss. Rather than reacting negatively and irrationally to catastrophe losses, most pension funds that currently allocate funds to reinsurance would be likely to react more logically, by topping up their reinsurance holdings after a major event in anticipation of potentially improved premiums. For all these reasons, the case for arguing that the funds that have ﬂowed into the reinsurance asset class from pension funds and other institutional investors in recent years are there to stay appears to be growing stronger by the day. Longer term, there is even an emerging point of view that the ILS market could bring greater stability of capital and premiums to traditional reinsurance business.

Insurance response While the ILS market’s growth spurt has been painful for the conventional business models of many reinsurers in particular, it doesn’t have to trigger a longer-term malaise. Already we have seen examples of the growth of the ILS market, either directly or indirectly, fostering innovation among reinsurers in many areas. For example: launching their own ILS investment funds; issuing ILS that give exposures to different insurance risks, both by insurance class and geography; establishing new hedge-fund-backed reinsurance vehicles; or new approaches to product design and pricing based on advanced analytics. The fact that reinsurance as a pure asset class is attracting ever-increasing levels of interest and investment from institutional investors, should, in our view, be good news for those working within the (re)insurance industry that retain an open mind. Any organisation that can offer a specialist set of skills, such as the ability to access, price and package insurance risk, should be in a great position to take advantage of the capital in-flows to the industry. Parts of the insurance industry have, to date, talked themselves in to an opposite, defensive mindset and need to find ways to embrace, assist and benefit from the new and expanding breed of purely financial investors that ILS vehicles have brought into the industry. a

October 2015 • THE ACTUARY www.theactuary.com

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At the back Coﬀee break puzzles@theactuary.com

Puzzles

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Across

STAPLE DIET BY NYLFIA

This puzzle challenges the solver to identify nine outlets where we might socialise (or might have socialised) after events 1

For a chance to win a £25 Amazon voucher, please email your crossword solution to: puzzles@theactuary.com by Wednesday 21 October

8 10 11 12 13 14 17 18 19 23 24 27 29 30 31

Rank rotten item taken out of freezer by cleaner, finally (7) Survey just covering America from the East (7) Terrible claw fully embedded (5) Greek crew rebelled when gas ran out (9) Tears caused by punishment of heavy ref? (3,5) Roman senator returned “Salve” to prisoner (6) Division one team (4) Solemn when stadium demolished after hesitation eliminated (5) Burden carried by America (4) Support the breakthrough (6) Decisive defeat for ‘Pool again coming up short? (8) Wiped out large body with single creditor reduced 50% (9) Topic presented in article on Nylfia (5) Roman official held joist in air (7) No grade available at under-butcher (7)

Down 14

1 2 3 4 5 6 7 9

Fertilizer used for tree placed at base of container (6) Head observed by electric light leads in “The Lancet” (7) Snort wildly when name included for decorations (9) Large ball held aloft ﬁnally (5) Film where Mr Humphries follows Gunners? (4,3) People last heard on the radio (4) How to put money away in overseas properties? (8) In Otley ﬁfteen playing with Lee to withdraw, three score, one disallowed (5-4) 15 Most remote isle disturbed when single Tyrant leader set about (9) 16 A sound exit manoeuvre English took away from backyard cricket rule (3,3,3) 17 Summit held last month with animated constituent (8) 20 Quiet interval when Club wound up with actuarial Award (7) 21 Young ladies concealing back-to-front pants, in red? (7) 25 Lay on thick with extra celebration (6) 26 See 28 28,26 PR sounds less saturated in revolutionary apparatus (4-5)

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HAVE YOU GOT WHAT IT TAKES? For information on IQ testing in your area, visit www.mensa.org.uk For a chance to win a £25 Amazon voucher, email your solution to puzzle 639 to: puzzles@theactuary.com by Wednesday 16 September

For a chance to win a £25 Amazon voucher, email your solution to puzzle 643 to: puzzles@theactuary.com by Wednesday 21 October

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Tea for two Mensa puzzle 643 Rearrange the letters of

‘MERRY ODD TEA MAKER’ to give two types of animals. What are they? TERMS AND CONDITIONS The prize will be awarded for the ﬁrst correct entry drawn at random from those received before the closing date. The winner’s name will be announced in the next edition. Please note, the puzzle editor’s decision is ﬁnal and no correspondence will be entered into. We reserve the right to feature the winner’s name in The Actuary. Your details will not be passed to any third party in connection with this draw.

Grid-locked? Mensa puzzle 644

Flight stimulator Mensa puzzle 645

What number should replace the question mark in the grid?

Use the letters given to complete the square so that four other words can be read downwards and across. What are the words?

AAEEELNNRRRRSSUU Nine of the best Mensa puzzle 646

Bridge puzzle 57 Yarborough can be good! ♠ 7654 ♥9 ♦ 76543 ♣ 754

Bidding

W 4♥ P

N W

E S

Can you ﬁnd a nine-letter word that begins with ‘SU’ and ends with ‘US’?

♠ AKQ1032 ♥J ♦ A98 ♣ AK2

N P P

E P P

S 4♠

As South, you pick up this superb hand and hear West open 4♥, vulnerable. With 4 losers, you forget any idea of slam and bid 4♠. East considers 5♥ but with the unfavourable vulnerability and the possibility of 2 down doubled (-500), decides to pass. West leads ♥A followed by ♦2, clearly a singleton when East plays ♦10 (bottom of a run ♦KQJ10). You win ♦A. Can you make your contract? Bridge puzzle provided by David Lampert

These puzzles are sponsored by:

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October 2015 • THE ACTUARY www.theactuary.com

22/09/2015 09:52

I S T A N B U N R A R S T A R R E D E N C U C O S M O S T I S P S T R I K E T E S N A I D E S T N S E T A S H L I C A A E O L E T T E R S U A V T S I N G E R U

puzzles@theactuary.com

SOLUTIONS FOR SEPTEMBER 2015 PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Clocking oﬀ Mensa puzzle 639

Clock A was correct at midnight. From that moment it began to lose three and a half minutes per hour. The clock stopped two hours ago showing clock B.

A. 00:00

What is the correct time now? The clock runs for less than 24 hours.

S A M B A R O I T E A N H S E T A A B 11

A N O C C O S S T L H M E L E S I N K S I 19

U R A L E A O S T S I T I N E T O T A N G M O D U P S R S E N E M T E E D Y N P N T H E

At the back Coﬀee break

Congratulations to this month’s winner – Brian L Grayson

Addling abacus Mensa puzzle 640

B. 13:11 ANSWER: 16.00 or 4pm. Congratulations to this month’s winner – Martin Denyer, KPMG

Mix and match Mensa puzzle 641

is to DENT

is to

MINTY When each word is rearranged, one of them can be used to preﬁx all the others to give four longer words.

TUNER DINE

What are they? ANSWER: Indented, indemnity, indenture and indelible.

Boxing tryout Mensa puzzle 642 A

LIBEL

♠ A4 ♥ 10987 ♦ Q986 ♣ A82 ♠ QJ1085 N ♥J ♦ 10742 W ♣ K103

Bridge puzzle 56 Was there a choice? Playing Duplicate Pairs, as South you open 1♥. Partner bids 3♥. Although you have a 7 loser hand, holding two AKs, you bid 4♥.

♠ K93 ♥ Q43 E ♦ J5 ♣ QJ654

Which square is the odd one out? ANSWER: B

ANSWER: C

♠ 762 ♥ AK652 ♦ AK3 ♣ 97

West leads ♠Q. You duck and win the continuation. You play a heart to the Ace and the ♥J falls from West. Once you have finished sorting out the trump suit, you will play diamonds. When you cash ♦AK, the ♦J is played by East. How do you play these two red suits? Remember this is Pairs, so overtricks are important. This is all about the Principle of Restricted Choice. This states that West was equally likely to play the J or the Q if both were held. When ♥J falls on the ♥A, the probability of both being held is diminished. Therefore, ruff a spade and run ♥10 when East plays low. Now cash ♥K. A similar principle applies when the ♦J falls on your second top diamond. You therefore finesse ♦9 on the third round, discarding a club on the fourth diamond, making 12 tricks for a joint ‘top’ with only 24 HCPs between the hands! Bridge puzzle provided by David Lampert

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At the back Student student@theactuary.com

Student With a review of the actuarial exams under way, Jessica Elkin outlines the purpose of these changes, and calls for students to help shape the way

I PREDICT A RIOT? Ch-ch-ch-ch-changes! sang David Bowie, and no, I do not mean the actuary David Bowie (who really does exist). Honestly, it’s diﬃcult to know exactly what non-actuary David Bowie was going on about in that song – possibly celebrating change of some description. He’d never pass CA3 though. Unlike ‘our’ David Bowie, who is clearly a superior version. The IFoA may have got their David Bowies confused, as they are also going through ch-ch-ch-ch-changes. Not musically, sadly. It’s just that they are tired of the boring old exam content and have instigated a makeover – and so begins a review of the actuarial examinations. The exams need to be reviewed from time to time to ensure their continuing relevance to the world at large. It’s not enough to banish Wilkie from CT8 in that sly piecemeal fashion – they are plotting to cause a riot in the arena of actuarial examination syllabus content. I’ll note here that it will be a long, drawn-out riot: over the next 10 years, that is. The head honchos are looking as far as 2025 and thinking about what skills actuaries will need by then. It’s a tricky thing to predict the future – the makers of the ﬁlm Negadon 2: The Monster From Mars will probably use this excuse when anyone draws attention to their failure to accurately capture the main concerns of the same year. Hopefully, the IFoA will be a little better at it.

Getting the chop Fortunately, the IFoA is not looking to overhaul the structure of exams – for example, the names and titles of exams. They’re keen not to upset the apple cart. It’s a wise move, since no

PHIL WRIGGLESWORTH

p37_oct_student.indd 37

one would relish the thought of having to get to grips with an entirely new exam structure. So what’s on the cards, I hear you cry? Well, the ‘powers that be’ want the exam material to be cutting edge, so there’ll be plenty of the older and lesser-examined topics that get the chop. However, the ﬁrst step is working out what extra material might be needed. The CTs will be key players in the exam review. Do we need an Excel-based exam here? Or an exam that includes some computing output? How about something on data analytics? There will also be some focus on CA1 (because it’s supermassive) and CA3 (communication is hard to examine), as well as the question on whether there’s a need for an

ST on banking. There’s far too much to think about for me to cover it all on this page, and probably many things they’ve yet to think of. You’ll be pleased to hear that work-based skills will also be reviewed, after a survey on the topic had an overwhelmingly negative response. They’re thinking that it could do better what it set out to achieve, and are considering whether they can modernise it to bring it into line with continuing professional development (CPD). An example would be to put the whole thing online a minimal number of times per year. In a Utopian world, there would be far less bureaucracy. The silver lining, or grey lining, depending on the sort of person you are, is that none of this is likely to directly aﬀect us. But we have the chance to shape things for a future generation of students. Plus, you never know, you might still be sitting exams in 10 years – statistically some of you will be. Just think on that.

What now? The wheels are already in motion, and focus groups have been held on some of these ideas. At some stage, a document on general considerations for the exam review will go out for wider consultation to the Student Consultative Forum (SCF), employers and universities. Note that I am a member of the SCF and am always open to feedback to pass on to the IFoA. The document should apparently be ready for the next SCF, and there will be plenty of opportunity for comments; in fact, they’re looking for plenty of criticism and suggestions, quite unlike most drivers. A real challenge for them will be reaching as many students for as much input as possible. The process will be an iterative one, with a good deal of reﬁning and returning to the drawing board. The IFoA also needs to talk to the Financial Reporting Council, ActEd and international associations concerning any changes. The review needs to be fair on an international level and not disadvantage anyone, including those who sat exams under the old system. There are a lot of moving parts here. I’m glad I’m not in charge of it. Altogether, it’s a tricky endeavour, and everyone’s input is very much encouraged. After all, you don’t want it to turn out like Back to the Future part II, do you? It’s October 2015, and I’m still waiting on the hoverboard Zemeckis promised me. a

October 2015 • THE ACTUARY 37 www.theactuary.com

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GIRO 2015

Find us at stand A1 in the exhibition hall at this year’s GIRO conference.

HFG Drinks Reception

Alma De Cuba, Liverpool City Centre Wednesday 21st October at 10pm All GIRO delegates are welcome from 10pm onwards. To be added to the guestlist, please email: Giro2015@hfg.co.uk William Gallimore Director +44 (0) 207 337 8826 william@hfg.co.uk

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LIBERTY GORDON-BROWN Employer and area of work

Favourite Excel function?

Towers Watson – retirement.

IFERROR – it tends to hide mistakes.

How would your best friend describe you?

How do you relax away from the oﬃce?

Playful, determined and terriﬁed of missing out.

I do quite a lot of running, but mainly just hanging out with my friends.

What motivates you?

Alternative career choice?

Getting a rough check within 15%.

I used to want to be an astronaut until I was told I was too short to pursue this.

What would be your personal motto? ‘Keep calm and math on’.

Name ﬁve dream companions to be stuck on a desert island with? Mary Berry – she can bake me cakes; Bear Grylls – he has good survival skills; Ed Sheeran – he can play his guitar around the camp ﬁre; Dr Christian Jessen – he can look after me if I get sick; Michael McIntyre – he can make us all laugh.

What’s your most ‘actuarial’ habit? Working out who owes what when the bill arrives at a restaurant.

ACTUARY OF THE FUTURE

What is the funniest thing that has happened to you recently? I stapled my ﬁnger to some papers, and didn’t realise for an hour.

What song best describes your work ethic?

that had only been through two other people!

If you could go back in history, who would you like to meet? John Graunt – he constructed one of the ﬁrst-ever life tables. Without him, I’d probably be working in McDonald’s or something.

If there was a movie produced about your life, who would play you, and why? Chloë Grace Moretz – I took a quiz on BuzzFeed. You can always trust a good formula!

If you could be anyone else, who would it be? Gordon Brown.

Gotta Get Thru This – Daniel Bedingﬁeld.

Greatest risk you have ever taken? Sending out a calculation

Do you know an actuary destined for greatness? You can nominate an Actuary of the Future by emailing

aotf@theactuary.com

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

Â&#x192;Â&#x2DC;Â&#x2039;Â&#x2020; Â&#x2014;Â&#x201D;Â&#x201D;Â&#x192;Â? GI Perm +44 (0) 207 337 1201 david@hfg.co.uk

General Insurance - Permanent roles Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;

Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Â? ÇŚ Í&#x2039;Í&#x2122;Í?Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; ĆŹ Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Í&#x2039;ÍĄÍ&#x2DC;Â? ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x2022;Â&#x203A;Â?Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; pricing team whilst working closely with the underwriters. The right Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â? Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2026; Â&#x2018;Â&#x2014;Â&#x2013;Â&#x17D;Â&#x2018;Â&#x2018;Â?ÇĄ Â&#x201E;Â&#x2021; Â&#x2026;Â&#x2018;Â?Ć¤Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; pushing back to non actuaries when required. Ambitious growth plans are in place for this team and this person will lead that. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2039;Â&#x192;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x2122;

Â?Â&#x2039;Â&#x2020; Â&#x2022;Â&#x2039;Â&#x153;Â&#x2021;Â&#x2020; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x2022;Â&#x203A;Â?Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â? Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; capital and pricing. Whilst reporting to the chief actuary this person will Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020; Â&#x192; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â?Â&#x2021;Â&#x192;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021;Â?Ç¤ Â&#x201D;Â&#x2021;Â&#x2DC;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2013; Â?Â&#x2018;Â&#x2013; Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Ç¤ Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2122;Â&#x2018; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;ÇĄ Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â? Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x2021;Â?Â&#x152;Â&#x2018;Â&#x203A; Â?Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x152;Â&#x2014;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022;Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2039;Â&#x192;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x161;

Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022;

Deputy Solvency II Actuary

Í&#x2039;Í Í&#x2DC;Â? ÇŚ Í&#x2039;Í&#x2122;Í&#x2122;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

We currently have a number of Syndicates who have opportunities in their Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022; Â&#x2020;Â&#x2014;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2013;Â&#x160; Â&#x192;Â&#x160;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x192;Â?Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Í&#x161;Í&#x2DC;Í&#x2122;Í&#x17E; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021;Â&#x203A;Â&#x2018;Â?Â&#x2020;Ç¤ Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2021;Â&#x2022; Â&#x17D;Â&#x2039;Â?Â&#x2021; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2122;Â&#x2018; Â&#x152;Â&#x2014;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2022;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â? Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x2021;Â?Â&#x152;Â&#x2018;Â&#x203A; Â?Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2039;Â?Â&#x2030; ĆŹ Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2013;Â&#x192;ĆĄÇ¤ Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2021; Â&#x2021;Â&#x2013;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x192;ÇĄ Â&#x2030;Â&#x17D;Â&#x2018;Â&#x2018; Â&#x192;Â?Â&#x2020; Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D; systems are also required. Please get in touch to discuss further details. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2020;Â&#x192;Â&#x2DC;Â&#x2039;Â&#x2020;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x2122;

Consultant Analyst

Í&#x2039;Í&#x153;Í?Â?ÎŽ Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Is your role repetitive or do you feel a lack of progression? A global Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Ć¤Â&#x201D;Â? Â&#x192;Â&#x201D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x2020;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013;Ç¤ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2022; Â&#x192; Â&#x2C6;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â&#x2019;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2C6;Â&#x2018;Â&#x201D;Â? Â&#x2C6;Â&#x2018;Â&#x201D;

Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; to continue their exams and get maximum exposure to a range of Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x201E;Â&#x2018;Â&#x2013;Â&#x160; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x192;Â?Â&#x2020; Â?Â&#x2018;Â? Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2022;Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201E;Â&#x2021;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x2122;

Í&#x2039;Í&#x;Í&#x2DC;Â? ÇŚ Í&#x2039;Í Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â? Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x160;Â&#x192;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2021;Â? Â&#x2039;Â? 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&#x2022;Â&#x203A;Â?Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192;Â? Â&#x192;Â?Â&#x201E;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Actuary who wants to build their Solvency II experience. Acting as the deputy to the Head of Solvency II, you will be an integral part in streamlining their technical provisions. There will be responsibility for senior stakeholder and regulatory management across the whole group. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2020;Â&#x192;Â&#x2DC;Â&#x2039;Â&#x2020;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x161;

Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Č&#x2039;Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020;Č&#x152;

Í&#x2039;Í&#x17E;Í?Â?ÎŽ Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x192;Â&#x2DC;Â&#x2021; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2030;Â&#x2018;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Ć¤Â?Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x192;Â?Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2022;Â&#x2039;Â&#x2013; Â&#x2039;Â? Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201E;Â&#x2021;Â&#x201D; Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x2018;Â?ÇŻÂ&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013; Â&#x192; Â&#x2022;Â&#x2014;ĆĽÂ&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x2019;Â&#x192;Â&#x203A; Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x201D;Â&#x2020; Â&#x2014;Â&#x2019;Â&#x2018;Â? Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?ÇŤ Â&#x2018; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x192;Â?Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2021;Â&#x2013; Â?Â&#x2018;Â&#x201D;Â&#x2021; 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&#x2018;Â&#x201D; Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x192; Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â?ÇŤ Â? Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;ÇĄ Â&#x160;Â&#x2021;Â&#x192;Â&#x2020;Â&#x201C;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Ç¤ 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?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; 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&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; team. This role is a great stepping stone to kick start your Actuarial career if Â&#x203A;Â&#x2018;Â&#x2014;ÇŻÂ&#x201D;Â&#x2021; Â&#x2021;Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2018;Â&#x2DC;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2039;Â?Â&#x2030;Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; conÂ&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201E;Â&#x2021;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x161;

Â&#x2021;Â?Â&#x2021;Â&#x201D;Â&#x192;Â&#x17D; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; ÇŚ Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2022; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2022;

Í&#x2039;Í&#x;Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Reserving Contractors

Í&#x2039;Í Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x201D;Â&#x2021;Â?Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x2020; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x192;Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2026;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Ç¤ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013; Â&#x192;Â?Â&#x2020; Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x203A;Č&#x20AC; Â&#x192;Â&#x2022;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2013;Â&#x203A; Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2018;Â?Ç¤ Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2122;Â&#x2018;Â&#x201D;Â? closely with the Underwriters on a daily basis, hence to be successful you Â?Â&#x2014;Â&#x2022;Â&#x2013; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2013; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â&#x2026;Â&#x2018;Â?Ć¤Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x160;Â&#x2021;Â? Â&#x201E;Â&#x2021;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x160;Â&#x192;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2030;Â&#x2021;Â&#x2020;Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201D;Â&#x2014;Â&#x2019;Â&#x192;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x2122;

Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2021;Â?Â&#x2013; Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Ç¤ Â&#x160;Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2122;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2013;Â&#x160; Â&#x2018;Â&#x2C6; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Č&#x20AC; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ç¤ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Provisions under S2, as well as taking responsibility for the reserving Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Ç¤ Â&#x2018;Â&#x2014; Â?Â&#x2014;Â&#x2022;Â&#x2013; Â&#x201E;Â&#x2021; Â&#x2026;Â&#x2018;Â?Ć¤Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x160;Â&#x2021;Â? Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022;Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201D;Â&#x2014;Â&#x2019;Â&#x192;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x161;

Capital Contractors

Solvency II Actuaries

Í&#x2039;Í Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

This established insurer is looking for a contractor, for an initial 6 month Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2020; Â&#x2022;Â&#x2014;Â&#x201E;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2018;Â? Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Ç¤ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; involved across the business predominantly within capital modelling and be Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x192;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2122;Â&#x2018;Â&#x201D;Â?Ç¤ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018; Â&#x201E;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; other teams and be expected to assist in ad-hoc risk, reserving and pricing Â&#x2122;Â&#x2018;Â&#x201D;Â?Ç¤ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201D;Â&#x2014;Â&#x2019;Â&#x192;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x203A;

+44 (0) 207 337 8800

Í&#x2039;Í&#x;Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

This leading insurer is looking to recruit a Solvency II Actuary with Internal Model and regulatory interpretation experience. To be successful you must have up to date S2 knowledge and know how to apply them practically to the business as well as experience in reviewing and challenging the model. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x201D;Â&#x2014;Â&#x2019;Â&#x192;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? ÇŁ Í&#x2DC;ÍĄÍ&#x2DC;Í&#x153;

Â&#x2122;Â&#x2122;Â&#x2122;Ç¤Â&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? October 2015 â&#x20AC;˘ THE ACTUARY 39 www.theactuary.com

ACT Rec Oct15.indd 39

22/09/2015 09:13

Appointments Ground Floor Pellipar House, 9 Cloak Lane, London EC4R 2RU | 0207 332 5870 | actuarial@mansionhouse.co.uk www.mansionhouse.co.uk

P E NSIONS A N D I N VES T MEN T S - U K SENIOR INVESTMENT CONSULTANT LONDON £ Competitive salary + package

PENSION & INVESTMENTS

Ben Whalley whalleyb@mansionhouse.co.uk

Experienced Pensions Investment Consultant required to take a lead role managing a portfolio of clients and to play an instrumental part in the further growth of the investment consulting proposition. Providing investment advice in regard to both DB and DC Pension schemes, you will have a demonstrable track record in; providing strategic investment advice to a portfolio of DB/ DC clients as lead advisor; developing a portfolio of clients through business development & sales utilising personal networks, relationships, and tender procedures; inƃuencing at a senior level – both from a corporate and trustee perspective. You will be CFA or FIA qualiƂed with a strong technical understanding, commercial acumen and a broad pension/investment industry background. Ref: bw23879

SENIOR TRUSTEE REPRESENTATIVE LONDON £ Highly competitive salary

Specialists in managing and providing bespoke advice to DC and DB pension schemes are now seeking a qualiƂed Actuary to enhance their trusteeship business. Your technical knowledge and communication skills will be Ƃrst rate with the ability to relay technical concepts to a non-technical audience with precision and clarity. Highly regarded and well-connected within the pensions market you will possess the gravitas and experience to inƃuence senior decisions makers, including Board, as required. The successful candidate is likely to hail from a trusteeship background, those from an Actuarial/Pensions/Investment consulting Ƃrm will also be considered. Ref: bw23638

NON-LIF E - U K CAPITAL ANALYST LONDON Up to £55,000 + bonus + beneƓts NON-LIFE

Samantha Yee yees@mansionhouse.co.uk

A leading Lloyds business is seeking a part qualiƂed Actuary to strengthen their Capital team. Involvement across all aspects of Capital modelling – calibration, validation, documentation, development and reporting, with the option to focus on a speciƂc aspect further down the line, or to rotate to a different Actuarial team such as Reserving or Pricing. Excellent opportunity for a student with 2-3 years experience, who is keen to further developing their Capital and wider Actuarial expertise. Communication is key as there will be broad business exposure and regular contact with senior stakeholders. Ref: sy23758

CAPITAL ACTUARY LONDON £ Excellent remuneration package

Global P&C insurer writing business through Lloyd’s is now seeking an experienced Capital Actuary to join their team. This cutting edge team enjoys a high proƂle within the organisation and, as a result, increasing demands from the business now require the team to grow in order to further develop modelling capability and processes. To be considered for this role, you will possess around 5 years experience within the Capital sphere, with a solid working knowledge of ReMetrica (or similar platform) and strong VBA skills. Working closely with key stakeholders both internal and external, Ƃrst rate communication skills are of the utmost importance for this role. Ref: sy23188

E UR OP E A N D A PA C FRANCE/BELGIUM/LUXEMBOURG Dior Musombo musombod@mansionhouse.co.uk

SENIOR ACTUARIAL AND FINANCIAL RISK CONSULTANT BRUSSELS € Excellent remuneration package QualiƂed Life/NL Actuaries (IABE or similar) with signiƂcant consulting and managerial experience required for this Brussels based Professional Services Ƃrm. You will have a solid track record within Life/P&C and be well connected in your market, leveraging off your network to help grow and maintain the business. With a minimum of 5 years of experience you will be expected to take a leadership role generating, executing and overseeing work as well as mentoring more junior members of the team. Dutch is an advantage. Ref: dm23760

HEAD OF PRICING SOFTWARE FRANCE Up to €140,000 + bonus + beneƓts FRANCE

Emmanuel Frossard frossarde@mansiohouse.co.uk

Experienced Actuary with deep expertise in pricing software and GLM modeling for personal lines is required for a Global consulting Ƃrm. You will be responsible for the pricing software development, anticipating changes in company’s needs but also representing the company worldwide during conferences about pricing innovation and Big Data. ProƂciency in English is required but French is not compulsory. Ref: ehth23925

CAT ANALYST MUNICH Up to €80,000 + bonus + beneƓts

GERMANY

Julia Dunkelberg dunkelbergj@mansionhouse.co.uk

THE ACTUARY • October 2015 www.theactuary.com

ACT Rec Oct15.indd 40

Global Reinsurer requires a Cat Analyst to support business monitoring and risk control activities for agricultural lines. Your responsibilities will include model development, testing and validation, contributing to modelling of risk capital requirements, data analysis and developing portfolio optimization methods. You will have a strong quantitative degree with an agricultural/ biological focus, a minimum of 2-3 years insurance experience with an understanding of technical agricultural insurance concepts and be experienced in the analysis of meteorological data. Fluent English is a pre-requisite. Ref: jd23215

SENIOR LIFE ACTUARY CONSULTANT PARIS Up to 85,000 + bonus + beneƓts

Leading professional services Ƃrm seeking a Senior Life actuary. Your work will be varied and will include Embedded Value, ALM, Solvency II, participating in business development activities as well as technical supervision of more junior consultants. To be successful, you will hold a relevant higher education degree, have 3 to 6 years of Life experience, a strong analytical mind, enjoy teamwork and speak ƃuent English. Modeling experience on Moses or Prophet will be an added advantage. Ref: ef23556

RESERVING ACTUARY SINGAPORE Attractive package

Reinsurance leader is looking for an experienced qualiƂed Reserving Actuary with working knowledge of statutory reporting requirements for Asia, in particular, Singapore and / or China. You will propose and implement reserving and solvency bases for reinsurance products in the allocated markets, monitor business performance to Ƃne-tune reserving decisions and conduct experience studies to develop reserving bases. High proƂciency in both spoken and written English and Mandarin is necessary to support statutory reporting requirements for China. Ref: ef23689

PRICING ACTUARY NON-LIFE COLOGNE Up to €80,000 + bonus + beneƓts A well-known Global Insurer is looking for a Personal Lines Pricing Actuary to join their team in Cologne. Focussing on motor lines you will be responsible for further developing pricing capabilities within the region. Ideally you will be a qualiƂed Actuary having attained your DAV, or similar professional qualiƂcation, with at least 3 years of PQE. In addition you are a competent user of SAS, R, Emblem and ƃuent in English and German. Ref: jd23481

22/09/2015 09:14

London : Chicago : Hong Kong : Singapore : Shanghai : Zurich

www.theactuaryjobs.com

Pensions Strategy Adviser dŽƉ YƵĂƌƟůĞ ^ĂůĂƌǇ WĂĐŬĂŐĞ н ĞŶĞĮƚƐ

London

dŚŝƐ ŚŝŐŚ ƋƵĂůŝƚǇ ĐŽŶƐƵůƟŶŐ ďƵƐŝŶĞƐƐ ǁŝƐŚĞƐ ƚŽ ŚŝƌĞ ĂŶ ĞǆƉĞƌŝĞŶĐĞĚ ƉĞŶƐŝŽŶƐ ĂĐƚƵĂƌǇ ƚŽ ĂĚǀŝƐĞ ůĂƌŐĞƌ ĐŽŵƉĂŶŝĞƐ ŽŶ ƉĞŶƐŝŽŶƐ ƐƚƌĂƚĞŐǇ ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĐŽƐƚƐ ĂŶĚ ƌŝƐŬ͘ dŚŝƐ ƉĞƌƐŽŶ ǁŝůů ĚƌĂŌ ƉƌŽƉŽƐĂůƐ ĨŽƌ ƉƌŽƐƉĞĐƟǀĞ ĂŶĚ ĞǆŝƐƟŶŐ ĐůŝĞŶƚƐ͕ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŶĞǁ ƉƌŽƉŽƐŝƟŽŶƐ͕ ĂŶĂůǇƐĞ ĐŽŵƉůĞǆ ĚĂƚĂ ĂŶĚ ŵŽĚĞůůŝŶŐ ĂŶĚ ƉƌŽǀŝĚĞ ĂĚǀŝĐĞ ŽŶ ƐƚĂƚƵƚŽƌǇ ĂĐĐŽƵŶƟŶŐ ĚŝƐĐůŽƐƵƌĞƐ͘ tŽƌŬŝŶŐ ǁŝƚŚ ƐĞŶŝŽƌ ĐŽůůĞĂŐƵĞƐ͕ ŚĞͬƐŚĞ ǁŝůů ŵĂŶĂŐĞ ƚŚĞ ĚĞůŝǀĞƌǇ ŽĨ ůĂƌŐĞ ĂŶĚ ĐŽŵƉůĞǆ ƉƌŽũĞĐƚƐ ĂŶĚ ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ Ă ƐƉĞĐŝĂůŝƐƚ ƚĞĂŵ͘ ĂŶĚŝĚĂƚĞƐ ǁŝůů ŚĂǀĞ Ăƚ ůĞĂƐƚ ϱ ǇĞĂƌƐ ƉŽƐƚ ƋƵĂůŝĮĐĂƟŽŶ ĞǆƉĞƌŝĞŶĐĞ ŽĨ ĂĚǀŝƐŝŶŐ h< ĐŽŵƉĂŶŝĞƐ ŽŶ ĚĞƌŝƐŬŝŶŐ ƐƚƌĂƚĞŐŝĞƐ ĨŽƌ ůĂƌŐĞ ĂŶĚ ĐŽŵƉůĞǆ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƐĐŚĞŵĞƐ͘ ^ĐŚĞŵĞ ĨƵŶĚŝŶŐ͕ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ĞǆƉĞƌŝĞŶĐĞ ǁŝůů ĂůƐŽ ďĞ ĞƐƐĞŶƟĂů͘ dŚŝƐ ŝƐ Ă ƌĂƌĞ ŽƉƉŽƌƚƵŶŝƚǇ ĨŽƌ ĂŶ ĂŵďŝƟŽƵƐ ĂŶĚ ŵŽƟǀĂƚĞĚ ƉĞŶƐŝŽŶƐ ĂĐƚƵĂƌǇ ƚŽ ĂĚǀŝƐĞ ŚŝŐŚ ƋƵĂůŝƚǇ ĐůŝĞŶƚƐ ŽŶ ĐŚĂůůĞŶŐŝŶŐ ĂŶĚ ĚŝǀĞƌƐĞ ƉƌŽũĞĐƚƐ ŝŶ Ă ƐƟŵƵůĂƟŶŐ ĂŶĚ ƐƵƉƉŽƌƟǀĞ ĞŶǀŝƌŽŶŵĞŶƚ͘ ŽŶƚĂĐƚ ĂŶƚŚŽŶǇ͘ĐŚŝƚŶŝƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

ůŝĞŶƚ DĂŶĂŐĞƌ Ͳ /ŶƐƵƌĂŶĐĞ ƩƌĂĐƟǀĞ ^ĂůĂƌǇ н ĞŶĞĮƚƐ Θ ŽŶƵƐ

>ŽŶĚŽŶ

KƵƌ ĐůŝĞŶƚ͕ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌǇ Įƌŵ ĂŶĚ ĂƐƐĞƚ ŵĂŶĂŐĞƌ͕ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ Ă ;ƐĞŶŝŽƌͿ ĐůŝĞŶƚ ŵĂŶĂŐĞƌ ǁŚŽ ŚĂƐ Ă ŐŽŽĚ ƚƌĂĐŬ ƌĞĐŽƌĚ ŽĨ ŵĂŶĂŐŝŶŐ ŬĞǇ ƌĞůĂƟŽŶƐŚŝƉƐ ǁŝƚŚŝŶ ƚŚĞ ŶŽŶͲůŝĨĞ ŝŶƐƵƌĂŶĐĞ ŵĂƌŬĞƚ͘ dŚĞ ƉĞƌƐŽŶ ǁŽƵůĚ ŽīĞƌ ĂĚǀŝĐĞ ŽŶ ƐƚƌĂƚĞŐŝĐ ŝŶǀĞƐƚŵĞŶƚ ƌĞǀŝĞǁƐ͕ ĂƐƐĞƚ ĂůůŽĐĂƟŽŶ͕ ŵĂŶĂŐĞƌ ƐĞůĞĐƟŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞǀŝĞǁ͘ dŚĞ ŝŶĚŝǀŝĚƵĂů ǁŝůů ŝĚĞĂůůǇ ŚĂǀĞ Ă ŐŽŽĚ ŶĞƚǁŽƌŬ ǁŝƚŚŝŶ ƚŚĞ ŶŽŶͲůŝĨĞ ŝŶƐƵƌĂŶĐĞ ŵĂƌŬĞƚ ĂŶĚ ĞŶũŽǇ ďĞŝŶŐ ƉĂƌƚ ŽĨ Ă ĚǇŶĂŵŝĐ ďƵƐŝŶĞƐƐ ǁŚŝĐŚ ŝƐ ĂŶƟĐŝƉĂƟŶŐ ƐƚƌŽŶŐ ŐƌŽǁƚŚ ŽǀĞƌ ƚŚĞ ŶĞǆƚ ĨĞǁ ǇĞĂƌƐ͘ 'ŽŽĚ ŬŶŽǁůĞĚŐĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ƌŝƐŬ ƌĞůĂƚĞĚ ƚŽƉŝĐƐ ; ͘'͘ ^ŽůǀĞŶĐǇ //Ϳ ǁŽƵůĚ ďĞ ĂŶ ĂĚǀĂŶƚĂŐĞ͘ WůĞĂƐĞ ĐŽŶƚĂĐƚ ƵƐ ĨŽƌ ŵŽƌĞ ŝŶĨŽƌŵĂƟŽŶ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

ĂƉŝƚĂů DŽĚĞůůŝŶŐ ĐƚƵĂƌǇ ͬ ŶĂůǇƐƚ hƉ ƚŽ άϱϱ͕ϬϬϬ н ĞŶĞĮƚƐ

>ŽŶĚŽŶ

KƵƌ ĐůŝĞŶƚ͕ Ă >ůŽǇĚ͛Ɛ ƐǇŶĚŝĐĂƚĞ͕ ŝƐ ůŽŽŬŝŶŐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞŝƌ ĂĐƚƵĂƌŝĂů ĐĂƉŝƚĂů ŵŽĚĞůůŝŶŐ ƚĞĂŵ͘ WƌŝŶĐŝƉĂů ƚĂƐŬƐ ǁŝůů ŝŶĐůƵĚĞ ĐĂƉŝƚĂů ŵŽĚĞů ƉĂƌĂŵĞƚĞƌŝƐĂƟŽŶ͕ ƌƵŶŶŝŶŐ ŽĨ ƚŚĞ ŵŽĚĞů ĂŶĚ ƉƌŽĚƵĐƟŽŶ ŽĨ ŵŽĚĞů ŽƵƚƉƵƚƐ͘ KƚŚĞƌ ƚĂƐŬƐ ŝŶĐůƵĚĞ ĚŽĐƵŵĞŶƚĂƟŽŶ͕ ĂƐƐŝƐƟŶŐ ŝŶ ŵĞĞƟŶŐƐ ĂŶĚ ǁŝƚŚ ƚŚĞ ĂƐƐĞƚ ŵŽĚĞů͘ dŚĞ ŝĚĞĂů ĐĂŶĚŝĚĂƚĞ ŝƐ Ă ĐĂƉŝƚĂů ;ƐƚƵĚĞŶƚͿ ĂĐƚƵĂƌǇ Žƌ ƐŽŵĞŽŶĞ ǁŝƚŚ ĂĐƚƵĂƌŝĂů '/ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ƉƌŝĐŝŶŐ ͬ ƌĞƐĞƌǀŝŶŐ ǁŚŽ ǁĂŶƚƐ ƚŽ ŵŽǀĞ ŝŶƚŽ ĐĂƉŝƚĂů ŵŽĚĞůůŝŶŐ͘ dŚŝƐ ŝƐ ĂŶ ŽƌŐĂŶŝƐĂƟŽŶ ƚŚĂƚ ǁŝůů ŶŽƚ ŽŶůǇ ŐŝǀĞ ǇŽƵ ŝŶƐŝŐŚƚ ŝŶƚŽ ƚŚĞ ĐĂƉŝƚĂů ŵŽĚĞů͕ ďƵƚ ĂůƐŽ ŽīĞƌ ǇŽƵ ŐƌĞĂƚ ǁŽƌŬͲůŝĨĞ ďĂůĂŶĐĞ͘ WůĞĂƐĞ ĐŽŶƚĂĐƚ ƵƐ ĨŽƌ ŵŽƌĞ ŝŶĨŽƌŵĂƟŽŶ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

>ŝĨĞ ĐƚƵĂƌǇ hƉ ƚŽ άϴϬ͕ϬϬϬ н ĞŶĞĮƚƐ

'ĞƌŵĂŶǇ

dŚŝƐ ůĞĂĚŝŶŐ ŝŶƐƵƌĂŶĐĞ ĐŽŵƉĂŶǇ ŝƐ ůŽŽŬŝŶŐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞŝƌ 'ĞƌŵĂŶ ŽƉĞƌĂƟŽŶ ǁŝƚŚ ƚŚĞ ĂĚĚŝƟŽŶ ŽĨ Ă >ŝĨĞ ĐƚƵĂƌǇ͘ WƌŝŶĐŝƉĂů ƚĂƐŬƐ ǁŝůů ƌĞǀŽůǀĞ ĂƌŽƵŶĚ ^ŽůǀĞŶĐǇ //͕ D s ĐĂůĐƵůĂƟŽŶ ĂŶĚ ŝŶƚĞƌŶĂů ŵŽĚĞůƐ͘ zŽƵ ǁŝůů ĂůƐŽ ĚĞǀĞůŽƉ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ůŝĨĞ ĂĐƚƵĂƌŝĂů ďĂůĂŶĐĞƐ͕ ĂŶĚ ƉƌŝĐŝŶŐ ͬ ƉƌŽĚƵĐƚ ĂƉƉƌŽǀĂů͘ dŚĞ ŝĚĞĂů ĐĂŶĚŝĚĂƚĞ ǁŝůů ďĞ Ă ŶĞĂƌͲ Žƌ ĨƵůůǇ ƋƵĂůŝĮĞĚ ĂĐƚƵĂƌǇ ǁŝƚŚ ƐŝŐŶŝĮĐĂŶƚ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ůŝĨĞ ŝŶƐƵƌĂŶĐĞ ŵĂƌŬĞƚ͘ 'ŽŽĚ ŬŶŽǁůĞĚŐĞ ŽĨ ŵĂƌŬĞƚ ĐŽŶƐŝƐƚĞŶƚ ƉƌŝŶĐŝƉůĞƐ ĂŶĚ ǀĂůƵĂƟŽŶ ŝƐ Ă ƉƌĞͲƌĞƋƵŝƐŝƚĞ͘ DŽ^ĞƐ Žƌ WƌŽƉŚĞƚ ŵŽĚĞůůŝŶŐ ƐŬŝůůƐ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ ǁŝƚŚ ƉƌŽĚƵĐƚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉƌŝĐŝŶŐ ĂŶĚͬŽƌ ƌĞƐĞƌǀŝŶŐ ǁŝƚŚŝŶ ůŝĨĞ ŝŶƐƵƌĂŶĐĞ ǁŝůů ďĞ ĂŶ ĂĚǀĂŶƚĂŐĞ͘ WůĞĂƐĞ ĐŽŶƚĂĐƚ ƵƐ ĨŽƌ ĨƵƌƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: dĞůĞƉŚŽŶĞ͗ нϰϰ ϮϬϳ ϰϴϭ ϴϲϴϲ ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< >ŝŶŬĞĚŝŶ͗ /W^ 'ƌŽƵƉ ACT Rec Oct15.indd 41

October 2015 • THE ACTUARY 41 www.theactuary.com

22/09/2015 09:14

Appointments

TO RECRUIT GREAT PEOPLE, YOU NEED INSIDE KNOWLEDGE Backed by practising actuaries, we’re the true General Insurance recruitment specialists. OUR EXPERIENCE, YOUR ASSET

CAPITAL ACTUARY

ACTUARIAL ANALYST

SENIOR CAT ANALYST

Lloyd’s syndicate with a broad range of (Re)insurance classes are looking for a Senior Capital Analyst or Capital Actuary. Role will include development, validation, reinsurance, Governance etc. You’ll be PQ WR 1 1 TXDOLþHG DQG KDYH ,JORR H[SHULHQFH

Our client has ambitious plans on a wellestablished syndicate and a new Syndicate. The role encompasses a wide variety of actuarial work inc pricing, reserving and capital. Main responsibility is Reserving. ,GHDOO\ \RXêOO KDYH SULRU /0 H[SHULHQFH

Property CAT position using AIR. Modelling P&C business for a leading Lloyd’s syndicate. 3UHYLRXV &$7 PRGHOOLQJ H[SHULHQFH essential. Lots of opportunities for progression in a growing syndicate.

b ¸

London Up to £75,000 PERMANENT

+44 (0)20 7256 9777 |

London £40,000 - £50,000 PERMANENT

London Up to £45,000 PERMANENT

WWW.FENASSOCIATES.COM

ACTUARIAL ANALYST Gloucester Paying up to £50,000

NEW CHIEF ACTUARY – LIFE London

The role is for a capital modelling £Circa 200 K plus analyst within general insurance. You Our client is a niche provider of insurance London will support the development, testing, throughout Europe, Latin America and Asia. validation & documentation of the From £60,000 client’s model to aid strategy & risk This newly created role will support the Exciting phase for this UK consultancy adjusted profit calculations. You will company’s ambitious growth plans and in its to join the expanding Risk Consulting be involved in the development of transition to Solvency 2. team. Seeking individuals with capital models to support different experience of Risk Transformation For a confidential discussion please regional regulatory requirements. programmes, Risk Framework contact Adam Goodwin on d l development t / review, i Risk Ri k Appetite, A tit For a confidential discussion please 0207 929 7667 or Risk MI, Solvency II, ORSA. contact Bradley on 0207 929 7667 a.goodwin@darwinrhodes.com For a confidential discussion please or b.doyle@darwinrhodes.com contact Clinton on 0207 929 7667 or c.poore@darwinrhodes.com ASSOCIATE DIRECTOR IN PRODUCT

RISK MANAGER

Hong Kong HKD 1.1 to 1.8 million Looking for a candidate who is a qualiﬁed actuary and a experienced in Product, Compensation Scheme (Product Life Cycle) and Bancassurance channel (Analysis and deal with credit line). Hired candidate (A A would be involved in a project for emerging markets in wo o Asia with travel. For Fo conﬁdential discussion please contact Kazu on +852 3101 0486 or k.sun@darwinrhodes.com.hk +

SENIOR PENSIONS CONSULTANT London Paying up to £80,000 Our client is seeking a qualiﬁed pensions actuary with minimum 1 years’ PQE experience to join an ambitious team. To play a key part in dealing with clients and managing the junior members of the team.

WHO gets this months jobs? 42

For a conﬁdential discussion please contact Raphael on 0207 929 7667 or r.yadgaroff@darwinrhodes.com

THE ACTUARY • October 2015 www.theactuary.com

ACT Rec Oct15.indd 42

22/09/2015 09:14

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

George Bird Life Interim +44 (0) 207 337 8806 georgeb@hfg.co.uk

www.theactuaryjobs.com Erin O'Donnell Life & Risk +44 (0) 207 337 1202 erin@hfg.co.uk

Life insurance roles ÂŁ30k - ÂŁ45k basic, London

Reporting/Valuation Actuary

I have a variety of opportunities for Reporting/Valuation Actuaries at nearly/ Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x2039;Â? Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x2021;Â&#x2022;ÇĄ Â&#x201D;Â&#x2021;ÇŚÂ&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022; and in a range of teams. To apply you need to have solid experience in reporting/ valuation from a life Insurance background. For more information about this role please contact: abby@hfg.co.uk REF: AT0901

ÂŁ50k - ÂŁ75k basic, London

Supervisor

Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2018;Â&#x201D;Â&#x203A; Ć¤Â&#x201D;Â? Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2039;Â&#x2C6;Â&#x2021; Supervision team. This role provides a unique insight into the Insurance market Â&#x192;Â?Â&#x2020; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Ć¤Â&#x201D;Â?Â&#x2022;Ç¤ Â&#x160;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A;ÇĄ good analytical and relationship management skills. The team is made up of a variety of professionals ranging from actuaries, scientists and public sector professionals. For more information please contact: abby@hfg.co.uk REF: AT0903

Interim CFO/FD

ÂŁ1000 - ÂŁ1400 / day, 6 months, London

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&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192;Â? Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2039;Â? Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; created business unit within the company. The successful candidate must Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2013; Â&#x201E;Â&#x2018;Â&#x192;Â&#x201D;Â&#x2020; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;ÇĄ Â&#x201D;Â&#x2014;Â?Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x192;Â?Â&#x2020; excellent reporting experience. This role will eventually lead to a permanent position, so this role acts as either stop-gap or a longer term career direction. For more information please contact: georgeb@hfg.co.uk REF: GBI0901

Solvency II Actuary

ÂŁ800 - ÂŁ1000 / day, 6 months, London

A FTSE 100 life insurer is looking for a Solvency II expert to join their actuarial department in the City. The successful candidate will have excellent knowledge of the regulatory framework, across Pillars II & III in particular. The role will entail working on reporting cycles and QRTs under the directive, as well as advising on and composing methodology. For more information please contact: georgeb@hfg.co.uk REF: GBI0903

ÂŁ45k - ÂŁ55k basic, London

Pricing Analyst

Â&#x192;Â? Â&#x2026;Â&#x2014;Â&#x201D;Â&#x201D;Â&#x2021;Â?Â&#x2013;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x192;Â? Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; 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&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Analyst to join a Global Insurer in their Pricing team. To be considered for this position you must have experience working as an Actuary in a pricing team and ideally have sat and successfully passed the CT series of the actuarial exams For more information please contact: abby@hfg.co.uk REF: AT0902

ÂŁ65k - ÂŁ135k basic, London, Manchester, Edinburgh, Bristol

Senior Manager

The Big 4 are hiring across the country at the Senior Manager/Associate Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2013; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Ç¤ Â&#x2013; Â&#x2030;Â&#x2018;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2022;Â&#x192;Â&#x203A;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â&#x2030; Í&#x153; Â&#x2018;ĆĄÂ&#x2021;Â&#x201D; Â&#x2C6;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&#x2039;Â&#x2021;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2018;Â? Â&#x192; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2013;Â&#x203A; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Ć¤Â&#x201D;Â?Â&#x2022;Ç¤ Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Â&#x2021;Â&#x2013; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;Ç¤ For more information please contact: abby@hfg.co.uk REF: AT0904

ÂŁ500 - ÂŁ700 / day, 6 months, North

Investment Actuary

A leading life insurer is looking for additional resource in their Financial Management Group. The ideal candidate will have excellent experience of modelling securitisation products. Knowledge of ALM and equity release Â?Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2030;Â&#x192;Â&#x2030;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Ç¤ Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2022; Â&#x192; Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â?Â&#x2013;Â&#x2039;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020;ÇĄ excellent communication and relationship management skills are also required. For more information please contact: georgeb@hfg.co.uk REF: GBI0902

Financial Reporting Actuary

ÂŁ400 - ÂŁ600 / day, 6 months, South West England

Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? their actuarial team. The successful candidate will have excellent knowledge of the end-to-end reporting process, associated metrics and the ability to Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2021;Â&#x192;Â?Â&#x17D;Â&#x2039;Â?Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Ç¤ Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2013; Â&#x201E;Â&#x2014;Â&#x2013; not mandatory. Exposure to Prophet, Excel and VBA will also be useful. For more information please contact: georgeb@hfg.co.uk REF: GBI0904

Risk roles Head of Financial Risk

ÂŁ80k - ÂŁ130k basic, London

Syndicate Risk Manager

ÂŁ50k - ÂŁ60k basic, London

A multinational insurer are looking for a Risk professional to lead their Group Financial Risk team. You need to have in-depth experience of contributing Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;ÇĄ Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x192;Â&#x17D;Â&#x17D; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â?Â&#x2018;Â?ÇŚĆ¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022;ÇĄ Â&#x192;Â?Â&#x2020; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â?Â&#x2021;Â&#x2122; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Ç¤ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x201D;Â&#x2021;Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x192;Â?Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? (e.g. CFA or Actuarial) and should have very strong communication skills For more information please contact: erin@hfg.co.uk REF: EO0901

A small Lloydâ&#x20AC;&#x2122;s Syndicate is looking for a young and ambitious risk professional to join them and take an upwards step into new responsibility. Candidates from both Actuarial and Non-Actuarial backgrounds will be considered but you should have solid Solvency II experience, as well as exposure to Operational Risk Management and Insurance Risk. Lloydâ&#x20AC;&#x2122;s experience is preferable but not essential. For more information please contact: erin@hfg.co.uk REF: EO0902

Liquidity Risk Actuary

Market Risk Manager

ÂŁ60k - ÂŁ125k basic, London

A boutique insurer are looking a Risk Actuary from a Life insurance background with in-depth knowledge of illiquid assets and Solvency II. You will have 5 years experience in a Life insurer/consultancy/bank and ideally have managerial experience. You will be liaising with a variety of stakeholders both internally and Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A;ÇĄ Â&#x2022;Â&#x2018; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2DC;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2021;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Â&#x160;Â&#x2039;Â&#x2019; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022; Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Ç¤ For more information please contact: erin@hfg.co.uk REF: EO0903

ÂŁ40k - ÂŁ60k basic, London

A leading composite insurer are looking for a Market Risk Manager. This is an excellent opportunity for someone with an insurance background and knowledge of assets and risk metrics to take a step up in their career and directly support the CRO. The chosen candidate may be an Actuary or come from a liquidity risk background. For more information please contact: erin@hfg.co.uk REF: EO0904

October 2015 â&#x20AC;˘ THE ACTUARY 43 www.theactuary.com

+44 (0) 207 337 8800 ACT Rec Oct15.indd 43

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Appointments

Commercial Scheme Actuary London/South East, £competitive Our client is a significant brand in the consulting actuarial market and we are working closely with the business to identify and seek two rising stars with a natural aptitude towards relationship management and client development. The opportunity will provide an ideal environment for those seeking to ‘kick on’ their career and develop and hone their skills. Our client will provide an environment that offers the commitment, resource, client base and breadth of solutions to enable a candidate to grow, encouraging them to develop to their strengths with the opportunity to specialise in key areas if they wish. It is an environment that will proactively encourage innovation and creative thought and the candidate will ideally show evidence of this capability. A qualified scheme actuary, the candidate will initially be allocated a portfolio of clients to suit their capabilities. Ideally we will be seeking someone that can either grow towards or immediately take ownership over relationships with significant institutions – board level decision makers and trustees. Contact: Simon Dodds, Senior Consultant simon.dodds@eamesconsulting.com | +44 (0)20 7092 3232

For more opportunities get in touch: actuarial@eamesconsulting.com

Graeme Braidwood Senior Consultant EA Reg: R1434568 +65 6829 7153 graeme@hfg.com.sg

Managing Director EA Reg: R1333193 +65 6829 7153 ̻ Ǥ Ǥ

Consultant +44 (0) 207 337 8853 tong@hfg.co.uk

Asia roles Regional ERM Lead

HKD $850k - $1.3million + bonus Hong Kong

As the Group ERM specialist, this role will be integral to risk management for this fast growing regional Life insurer. Reporting to the Group Chief Actuary you will be responsible for the development and implementation of the ERM framework and corporate best practice for Asia. Responsibilities include chairing the internal risk committee and liaising with country heads in SE Asia. For more information contact: graeme@hfg.com.sg REF: GB0901

Actuarial Manager

SGD $100k - $130k + bonus Singapore

Ȁ Ƥ highly regarded team. This role works on a regional basis and will be involved ǡ ǡ and capital modelling. Candidates should possess excellent communication and problem solving skills to be considered for this rare opportunity. ǣ ̻ Ǥ Ǥ ǣ ͙͘͘͡

Actuarial Opportunities (Taiwan)

$ depending on experience Taiwan

SGD $280,000 - $320,000 base + bonus Singapore

Chief Actuary

Be there from the start, as this regional Insurer launches their business in the Philippines. They are seeking a technically strong Life Actuary to establish the actuarial function, build the team and report through to the Executive in Hong Kong. This is a hands on role which requires an Actuary willing to roll up their sleeves and get involved. For more information contact: graeme@hfg.co.uk REF:GB0902 Competitive Jakarta, Indonesia

Senior Actuary

Our client, a highly successful global insurer is seeking to hire a talented actuary ƥ Ǥ ơ Ǥ ơ Ǥ Ǥ ǣ ̻ Ǥ Ǥ ǣ ͚͘͘͡

Senior Manager P&C Actuary

$ depending on experience Shanghai

High calibre professionals required with well-rounded Actuarial skill sets to Ƥ Ǥ Ǧ Ǥ must have excellent communication skills and strong analytical skills in either Valuation/Prophet Modelling/Risk Management/Solvency. Candidate with good exam progress is desirable and Mandarin speaking skills are essential. For more ǣ ̻ Ǥ Ǥ ǣ ͙͘͘͡

Ǧ Ƥ Ƥ Ƭ Business in Shanghai. The successful candidate will be managing a newly established Actuarial team, working in the local market and directly reporting to the regional business partner in Hong Kong. The ideal candidate must possess Ǧ Ƭ Ǥ are essential and personal line product pricing background is highly desirable. ǣ ̻ Ǥ Ǥ ǣ ͚͘͘͡

EA Licence Number: 14C7034

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

THE ACTUARY • October 2015 www.theactuary.com

ACT Rec Oct15.indd 44

22/09/2015 09:15

www.theactuaryjobs.com

October 2015 • THE ACTUARY 45 www.theactuary.com

ACT Rec Oct15.indd 45

22/09/2015 09:15

Appointments

â&#x20AC;&#x153;What I like most about working for LV= is that it is big enough to work on diverse and interesting projects, and small enough to get your arms around it.â&#x20AC;? Emma - Head of Actuarial Reporting 7R Ă&#x20AC;QG RXW PRUH DERXW FDUHHUV ZLWK /9 SOHDVH YLVLW www.jobs.lv.com/actuarial $OWHUQDWLYHO\ SOHDVH GR IHHO IUHH WR JHW LQ WRXFK ZLWK &KHOVHD %DLQ RQ 01202 754 737 RU YLD HPDLO chelsea.bain@lv.com

PENSIONS ACTUARIES (PQ AND QUALIFIED) London up to ÂŁ60k + bonus and beneďŹ ts

Head of Pricing, Asia

Responsibilities include: â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘

Acting as an actuarial and consulting assistant for a portfolio of clients Handling the preparation of valuations and cost estimates Undertaking and supervising accounting disclosures (FRS17, IAS19 and USGAAP) Coordinating data collection including editing and testing data received from clients Undertaking and checking all aspects of actuarial work associated with pension schemes Preparing letters, reports and other client materials Checking day to day individual calculations as requested Participating in internal projects, handling special projects or assignments as needed Assisting scheme consultants with the consultancy aspects of pension schemes Establishing strong working relationships with clients Preparing for and attending client meetings Progress towards obtaining a Scheme Actuary certiďŹ cate and holding responsibility for a portfolio of clients and acting as a client manager for a number of these Staying abreast with applicable regulatory bodies

Based in Singapore, the Head of Pricing will be the lead technical expert in all pricing matters and have responsibility for a team of Pricing Actuaries to deliver pricing terms for all clients across Asia. The individual will also be heavily involved in the development of a range of innovative product solutions that we bring to the market. They will develop a deep understanding of our clientsâ&#x20AC;&#x2122; requirements; play a key role in product development and sign off pricing papers for all opportunities across the region. The individual will work closely with other functions within the business, be a member of the local management team and be required to build strong external relationships with our clients. The successful candidate â&#x20AC;˘ â&#x20AC;˘

â&#x20AC;˘

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e parvinder@newtonrecruitment.com w www.newtonrecruitment.com Contact

â&#x20AC;˘

A qualified actuary with at least 10 years of working experience. Demonstrable experience of pricing and product development either with a reinsurance (preferable) or direct life insurance background. Excellent communication, strong analytical skills, sound judgement and commercial awareness, to produce justifiable and practical pricing advice even where data is sparse or difficult to work with. Recent experience of capital models, in particular Solvency II.

Please send applications to Adam Bell, HR Manager, Adam.Bell@pacificlifere.com

THE ACTUARY â&#x20AC;˘ October 2015 www.theactuary.com

ACT Rec Oct15.indd 46

22/09/2015 09:15

www.theactuaryjobs.com

PLAN YOUR NEXT MOVE

ON THE MOVE

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October 2015 • THE ACTUARY 47 www.theactuary.com

ACT Rec Oct15.indd 47

22/09/2015 09:15

Appointments N ON - LI FE RI S K

N O N - L I F E L IFE R IS K P E N S IO NS I NVESTM ENT HEALTH EXCLUSIVE - REINSURANCE START-UP

NON-LIFE PRICING LEADER

£ very attractive package

£ excellent package

NON-LIFE LOCATION UPON APPLICATION

STAR2702

MAKE YOUR MARK £ dependent upon experience

NON-LIFE LOCATION UPON APPLICATION

STAR2560

NON-LIFE LONDON

STAR2746

Multiple roles for exceptional catastrophe modellers or pricing actuaries with strong modelling experience wishing to join a start-up reinsurer. Please contact us for more details of these career-defining opportunities.

Major insurer seeks a qualified non-life actuary with excellent technical and communication skills to take up a leadership role within its pricing team.

An incredible career development opportunity for a technically astute non-life actuary with a broad skill set. Your wide-ranging role will include reserving, pricing, capital and risk.

LONDON MARKET CAPITAL

CAPITAL ACTUARY - LONDON MARKET

LLOYD’S SYNDICATE CAPITAL ANALYST

up to £70k + bonus + benefits

£ excellent package

£ excellent + bonus + benefits

NON-LIFE LONDON

STAR2748

NON-LIFE LONDON

STAR2767

NON-LIFE LONDON

STAR2696

Our London Market client is seeking a part-qualified actuary to join its capital team, providing support in calculating and reporting the Solvency Capital Requirement and ensuring Solvency II compliance.

Leading London Market firm seeks qualified GI specialist with knowledge of stochastic modeling techniques to contribute to the growth of a well-established syndicate and development of a new one.

Lloyd’s Syndicate has an exciting opportunity for a part-qualified non-life actuary to develop and enhance in-house capital models using stochastic and DFA modelling techniques.

LONDON MARKET CONSULTANT

LONDON MARKET RESERVING

PERFECT YOUR PRICING

£ excellent + bonus + benefits

£ dependent upon experience

NON-LIFE LONDON

STAR2738

NON-LIFE LONDON

STAR2747

NON-LIFE LONDON

STAR2719

Global financial services firm seeks a qualified non-life actuary with London Market reserving experience, strong communication skills and entrepreneurial flair.

Syndicate seeks part-qualified non-life actuary with London Market reserving experience and strong communication skills to take up a new role within its growing team.

Our client, a leading international firm, is looking to hire a part-qualified or qualified pricing actuary with strong technical and interpersonal skills to take up a key role within a niche team.

PERSONAL LINES PRICING ACTUARY

TECHNICAL PRICING MANAGER

CAPITAL ANALYST - NON-LIFE

£ excellent package

up to £60k + bonus + benefits

up to £45k + bonus + benefits

NON-LIFE LONDON

STAR2724

NON-LIFE SOUTH WEST

STAR2755

NON-LIFE SOUTH WEST

STAR2556

Leading professional services firm seeks a qualified non-life pricing expert to provide a high quality advisory service to clients, taking the lead with client engagement teams.

Seeking a part-qualified actuary to support the ongoing development of our client's pricing strategy, leading the delivery of pricing analyses and translation of these into practical solutions to enable decision making.

Our client seeks a part-qualified actuary to join its capital team. GI experience is essential, but not necessarily within capital. You will provide support in the development, testing and use of the Internal Model.

RISK ACTUARY - NON-LIFE

CAPITAL MODELLING OPPORTUNITIES

ACTUARIAL DIRECTOR OR MANAGER

up to £55k + bonus + benefits

€ depending on experience

€ excellent + benefits

NON-LIFE MIDLANDS

STAR2756

Leading financial services firm seeks partqualified or qualified GI actuary to manage the calculations of the year-end solvency capital requirement.

NON-LIFE DUBLIN

STAR2754

NON-LIFE DUBLIN

STAR2721 / STAR2722

International insurance firm has a number of exciting opportunities for part-qualified and qualified non-life actuaries to provide support for and input into the Solvency II Internal Capital Model.

Excellent opportunities available to join the Dublin office of a leading, global professional services firm as a Manager or Director. Wide-ranging experience in insurance, reinsurance or consultancy is essential.

HEDGE FUND ACTUARY

LEADING EDGE CAPITAL

CAPITAL OPTIMISATION

£ up to director level

£ excellent package

£ excellent + benefits

STARVACANCIES NON-LIFE LONDON

STAR2539

Our client is seeking a catastrophe pricing actuary to take up a key role in the development of its ILS offering. You will join a deal team focusing on risk analysis and model development.

Antony Buxton FIA Louis Manson THE ACTUARY • October 2015 MANAGING DIRECTOR MANAGING DIRECTOR www.theactuary.com +44 7766 414 560 antony.buxton@staractuarial.com

ACT Rec Oct15.indd 48

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

NON-LIFE LONDON

STAR2701

Leading specialty insurer is seeking a part-qualified or qualified GI actuary with good knowledge of Remetrica to develop its internal model to ensure the continuing successful operation of the capital function.

NON-LIFE LONDON

STAR2460

Global financial services firm seeks a qualified non-life actuary with strong experience in capital management to work closely with M&A specialists on a wide range of strategic projects.

Joanne O’Connor

Irene Paterson FFA

Lance Randles MBA

Peter Baker

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

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

ASSOCIATE DIRECTOR +44 7889 007 861 lance.randles@staractuarial.com

ASSOCIATE DIRECTOR +44 7860 602 586 peter.baker@staractuarial.com

22/09/2015 09:15

LI FE www.theactuaryjobs.com

RI SK PENSI ONS I NVESTM ENT "$56"3*"- 1045 3&$36*5&3 0' 5)& :&"3 t t £ excellent package LIFE LOCATION UPON APPLICATION

STAR2491

HEAD OF ECONOMIC CAPITAL - LIFE

HEAD OF CAPITAL

£ to attract the best

£ excellent + bonus + benefits

LIFE LONDON

STAR2658

LIFE LOCATION UPON APPLICATION

STAR2751

Leading global life insurer seeks qualified actuary with strong influencing skills and an entrepreneurial approach to take up the position of Chief Actuary responsible for reporting, pricing and capital.

Leading insurer seeks qualified life actuary with strong interpersonal and influencing skills to lead the design and development of its economic capital model. Please contact us for more information on this exciting role.

Leading insurer seeks qualified life actuary with strong technical and stakeholder management skills to lead the delivery of economic capital workstreams, including the development of risk management policies.

ECONOMIC CAPITAL ACTUARY

LIFE ANALYTICS

PRICING AND METHODOLOGY MANAGER

£ excellent package

£ maximise your career

£ excellent + bonus + benefits

RISK LONDON

STAR2771

LIFE LONDON

STAR2703

LIFE INVESTMENT LONDON

STAR2759

Seeking a qualified, enterprising actuary with extensive knowledge of innovative risk management strategies to provide support for the design, testing, validation, documentation and approval of the Economic Capital Model.

Leading client seeks qualified life actuary with analytics experience to take their career to the next level. The successful candidate will create innovative solutions to deliver significant value to the business.

Leading insurer has an unrivalled opportunity for a talented individual with a detailed understanding of liquid assets to develop the valuation methodology for new and existing loan assets.

PRICING ACTUARY - LIFE

RESEARCH ACTUARY - LIFE

RISK AND CAPITAL STRATEGY

£ excellent + bonus + benefits

LIFE SOUTH COAST

STAR2692

LIFE LONDON

STAR2685

LIFE LONDON

STAR2682

Seeking a qualified life actuary to be responsible for pricing and product maintenance of all non-protection products, product testing and product migration work, as well as supporting product developments.

Major global insurance group seeks a qualified life actuary to lead the production of experience analysis for mortality, morbidity and persistency, ensuring that scaleable processes are developed for ongoing analysis.

Global management consultancy is seeking exceptional insurance actuaries to join in its success. The ideal candidate will have strong influencing and consulting skills, together with risk and capital experience.

SAVINGS PRODUCT EXPERT

PART-TIME REINSURANCE ACTUARY

LIFE IN EDINBURGH

£ excellent + bonus + benefits

up to £80k + bonus + benefits (FTE)

£ excellent + bonus + benefits

LIFE INVESTMENT LONDON

STAR2713

LIFE LONDON

STAR2758

LIFE EDINBURGH

STAR2766

Leading insurer seeks a qualified actuary to act as its savings product expert. A self-starter, the successful candidate will have previous investment experience and enjoy working with others.

Sitting within the Pricing and Reinsurance function you will be responsible for reinsurance tenders, new reinsurance treaties and reinsurer relationship management.

Exciting opportunity for a part-qualified life actuary to be actively involved in the development of new and existing client relationships whilst supporting the strategic management of the consultancy practice.

PRODUCT ACTUARY

RISK AND REPORTING - LIFE

PRICING ACTUARY - FTC

£ competitive + bonus + benefits

£ excellent + bonus + benefits

up to £60k + bonus + benefits

LIFE MIDLANDS

STAR2749

Our client wishes to recruit a qualified life actuary to lead the team responsible for product pricing and management. Product development experience is required, along with a broad knowledge of life and pensions.

LIFE NORTH WEST

STAR2757

Our client is seeking a part-qualified or qualified actuary with life insurance experience to provide support for the financial reporting and risk management workstreams within the Group.

FOR MORE VACANCIES VISIT

LIFE SOUTH OR SOUTH WEST

Sitting within our client's pricing and technical team, this is a fantastic opportunity for a qualified life actuary to provide specialist pricing support to key stakeholders within the business.

www.staractuarial.com

ISLAND LIFE

CORPORATE PENSIONS LEAD

PENSIONS SUPERSTARS

£ excellent

£ excellent + bonus + benefits

up to £80k + bonus + benefits

LIFE ISLE OF MAN

STAR2768

Seeking a qualified actuary to work within a multidisciplinary team, providing support to a variety of actuarial workstreams including economic balance sheet, risk-based capital, and ERM.

PENSIONS NORTH

STAR2706

Leading consultany seeks a qualified pensions actuary to lead and grow its corporate practice in the North. The successful candidate will have excellent business development and client management skills.

PENSIONS LONDON

STAR2650

Seeking qualified pensions actuaries to advise companies on the management of their pensions costs and risks. An excellent opportunity to develop your career within a genuine market-leader.

Paul Cook

Jo Frankham

Jan Sparks FIA

Clare Roberts

Diane Lockley

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

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

ASSOCIATE DIRECTOR +44 7477 757 151 jan.sparks@staractuarial.com

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

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

ACT Rec Oct15.indd 49

STAR2760

Star Actuarial Futures Ltd is an employment agency and employment business

EXCLUSIVE - CHIEF ACTUARY

Carolina Emmanuel October 2015 • THE ACTUARY 49 SENIOR CONSULTANT www.theactuary.com +44 7495 564 958 carolina.emmanuel@staractuarial.com

22/09/2015 09:15

Appointments GIRO 2015 GIRO is back with a jam packed schedule and Oliver James Associates are proud to announce our presence and support for 2015 Come and see Paul, Sarah, Rachel or Elise at Stand B2 - we’re happy to talk about career management, workforce planning, benchmarking or for you just to get involved with the exhibition fun! As always, we’ll have some fantastic prizes to be won…. We’ll also be hosting an exclusive informal event on the 21 to thank you for your ongoing support and custom. This will be from late evening to the early hours – dancing shoes optional! st

OJA

GIRO

2015 STAND

If you wish to take the opportunity to enjoy some Oliver James hospitality (yes, bar bill included) and the chance to network with industry peers in an informal environment, then please contact Paul Francis on 0207 649 9469 or email Paul.Francis@ojassociates.com We look forward to seeing you in Liverpool in October!

CONTRACTS - GENERAL INSURANCE - UK Reserving Actuary Elise Ogden

London £800 -£1,200 /day

I have a 12 month contract with a London market client. The role is a Reserving Actuary within the specialty team. You must have extensive London Market reserving experience. This is a great opportunity to join a prestigious business on a long contract.

Reinsurance Pricing Actuary Elise Ogden

London £800 - £900/day

Our client is seeking a reinsurance pricing actuary to join them on a short term contract to assist during renewal season. You must have previous pricing experience, speciﬁcally treaty.

LIFE INSURANCE - UK Head of Risk Oversight Richard Howard

London £120,000 + Bonus + Beneﬁts

Senior Manager Hugo Chambers

South West Up to £95,000 + Package

Excellent opportunity for a Head of Risk Oversight to join this leading organisation in London. The role will be responsible for the development of the risk management framework and have oversight for investment activities. They are looking for a strong qualiﬁed actuary with a background in risk management.

A unique opportunity to join a large life insurance office in the South West during an exciting phase of growth and development. My client is entering into several new markets and is seeking a senior qualified actuary to support their new team. You will have significant life office or consultancy experience and preferably have a strong pricing or product development knowledge.

Corporate Actuary Clare Nash

Model Oversight Actuary Natalie Lightfoot

London (City) £85,000 + Substantial Package

London £60,000 - £80,000

City based firm seek to recruit a qualified actuary with a strong background in financial reporting and /or capital. The ideal candidate will have protection exposure and enjoy a varied role. Highly visible internally; senior stakeholder management and thought leadership are key aspects of this position.

Excellent opportunity to provide 2nd line oversight and governance framework for Solvency II internal model and internal economic capital for a leading insurer. This high proﬁle role is critical to the business and therefore can expect senior stakeholder engagement.

Risk Actuary Richard Howard

Greater London / South £70,000 - £75,000 + Bonus + Beneﬁts

Nearly Qualiﬁed Actuary - Consultancy London Hugo Chambers Up to £70,000 + Package

My client is looking to expand their risk function and are looking to recruit a number of newly qualiﬁed Risk Actuaries. The roles will report into the CRO and be responsible for various risk oversight activities including providing oversight of stress and scenario testing and setting risk appetite limits.

An excellent opportunity to join an exciting insurance consultancy in the City. My client is seeking a nearly or newly qualiﬁed life actuary, to join their technical advisory team. You will need to have excellent communication skills and strong technical ability. Successful applicants will be no more than three exams away from qualiﬁcation.

CONTRACTS - LIFE INSURANCE - UK EV Project Actuary Ani Pannell

London £500 - £850/day

My client, a prestigious life insurer, require a number of actuaries to form a new project team. The suitable candidates will have excellent valuation experience, will have experience calculating EV, or a similar metric and will be proﬁcient with Excel. VBA experience THE ACTUARY • October 2015 would be beneﬁcial. www.theactuary.com

ACT Rec Oct15.indd 50

Reporting Actuaries Ani Pannell

UK Wide £500 - £850/day

A number of leading life insurers across the UK require actuaries from part qualiﬁed up to a number of years PQE to join them for long contracts to cover the year end process. Applicants with extensive ﬁnancial reporting and SII experience should get in touch.

22/09/2015 09:15

www.theactuaryjobs.com General Insurance – UK

ASIA

Paul Francis

0207 649 9469

Sarah Robins

0207 310 8552

As a Senior Director, you will spearhead a newly developed team covering stakeholder management, risk and strategy for a leading multinational insurer. Given that this is a highly commercial role, you must have strong interpersonal skills.

Rachel Kelly

0207 310 8579

Ross Anderson

0207 649 9357

Director, Capital & Reinsurance Strategy Hamza Mush

Robert Gormley

0207 310 8546

Senior Director - Strategy Philip Chau

Hong Kong Up to HKD3 million

Hong Kong Up to HKD1.5 million

You will join this company’s new senior regional team to drive balance sheet management, facilitate the management of capital alongside supporting high-proﬁle M&A transactions across Asia. Top-percentile technical and stakeholder inﬂuencing skills required.

Health Pricing Actuary - Regional Rhoda Rivera

Hong Kong Salary up to HKD1.2 million

One of the industry segment leaders in Asia is looking for an experienced actuary, with accident & health subject matter expertise to join their newly regional pricing team. You must have at least 10 years’ pricing or product development in A&H/L&H experience with strong communication in English and key stakeholder management skills. Asian market experience highly desirable.

Portfolio Management - Regional Rhoda Rivera

Hong Kong Salary up to HKD1.2 million

One of the leading life insurance players in Asia is looking for a qualiﬁed actuary to join their newly established portfolio management team. You must have at least 10 years’ life actuarial reporting / valuation experience with strong communication in English and key stakeholder management skills. Asian market experience highly desirable.

Manager Wynlim Wong

Singapore Up to SGD 120,000

Contracts - G.I. - UK Elise Ogden

0207 649 9355

Life Insurance - UK Clare Nash

0207 649 9350

Richard Howard

0207 649 9356

Natalie Lightfoot

0207 310 8547

Hugo Chambers

0207 310 8642

Contracts - Life Insurance - UK/Europe Benjamin Moses

0207 310 8793

Ani Pannell

0207 310 8572

Dermott Bradley

+353 144 75159

Asia Gary Rushton

+852 5804 9223

A global insurer is looking for a Manager to join one of the largest actuarial teams in Asia. You will be managing some of the brightest and most talented actuaries in the market, hence, this individual must have outstanding academics, be qualiﬁed and have at least ﬁve years of GI experience.

Toby Weston

+852 5804 9042

Philip Chau

+852 5804 9287

Hamza Mush

+852 5804 9048

Senior Consultant Wynlim Wong

Rhoda Rivera

+852 5804 9225

Wynlim Wong

+852 5804 9090

Malaysia Up to MYR 110,000

An international, specialist consultancy is about to embark on a colossal growth plan in their Malaysia ofﬁce. They want an experienced actuary with strong communication skills and has the appetite for a challenge to join the ranks. Five years of practice needed.

EUROPE Head of Pricing Commercial Lines Agathe Ibazizen

Paris €100,000 – €150,000

France Emérique Opou

+33 1 76 77 46 30

Agathe Ibazizen

+33 1 76 77 46 31

Audrey Arrighi

+33 1 76 77 46 02

An International insurer looking for a Head of Commercial Lines Technical Excellence and Pricing to support the company’s 2030 vision by steering technical excellence, steering up pricing fundamentals and models, innovating and supporting big data initiatives.

Ireland Patrick McMahon

+353 1 437 0625

Reinsurance Director Emérique Opou

Jack Lynch

+353 1 695 0001

Paris €110,000 + Bonus + Group Bonus

Looking for a reinsurance expert to join an international consulting ﬁrm as Director. You will help develop their reinsurance operations and will have a central role in the consultancy. You will need to be able to work with actuaries and have an experience in risk.

Senior Actuary Natalie Bogner

Munich €65,000 – €100,000

An international insurance company is looking to hire a Senior Actuary to join their team in Munich. My client is looking for a candidate with a minimum of three years’ experience in reserving within the P&C (re)insurance market. German is not a requirement.

Capital Actuary Patrick McMahon

Dublin €80,000

Benelux Robrecht Geraerts

+32 24 01 25 03

Britt Ootes

+31 (0)202 900 035

Germany Natalie Bogner

+49 89 2109 3935

Italy Alessio Montaruli

+39 02 3600 6810

Federico Guerreschi

+39 02 3600 6810

My client, a large multinational insurance group, are keen to recruit a general insurance actuary with capital and Solvency II experience. This excellent role has unique scope and exposure for a role in Dublin with clear career progression.

Data Scientist (Actuarial Background) Federico Guerreschi

Milan €Competitive

We are looking for a Data Scientist with an actuarial background. The person will be responsible for analysing data and implementing mathematical and statistical models, with the use of the latest big data methodologies (e.g. machine learning). My client is a worldwide recognised insurance company.

Senior Model Validator Britt Ootes

Netherlands €Competitive

The position involves reviewing all types of models across the group, offering an unique perspective of modelling practices across the company and direct interaction with management and model owners about ﬁndings and recommendations. ACT Rec Oct15.indd 51

Please contact one of the team for further information on any of the opportunities above or visit www.ojassociates.com/jobs

General Contact Details:

actuary@ojassociates.com

www.ojassociates.com October 2015 • THE ACTUARY 51 www.theactuary.com

@OJAssociates

oliver-james-associates 22/09/2015 09:15

Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Reinsurance Pricing Bermuda

General Insurance $Competitive

Actuarial Analyst London

General Insurance Circa £45K

This Bermuda based role will support the pricing of reinsurance business across property, casualty and specialty lines. The role will work closely with the underwriting team in the development of technical pricing tools and portfolio management systems and will provide input into reinsurance strategy. The client is looking for a qualified actuary with a number of years reinsurance industry experience and a working knowledge of property catastrophe software. Ref: ARC26297

This Lloyd’s role will report into the syndicate actuary and have

Capital Analyst London

Management Consultancy London

involvement in the quarterly reserving process, calculation of technical provisions and annual SAO plus support for the internal capital modelling work. Longer term the role would have wider scope and potential involvement in pricing across P&C lines. The client is looking for a part qualified actuary with strong academics and existing London Market experience. Ref: ARC26298

General Insurance Circa £40K

A junior part qualified actuary who has some actuarial work experience, not necessarily capital, is required for a capital modelling position in a London Market business. Candidates will need very strong academics with a 2.1 or above at degree level from a Russell Group University or overseas equivalent. First rate communication and technical skills and good IT ability will also be important. For ambitious individuals good opportunities for future career progression within the business are possible. Ref: ARC26299

General Insurance £Competitive

Working in a multidisciplinary team this role will provide management consultancy services to a range of financial services businesses. The successful candidate will be a qualified actuary with a proven track record of problem solving and in making a positive difference within their previous employers. Our client is looking for a dynamic individual from a consulting or company background ideally who has previous exposure to risk management work. The role provides a great opportunity to broaden experience into wider fields. Ref: ARC26283

Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk Andy Clark BSc FIA Roger Massey BSc MBA FIA

0781 333 7891 0781 398 9016

andy@the-arc.co.uk roger@the-arc.co.uk The Actuarial Recruitment Company is an employment agency

THE ACTUARY • October 2015 www.theactuary.com

ACT Rec Oct15.indd 52

22/09/2015 09:16